Module 2_ Mastery Exercise_ 23SD-ACT300-1
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Module 2: Mastery Exercise: 23SD-ACT300-1
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Module 2: Mastery Exercise
Due
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Points
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Questions
10
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Instructions
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Attempt 1
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Question 1
Which of the following accounts has a normal balance of credit?
Accounts Payable Accounts Receivable Equipment Cash
6/23/23, 10:32 AM
Module 2: Mastery Exercise: 23SD-ACT300-1
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Correct. The Accounts Payable is a liability and liabilities have a
normal credit balance.
1 / 1 pts
Question 2
A credit entry will result in a decrease in the ______ account.
Revenue Liability Accounts Receivable Contributed Capital Correct. The Accounts Receivable account has a normal debit
balance; thus, a debit will increase it, and a credit will decrease it.
1 / 1 pts
Question 3
Which of the following items is not a source document?
None of the above are source documents. A Trial Balance Payroll Summary Report A spreadsheet listing out all expenses within a specific period.
6/23/23, 10:32 AM
Module 2: Mastery Exercise: 23SD-ACT300-1
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Correct. None of the above are source documents.
1 / 1 pts
Question 4
A(n) ________ measures receipts and payments of cash over a period of
time.
profit/loss statement cash disbursement statement revenue statement cash flow statement Correct. The income statement or profit/loss statement measures
income over a period of time. The cash disbursement statement is
not a proper term for any statement, and in any case, would only
track payments of cash. The revenue statement is not a proper
statement name either.
1 / 1 pts
Question 5
A ledger lists ________.
only the balances in an account expenses for a particular period of time every transaction in an account
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1. From the following Trial balance , you are require to prepare the final accounts for the year ended 31st December 2020.
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Amount (Dr)
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The December 31, 2024, adjusted trial balance for Fightin' Blue Hens Corporation is presented below.
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Cash
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30,000
265,000
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40,000
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Cullumber Co. has the following transactions related to notes receivable during the last 2 months of the year. The company does not make entries to
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Goremann Corp (GC) has a total market value of $524 million. The market value of equity is $300 million and the company carries debt valued at $224 million. The before-tax cost of debt is 9
percent and the cost of equity is estimated at 14 percent. The statutory company tax rate is 35 percent. What is the weighted-average cost of capital for the company closest to?
O A. 9.34%.
O B. 10.52%.
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O D. 12.05%.
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Analysis of Receivables Method
At the end of the current year, Accounts Receivable has
balance of $4,375,000; Allowance for Doubtful Accounts has a debit balance of $21,300; and sale
for the year total $102,480,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $205,000.
a. Determine the amount of the adjusting entry for uncollectible acfounts.
b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense.
Accounts Receivable
Allowance for Doubtful Accounts
Bad Debt Expense
c. Determine the net realizable value of accounts receivable.
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all 2021 I Chapter 1 Consumer Finance / Section 1.5 Digital Exercises
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Remaining Time Unimted
Suppose you are paid $3,000 per month and your employer's 401(k) matches your contributions by 10% up to a
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Round all answers to 2 decimal places.
Before taxes retirement amount $
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July 31
Not
1-30
31-60
61-90
Over 90
Past
Days
Days
Days
Days
Customer
Balance
Due
Past Due
Past Due
Past Due
Past Due
Subtotals
1,050,000 600,000
220,000
115,000
৪5,000
30,000
Boyd Industries
36,000
36,000
Hodges Company
11,500
11,500
Kent Creek Inc.
6,600
6,600
Lockwood Company
7,400
7,400
Van Epps Company
13,000
13,000
Totals
1,124,500 607,400
233,000
121,600
96,500
66,000
Percentage uncollectible
1%
3%
12%
30%
75%
Allowance for Doubtful Accounts
106,106
6,074
6,990
14,592
28,950
49,500
Assume that the allowance for doubtful accounts for Evers Industries has a credit balance of $8,240 before adjustment on July 31.
Journalize the adjusting entry for uncollectible accounts as of July 31. If an amount box does not requre an entry, leave it blank.
88
July 31
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