Many business sell goods and services to their customers on a credit basis, allowing customers to...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Many business sell goods and services to their customers on a credit basis, allowing customers to pay for their purchases over a period of time. Which of the following is an advantage of credit sales? None of the answer choices are correct. Delayed receipt of cash O Increases the seller's revenue Bad debt costs Increased wage costs A machine is purchased on January 1, 2016, for $80,000. It is estimated to have a useful life of 4 years and a residual value of $6,000. The total output units the machine can produce are 50,000. In 2016, 10,000 units are produced. Under the units-of-production method, what is the book value of the machine on December 31, 2016? O $64,000 $65,200 $61,500 O None of the answer choices are correct. $59,200 Many business sell goods and services to their customers on a credit basis, allowing customers to pay for their purchases over a period of time. Which of the following is an advantage of credit sales? None of the answer choices are correct. Delayed receipt of cash O Increases the seller's revenue Bad debt costs Increased wage costs A machine is purchased on January 1, 2016, for $80,000. It is estimated to have a useful life of 4 years and a residual value of $6,000. The total output units the machine can produce are 50,000. In 2016, 10,000 units are produced. Under the units-of-production method, what is the book value of the machine on December 31, 2016? O $64,000 $65,200 $61,500 O None of the answer choices are correct. $59,200
Expert Answer:
Answer rating: 100% (QA)
1 Increases the sellers revenue Explanation Many business sell goods and se... View the full answer
Related Book For
Auditing and Assurance Services
ISBN: 978-0077862343
6th edition
Authors: Timothy Louwers, Robert Ramsay, David Sinason, Jerry Straws
Posted Date:
Students also viewed these accounting questions
-
Which of the following is an advantage of non-statistical sampling? a. It measures the audit teams exposure to sampling risk. b. It is required by generally accepted auditing standards. c. It ensures...
-
Which of the following is an advantage of a company using equity rather than debt to finance a project? 1) Dividends do not need to be paid. 2) Interest is tax deductible whereas dividends paid are...
-
Which of the following is an internal control activity that could prevent a paid disbursement voucher from being presented for payment a second time? a. Vouchers should be prepared by individuals who...
-
The current Occupational Safety and Health Administration (OSHA) ceiling limit for H 2 S is up to 20 ppm for general industry. If the H 2 S meter reads 35 mg/m 3 , is this level above or below the...
-
Kershaw Electric sold $6,000,000, 10%, 10-year bonds on January 1, 2017. The bonds were dated January 1, 2017, and paid interest on January 1. The bonds were sold at 98. Instructions (a) Prepare the...
-
The file named Worldball.xlsx contains all the scores from the 2006 World Basketball Championships. Rate the teams. Who were the best three teams?
-
To the left of z = 1.625 Find the indicated area under the standard normal curve. If convenient, use technology to find the area.
-
At the time of her death on September 4, 2015, Alicia held the following assets. Alicia was also the life tenant of a trust (fair market value of $2 million) created by her late husband Bert. (The...
-
2 Prove ton + 10n+10 is ~2(n)
-
John Fuji (birthdate June 6, 1981) moved from California to Washington in December 2018. His earnings and income tax withholding for 2019 for his job as a manager at a Washington apple-processing...
-
A law that states that "males can get driver's licenses at age 16, but females must be 18 years old" would be subject to what level of equal protection scrutiny by the courts? O Strict Scrutiny. O...
-
In general terms, suggest a possible scheme that would allow a machine - language instruction to be interruptible. What would be the overall effect on instruction s execution time and CPU s...
-
For the example systems introduced (inertial measurement, nuclear power - plant monitoring, airline reservation, pasta bottling, and traffic light control) enumerate some possible events and note...
-
What is system support?
-
You are designing the architecture of a high - performance CPU for hard real - time applications. List and justify the principal architectural selections that you would make.
-
Why is relying on system knowledge important in debugging of the program?
-
Qualified plans use various formulas to determine required employer funding. Which of the following are examples of methods used by one or more type of plan for determining employer contributions?...
-
On 1 July 2018, Parent Ltd acquired all the shares of Son Ltd, on a cum-div. basis, for $2,057,000. At this date, the equity of Son Ltd consisted of: $ 1,000,000 Share capital 500 000 shares...
-
What features of a payroll system could be expected to prevent or detect the (a) Payment of a fictitious employee and (b) Omission of payment to an employee?
-
What are the three goals of an internal control system according to the COSO Report? Which of the three is most important to auditors?
-
You are engaged in the audit of the financial statements of Bass Corporation for the year ended December 31 and you are about to begin an audit of the investment securities. Basss records indicate...
-
What type of signal is the output of a non-ICP accelerometer?
-
What are the negative aspects of using a seismic transducer?
-
Which industrial transducer does not require a power supply (selfgenerated signal)?
Study smarter with the SolutionInn App