Acc 100 Final Milestone With Verified Answers
You passed this Milestone 1 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%. Using double declining balance depreciation, what is the value of the machine at the end of year two? $144,000 $160,000 $96,000 $240,000 2 Using the information shown here, which of the following is the asset turnover ratio? 0.43 0.86 0.56 0.51 3 Which of the following is Sue’s ending owner’s equity, in her statement of changes in owner's equity, if her records show $21,000 in investment by owner, $78,000 in net income, $18,000 in expenses and $14,000 in owner drawings? $96,000 $53,000 $57,000 $85,000 4 Which of the following allowances for bad debt should the company enter into their financials for an Accounts Receivable account with a balance of $50,000 if the company estimates that 1.9% of receivables will be uncollectible? $950.00 $9,500.00 $10,250.00 $1,025.00 5 What is the correct time of the month to make an adjusting entry? At the en
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- February 18, 2021
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