题目内容

GrahamCompanyusesthepercent-of-salesmethodtoestimateuncollectible.Netcreditsalesforthecurrentyearamountto$130,000andmanagementestimates3%willbeuncollectible.Allowancefordoubtfulaccountspriortoadjustmenthasacreditbalanceof$2,000.Theamountofexpensetoreportontheincomestatementwillbe

A. $3,900.
B. $1,000.
C. $5,200.
D. $5,900.

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GrahamCompanyusesthepercent-of-salesmethodtoestimateuncollectible.Netcreditsalesforthecurrentyearamountto$130,000andmanagementestimates3%willbeuncollectible.Allowancefordoubtfulaccountspriortoadjustmenthasacreditbalanceof$2,000.ThebalanceofAllowanceforDoubtfulAccounts,afteradjustment,willbe

A. $7,900.
B. $1,000.
C. $5,900.
D. Cannotbedeterminedfromtheinformationgiven.

Estimatinguncollectibleaccountsbyanalyzingindividualaccountsreceivableaccordingtothelengthoftimetheyhavebeenoutstandingisknownasthe:

A. directwrite-offmethod.
B. percent-of-salesmethod.
C. allowancemethod.
D. aging-of-receivablesmethod.

SIAS corp. held trading investments valued at $55,000 at December 31, 2008. These investments cost SIAS $50,000. What is the appropriate amount for SIAS to report for these investments on the December 31, 2008, balance sheet?

A. $50,000
B. $55,000
C. $5,000 gain
D. cannot be determined from the data given

SIAS corp. held trading investments valued at $55,000 at December 31, 2008. These investments cost SIAS $50,000. What should appear on the SIAS income statement for the year ended December 31, 2008, for the trading investments?

A. $50,000
B. $55,000
C. $5,000 unrealized gain
D. cannot be determined from the data given