# ACC 291 GUIDE Education Expert/acc291guidedotcom

## ACC 291 GUIDE Education Expert/acc291guidedotcom

ACC 291 customized help
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How would you describe the entries to record the disposition of accounts receivables?

What is their function?
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ACC 291 Final Exam Guide (New)
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Question 1 An aging of a company's accounts receivable indicates that \$4,500 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a \$1,200 credit balance, the adjustment to record bad debts for the period will require a
Question 2 The financial statements of the Melton Manufacturing Company reports net sales of \$300,000 and accounts receivable of \$50,000 and \$30,000 at the beginning of the year and end of year, respectively. What is the average collection period for accounts receivable in days?
Question 3 Stine Company purchased machinery with a list price of \$64,000. They were given a 10% discount by the manufacturer. They paid \$400 for shipping and sales tax of \$3,000. Stine estimates that the machinery will have a useful life of 10 years and a residual value of \$20,000. If Stine uses straight-line depreciation, annual depreciation will be
Question 4 On January 1, a machine with a useful life of five years and a residual value of \$40,000 was purchased for \$120,000. What is the depreciation expense for year 2 under the double-declining-balance method of depreciation?
Question 5 As a recent graduate of State University you're aware that IFRS requires component depreciation for plant assets. A friend has asked you to succinctly explain what component depreciation means. Which of the following ly describes component depreciation?
Question 6 Given the following account balances at year end, compute the total intangible assets on the balance sheet of Janssen Enterprises.
Cash \$1,500,000
Accounts Receivable 4,000,000