Accounting I: ACC 100 Final Milestone SUMMER 2021. with Answer. FOR 100% SCORE.

ACC 100 Final Milestone with 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 end of the month • At the beginning of the month • Whenever the accounts need to be brought into balance • After preparing the balance sheet 6 A company's year-end financial statements lists the following figures. Net income $49,500 Net sales $550,000 Current assets $1,050,000 Current liabilities $115,000 Total assets $2,200,000 Based on this information, what is the company's rate of return on sales? • 25% • 2.32% • 9% • 1.91%