{"id":23435,"date":"2018-02-20T23:50:30","date_gmt":"2018-02-20T23:50:30","guid":{"rendered":"https:\/\/writemyessayfree.com\/when-using-the-percentage-of-sales-method-of-estimating-uncollectible-accounts-any-existing-balance-in-the-allowance-for-uncollectible-accounts-account-is-ignored-as-long-as-the-account-has-a-credit"},"modified":"2017-08-03T16:10:26","modified_gmt":"2017-08-03T16:10:26","slug":"when-using-the-percentage-of-sales-method-of-estimating-uncollectible-accounts-any-existing-balance-in-the-allowance-for-uncollectible-accounts-account-is-ignored-as-long-as-the-account-has-a-credit","status":"publish","type":"post","link":"https:\/\/www.benedictsol.com\/blogs\/when-using-the-percentage-of-sales-method-of-estimating-uncollectible-accounts-any-existing-balance-in-the-allowance-for-uncollectible-accounts-account-is-ignored-as-long-as-the-account-has-a-credit\/","title":{"rendered":"When using the percentage of sales method of estimating uncollectible accounts, any existing balance in the Allowance for Uncollectible Accounts account is ignored as long as the account has a credit balance after adjustmen"},"content":{"rendered":"
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When using the percentage of sales method of estimating uncollectible accounts, any existing balance in the Allowance for Uncollectible Accounts account is ignored as
long as the account has a credit balance after adjustment. True False 2 points Question 2 In counting the days of interest on a note, the day the money is borrowed is <\/p>\n

omitted, but the day it is paid back is counted. True False 2 points Question 3 Credit card companies absorb the loss from uncollectible accounts. True False 2 points <\/p>\n

Question 4 Both a company\u2019s credit terms and collection policies affect accounts receivable turnover. True False 2 points Question 5 Generally, the older the account <\/p>\n

receivable, the lower the probability of collection. True False 2 points Question 6 When a company collects sales taxes from customers, the amount of taxes collected <\/p>\n

represents a revenue. True False 2 points Question 7 When a note is dishonored, the payee should debit Accounts Receivable for the maturity value of the note. True <\/p>\n

False 2 points Question 8 When a note is dishonored, the payee will make an entry that includes a credit to: A. Accounts Receivable. B. Cash. C. Notes <\/p>\n

Receivable. D. Interest Payable. 2 points Question 9 Maxwell issued to Prentice Co., a $2,400, 90-day, 12 percent note for the purchase of goods. The journal entry <\/p>\n

needed on Prentice Company\u2019s books at the time of sale is: A. Notes Receivable 2,472 Sales 2,400 Interest Revenue 72 B. Notes Receivable 2,400 <\/p>\n

Sales 2,400 C. Notes Receivable 2,436 Sales 2,436 D. Notes Receivable 2,400 Interest Revenue 72 Sales 2,472 2 points <\/p>\n

Question 10 In estimating uncollectible accounts for a period, the percentage of sales method is the simplest method. True False 2 points Question 11 The interest rate <\/p>\n

on notes receivable and notes payable is generally stated in annual terms. True False 2 points Question 12 When a note is dishonored, the payee will make an accounting <\/p>\n

entry that includes a debit to Notes Receivable. True False 2 points Question 13 An example of a contingent liability is: A. accounts payable. B. federal excise tax <\/p>\n

payable. C. salaries payable. D. potential loss from a lawsuit. 2 points Question 14 The preemptive right refers to a stockholder\u2019s right to receive dividends <\/p>\n

when they are declared by the board of directors. True False 2 points Question 15 The date of record (of dividends) is the date established by the board of directors <\/p>\n

to determine who will receive a dividend. True False 2 points Question 16 One of the most basic rights of the stockholder is the right to vote at stockholders\u2019 <\/p>\n

meetings in person or by proxy. True False 2 points Question 17 The market value of a stock depends on a number of factors, including investors\u2019 expectations regarding <\/p>\n

the future performance of a corporation. True False 2 points Question 18 When Retained Earnings is debited in a journal entry, a deficit exists. True False 2 points <\/p>\n

Question 19 Which of the following statements regarding earnings per share is correct? A. Earnings per share and book value per share are equal. B. <\/p>\n

Earnings per share is calculated for all shares of stock that have been issued by the corporation. C. Only one earnings per share figure will appear on the income <\/p>\n

statement for each period. D. Earnings per share is equal to net income divided by the weighted-average number of common shares outstanding if the corporation has no <\/p>\n

preferred stock outstanding. 2 points Question 20 Treasury stock is stock that: A. is apportioned to cover special projects such as the construction of a new <\/p>\n

building. B. has been issued but was reacquired by the corporation. C. must be offered to existing stockholders first in amounts proportional to their <\/p>\n

shareholdings of the issuer\u2019s stock. D. has never been issued. 2 points Question 21 The price-earnings ratio is computed by dividing the current market price per share <\/p>\n

of common stock by earnings per share. True False 2 points Question 22 The charter is the contract between the state and the incorporators which gives the corporation <\/p>\n

its separate legal existence. True False 2 points Question 23 The three significant cash dividend dates are the date of declaration, date of record, and date of <\/p>\n

payment. True False 2 points Question 24 Which of the following is a characteristic of a corporation? A. Separate legal existence B. Shareholders may enter <\/p>\n

into a contract on behalf of the corporation C. Difficult transferability of ownership because of widely scattered ownership D. Full liability of owners to corporate <\/p>\n

creditors 2 points Question 25 The three significant cash dividend dates are (in order) the dates of: A. declaration, record, and payment. B. record, <\/p>\n

distribution, and payment. C. declaration, record, and distribution. D. declaration, distribution, and payment. 2 points Question 26 In The Profit\u2019s A Stein <\/p>\n

Meats Receivables Video clip, Jamie, Marcus\u2019 Portfolio Manager, uncovers that Stein Meats owes how much in liabilities? $500,000 $7.8 million $4 million $2 million 2 <\/p>\n

points Question 27 In The Profit\u2019s A Stein Meats Receivables Video clip, it is easy to collect monies from customers who are past due. True False 2 points Question 28 <\/p>\n

In The Profit\u2019s A Stein Meats Receivables Video clip, what is the main reason that Stein Meats is struggling financially? They don\u2019t sell enough meat. They extend <\/p>\n

credit to their customers and don\u2019t collect from them. Employees are stealing. They owe too much to the bank. 2 points Question 29 In The Profit\u2019s A Stein Meats <\/p>\n

Receivables Video clip, how much money does Stein Meats have in the bank to pay their bills? $30,000 $300,000 $500,000 $4 million 2 points Question 30 In The Profit\u2019s <\/p>\n

A Stein Meats Receivables Video clip, how much revenue does Stein Meats do annually? $18 million $4 million $50 million $1 million<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

When using the percentage of sales method of estimating uncollectible accounts, any existing balance in the Allowance for Uncollectible Accounts account is ignored as long as the account has a credit balance after adjustment. True False 2 points Question 2 Read More …<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-23435","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/23435","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=23435"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/23435\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=23435"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=23435"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=23435"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}