Question

True or False? If the useful life of an asset is 5 years, the straight-line rate...

True or False? If the useful life of an asset is 5 years, the straight-line rate is 20% per year.

True or False? The balance in Allowance for Doubtful Accounts at the end of a period is reported on the income statement as an operating expense.

True or False? Internal controls are the policies and procedures adopted by management to safeguard its assets, process information accurately, and ensure compliance with applicable laws.

True of False? The maturity value of a 12%, 60-day note for $1,000 is $120.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

True. if useful life is 5 years, The Straight line method depreciation rate is 1/5 = 0.2 = 20%

False. The balance in allowance for doubtful debts is reduced from accounts receivables in the balance sheet.

True. Internal controls are the policies and procedures adopted by management to safeguard its assets, process information accurately, and ensure compliance with applicable laws.

False. $120 is the interest portion calculated for the 12%. It is not the maturity value. Maturity value = Principal amount + interest amount.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
35. Kinder Co. purchased a car for $25,000, with an estimated useful life of 5 years...
35. Kinder Co. purchased a car for $25,000, with an estimated useful life of 5 years and a residual value of $10,000. Kinder uses the straight-line depreciation method. After two years of use, the life of the car was increased by one (1) year, but the residual value remained unchanged. The depreciation on the car in year three should be: a. $3,000 b. $2,250 c. $4,500 d. $2,500 If ending inventory is miscounted, resulting in an understatement of ending inventory...
1-25 True or False 1. Sales revenue is an inflow of assets. 2. The three distinct...
1-25 True or False 1. Sales revenue is an inflow of assets. 2. The three distinct types of cost to a manufacturer are direct materials, direct labor, and manufacturing overhead.                       3. Sales Returns and Allowances is a contra-asset account. 4. Like sales revenue, cost of goods sold represents an inflow of assets. 5. With the periodic inventory system the inventory account is updated after each sale or purchase. 6. When merchandise is sold FOB shipping point, the buyer is responsible...
The purposes of this article, capital assets are defined as tangible or intangible assets that are...
The purposes of this article, capital assets are defined as tangible or intangible assets that are used in operations and that have useful lives of more than one year, such as land and improvements to land, buildings and building improvements; vehicles; machinery; equipment; and sewer, water and highway infrastructures. Risk Assessment: A municipality’s capital assets are subject to a number of risks. Local officials must be cognizant of these risks as they seek to effectively manage their municipality’s capital assets....
Hi. I want to get feedback on this question. What should i add or remove or...
Hi. I want to get feedback on this question. What should i add or remove or any correction. Boulded written is question and regulat writing is answer. Please guide. Thank you. BACKGROUND Apply audit risk and materiality concepts to address the following circumstances regarding Able & Baker LLP’s audits of the financial statements of Foster Engineering, Inc. 1. Able & Baker LLP auditors are beginning their audit of Foster’s 2017 financial statements. Because of changes in the market and increased...
What tools could AA leaders have used to increase their awareness of internal and external issues?...
What tools could AA leaders have used to increase their awareness of internal and external issues? ???ALASKA AIRLINES: NAVIGATING CHANGE In the autumn of 2007, Alaska Airlines executives adjourned at the end of a long and stressful day in the midst of a multi-day strategic planning session. Most headed outside to relax, unwind and enjoy a bonfire on the shore of Semiahmoo Spit, outside the meeting venue in Blaine, a seaport town in northwest Washington state. Meanwhile, several members of...
What role could the governance of ethics have played if it had been in existence in...
What role could the governance of ethics have played if it had been in existence in the organization? Assess the leadership of Enron from an ethical perspective. THE FALL OF ENRON: A STAKEHOLDER FAILURE Once upon a time, there was a gleaming headquarters office tower in Houston, with a giant tilted "£"' in front, slowly revolving in the Texas sun. The Enron Corporation, which once ranked among the top Fortune 500 companies, collapsed in 2001 under a mountain of debt...
Discuss ethical issues that can be identified in this case and the mode of managing ethics...
Discuss ethical issues that can be identified in this case and the mode of managing ethics Enron finds itself in this case. How would you describe the ethical culture and levels of trust at Enron? Provide reasons for your assessment. THE FALL OF ENRON: A STAKEHOLDER FAILURE Once upon a time, there was a gleaming headquarters office tower in Houston, with a giant tilted "£"' in front, slowly revolving in the Texas sun. The Enron Corporation, which once ranked among...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT