ACCT 220 - Unit 4 Final Exam
Which of the following allowances for bad debt should the company enter into their financials for an Accounts Receivable account with a balance of $1,500,000 if the company estimates that 3.3% of receivables will be uncollectible? $60,000 $90,000 $37,500 $49,500 CONCEPT Allowance Method: Percentage of Net Credit Sales and Percentage of Receivables 2 The value of a machine was $400,000 when purchased new one year ago. It has an expected life of five years and the income statement shows the straight line depreciation rate as 20%. 2/14 Using double declining balance depreciation, what is the value of the machine at the end of year two? $96,000 $160,000 $144,000 $240,000 CONCEPT Accelerated Depreciation 3 Which of the following is NOT depreciated because it does not get used up? Automobiles Buildings 3/14 Land Land fixtures CONCEPT Depreciation 4
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