1. receivable are frequentily classified as:
A. accounts receivable, company receivable, and other receivable.
B. accounts receivable, notesreceivable, and employee receivable.
C. accounts receivable and general receivable.
D. accounts receivable, notes receivable, and other receivables.
2. Bueheler company on june 15 sellmerchandise on account to chaaz co. for $1.000, 2/10, n/30. On june 20, chaz co. returns merchandise worth $300 to buehler company. on june 24. Payment is received from chaz co. for the balance due. What isthe amount of cash received?
d. Nome of the above
3. Which of the following approaches for bad debts is best described as a statemet of financial positionmethod?
a. Percentage of receivables basis.
b. Direct write off method
c. Percentage of sales basis
d. Both a and b
4. Hughes company has a credit balance of $5.000 in it isallowance for doubtful accounts before any adjustmets are made at the end of the year. Based on review and aging of it is accounts recivable at the end of the year, Hughes estimates that $60.000 of it isreceivables are uncollectble. The amount of bad debts expense which should be reported for the year is:
5. Use the same information asin question 4, except that Hughes has a debit balnce of $5.000 in it is a llowance for Doubtful Accounts before any adjustments are made at the end of de year. In this situation, the amount of badbebts expense that should be reported for the year is:
6. Net sales for the month are 800.000.000, and bed debts are expected to be 1.5% ofnet sales. The company uses the percentage of sales basis. If the allowance for Doubtful Accounts has a credit balance of 15.000.000 before adjustment, what is the balance after adjustment?