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Which of the following statement is FALSE when a company employs the record sales related transaction? a. "sales discount "is received when payment is received consider the period. b. "sales discount" is recorded when is within in the discount period. c. "sales discount forfeited" is reported as an "other revenue" in the income d. "accounts receivable" is recorded at the net amount initially. Below are selected factors of future value of 1 at the compounding interest rate 8% for different Compounding period Henry currently has exist58.349 in his investment fund. Assume that he wants to a condo with a required down payment of exist 100,000. If he is able to invest at a rate of 8% compounded annually. approximately how many years will it take before he has sufficient funds for the down payment? a. 8 years b. 7 years c. 6 years d. 5 years The period end adjustment of bad debts a. increases the net realizable value of accounts receivable. b. decreases the allowance for uncollectible accounts. c. decreases the net realizable value of accounts receivable. d. has no effect on the net realizable value of accounts receivable. Samson Company had the following balances and transactions during 2016. What would the company cost of goods sold be on the 2016 income statement if the weighted average cost inventory assumption is used under a periodic inventory system? (Answers are rounded to the nearest dollar) a. exist 490 b. exist540 c. exist554 d. exist560 Which of the following goods sold should be included in the seller's ending inventory? a. Goods in transit which were sold under shipping term F.O.B. shipping point. b. Goods sold to a customer with a buyback agreement. c. Goods sold with a high rate of return and the percentage of returns can be reasonably estimated. d. None of the above. The following aging schedule is prepared at the end of a year by a company. Before any year - end adjustments, the allowance for doubtful account had a credit balance of exist3,000. Based on the above information, what is the desired ending balance of allowance for account after the bad debt adjustment under the aging method? a. exist18.000. b. exist21.000. c. exist15,000. d. S52.000