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21_ Under the allowance method, writing off an uncollectible account

Select one:

a. affects only income statement accounts.

b. is not acceptable practice.

c. The answer does not exist

d. affects only balance sheet accounts.

e. affects both balance sheet and income statement accounts.

_____________________

22_ Buehler Company on June 15 sells merchandise on account to Chaz Co. for $1,000, terms 2/10, n/30. On June 20, Chaz Co. returns merchandise worth $300 to Buehler Company. On June 24, payment is received from Chaz Co. for the balance due. What is the

amount of cash received?

Select one:

a. $700.

b. $668.

c. None of the above.

d. $680.

e. The answer does not exist

__________________

23_ The relationship of current assets to current liabilities is used in evaluating a company's

Select one:

a. long-range solvency.

b. operating cycle.

c. short-term debt paying ability.

d. revenue-producing ability.

e. The answer does not exist

______________

24_ Farr Company purchased a new van for floral deliveries on January 1, 2017. The van cost $56,000 with an estimated life of 6 years and $1400 salvage value at the end of its useful life. The double-declining-balance method of depreciation will be used. What is the depreciation expense for 2017?

Select one:

a. $16,800

b. $22,400

c. The answer does not exist

d. $8,400

e. $11,200

________________

25_ Orr Corporation sold equipment for $30,000. The equipment had an original cost of $90,000 and accumulated depreciation of $45,000. As a result of the sale,

Select one:

a. net income will decrease $15,000.

b. The answer does not exist

c. net income will increase $30,000.

d. net income will increase $15,000.

e. net income will decrease $30,000

_______________

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