Business / accounting | Accounting homework help
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Incorrectly 2. Renaud, Inc. has credit sales of $85,000 for the period. The balance in
Allowance for Doubtful Accounts is a debit of $817. If Renaud uses the aging method to
estimate uncollectible accounts and an aging of accounts receivable reflected an estimated
amount of uncollectible accounts of $6,342, what is the credit to Allowance for Doubtful
Accounts?A. $6,342B. $5,525C. $7,159D. $4,250Student Answer: B Answer:
Incorrect 3. The following is selected data for Allied Industries:Allied
Industries 2014 2013Sales $1,642,000 $1,743,000Net
Income $173,000 $191,000Total Current
Assets $177,000 $163,000Property, Plant, and
Equipment $724,000 $644,000What is the return on assets (rounded to the
nearest tenth of a percent) for 2014? A. 23.9B. 20.3C. 19.2D. 25.3Student Answer:
C Answer: Incorrect 4. A $10,000 bond issued with a stated interest rate of 7%, when the
market rate of interest is 8%, means that the bond will be sold forA. more than $10,000.B.
the maturity value.C. $10,000.D. less than $10,000.Student Answer: A Answer:
Incorrect 7. The disclosure of a contingent liability only in the footnotes designates that an
actual obligation isA. remote.B. probable.C. certain.D. possible.Student Answer: B Answer:
Incorrect 10. Budget Auto signed a $45,000, 8%, 30-year installment note on November 1,
2014. The note requires semiannual payments of $750 plus interest on May 1 and
November 1 of each year. How will Budget Auto classify this loan on its December 31, 2014
Balance Sheet?A. Current portion of long-term debt, $750; long-term debt, $44,250B.
Current portion of long-term debt, $45,000; long-term debt, $0C. Current portion of long-
term debt, $1,500; long-term debt, $43,500D. Current portion of long-term debt, $0; long-
term debt, $45,000Student Answer: D Answer: Incorrect 12. Which accounting principle
dictates whether the cost of a repair should be expensed?A. EntityB. MatchingC.
ConservatismD. ObjectivityStudent Answer: A Answer: Incorrect 13. Under the allowance
method, recording the receipt of cash after an account has been written off first requires
that youA. debit Allowance for Doubtful Accounts.B. reinstate the customer’s account.C.
audit the customer’s account.D. debit Bad Debt Expense.Student Answer: A Answer:
Incorrect 15. A $450 collection on a note from a customer is reflected on Columbia
Electric’s bank statement. When doing the bank reconciliation, Columbia shouldA. add $450

to the bank balance.B. subtract $450 from the bank balance.C. add $450 to their book
balance.D. subtract $450 from their book balance.Student Answer: B Answer: Incorrect