ACC 556 - Midterm part 2
· Question 1 Which of these would cause the inventory turnover ratio to increase th e most ?
· Question 2 Bad Debt Expense is considered
· Question 3 A trial balance proves
· Question 4 Fehr Company sells merchandise on account for $ 5,000 to Kelly Comp any with credit terms of 2 / 10 , n / 30 . Kelly Company returns $ 1,000 of merchandise that was damaged , along with a check to settle the accou nt within the discount period . What is the amount of the check ?
· Question 5 A revenue generally
· Question 6 A merchandiser will earn an operating income of exactly $ 0 when
· Question 7 Smithson Corporation ‘ s unadjusted trial balance includes the followin g balances ( assume normal balances ):
Accounts Receivable $ 3,357,000 Allowances for Doubtful Accounts $ 63,900
Bad debts are estimated to be 6 % of outstanding receivables . What am ount of bad debt expense will the company record ?
· Question 8