Financial Accounting > SOPHIA Milestone > Sophia Milestone | 18 questions answered correctly (All)
Sophia Milestone | 18 questions answered correctly
Document Content and Description Below
5 questions were answered incorrectly. 1 A company's year-end financial statements lists the following figures. Net income $49,500 Net sales $550,000 Current assets $1,050,000 Current liabiliti ... es $115,000 Total assets $2,200,000 Based on this information, what is the company's rate of return on sales? 2.32% 1.91% 25% 9% CONCEPT Ratio Analysis 2 The aging schedule below lists the amount and percentage that the company estimates will be uncollectible. Which amount would be recorded in accounts receivable at over 60 days? $65,475 $1,984 $72,694 $5,234 CONCEPT Allowance Method: Aging Receivables 3 As Ned reviewed the credit accounts, he noticed that a customer who recently filed bankruptcy had an accounts receivable balance of $4,890. Ned instructed the accountant to make a journal entry to write off the customer's entire balance. Which of the following journal entries would be listed as debit? Bad Debt Expense Allowance for Bad Debts Accounts Receivable Cash CONCEPT Uncollectible Accounts 4 What is the formula for the rate of return on sales? Net Income / Gross Sales Net Income / Net Sales Gross Income / Gross Sales Gross Income / Net Sales [Show More]
Last updated: 3 years ago
Preview 1 out of 17 pages
Buy this document to get the full access instantly
Instant Download Access after purchase
Buy NowInstant download
We Accept:
Reviews( 0 )
$12.00
Can't find what you want? Try our AI powered Search
Document information
Connected school, study & course
About the document
Uploaded On
Aug 27, 2022
Number of pages
17
Written in
All
Additional information
This document has been written for:
Uploaded
Aug 27, 2022
Downloads
0
Views
213
