Final_Milestone_with_Answers.docx 2021

You passed this Milestone 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? Using the information shown here, which of the following is the asset turnover ratio? 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? 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 • • • • $96,000 $53,000 $57,000 $85,000 4 • • 0.56 0.51 0.86 • 0.43 2 $240,000 • $96,000 $160,000 • $144,000 1 5 6 What is the correct time of the month to make an adjusting entry? A company's year-end financial statements lists the following figures. Based on this information, what is the company's rate of return on sales? Which of the following organizations might Daniel be interested in joining if he recently passed his certified public accountancy exams? Which of the following is a violation of the Sarbanes-Oxley Act? Net income $49,500 Net sales $550,000 Current assets $1,050,00 0 Current liabilities $115,000 Total assets $2,200,00 0 • Declaring bankruptcy