Reference no: EM132956959
Questions -
Q1. On January 1, 2021, the Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $3,000 and $500, respectively. During the year the company reported $7,500 of credit sales. There were $550 of receivables written off as uncollectible in 2021. Cash collections of receivables amounted to $7,150. The company estimates that it will be unable to collect one percent (1%) of credit sales. The ending balance in accounts receivable at December 31, 2021 will be?
Q2. On August 1, 2021, Miles Company accepted from another company a one-year note receivable with a face amount of $5,000 and an interest rate of 6%. What would be the amount of cash flow - investing activities (related to the note receivable) on the 2022 statement of cash flows?
Q3. Kendall Company uses the perpetual inventory methodand had 5 units that cost $0.75 on January 1, 2021. On January 15, Kendall purchased 100 units of inventory that cost $1.00 each. On January 10, 2021, the company purchased an additional 400 units of inventory that cost $1.50 each.
If Kendall uses the weighted average cost flow method and sells 300 units of inventory, the amount of cost of goods sold appearing on the income statement will be?
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How would write in debit or credit of which accounts
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What were annual sales for stacky
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How is the assessment of control risk for the occurrence
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Define a short sale in relation to investing
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What would be the amount of cash flow
: Miles Company accepted from another company a one-year note receivable with a face amount of $5,000. What would be the amount of cash flow
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Explain whether or not additional procedures be implemented
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What rate of return are you earning on investment
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What is the bond price
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Identify two output controls that should be implemented
: Describe the additional audit procedures you believe should be performed to ensure that we can rely on the accuracy service bureau payroll calculations.
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