December 31, year 1, as accounts receivable before the allowance for doubtful accounts?
7. A company is in its first year of operations and has never written off any accounts receivable as uncollectible. When the allowance method of recognizing bad debt expense is used, the entry to recognize that expense
8. When the allowance method of recognizing bad debt expense is used, the allowance for doubtful accounts would decrease when a( n)
9. In accordance with ASC Topic 860, Transfers and Servicing, all of the following would be disclosed except for
10. The premium on a 3-year insurance policy expiring on December 31, year 3, was paid in total on January 2, year 1. If the company has a 6-month operating cycle, then on December 31, year 1, the prepaid insurance reported as a current asset would be for
11. Foster Co. adjusted its allowance for uncollectible accounts at year-end. The general ledger balances for the accounts receivable and the related allowance account were $ 1,000,000 and $ 40,000, respectively. Foster uses the percentage-of-receivables method to estimate its allowance for uncollectible accounts. Accounts receivable were estimated to be 5 % uncollectible. What amount should Foster record as an adjustment to its allowance for uncollectible accounts at year-end?
12. A retailer failed to record a purchase of inventory on credit near the end of the current year. The goods did arrive and were included in the inventory count. The purchase will be recorded next year, when the goods are paid for. As a result,
13. What is the current ratio as of December 31? 14. What was Brock ' s dollar-value LIFO inventory on December 31, 2004?