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Bad Debts - Intermediate Accounting - Exam Answers, Exams of Accounting

Answer key for the Intermediate Accounting exam paper. Main points are: Bad Debts, Receivable, Comparison, Dollar Value, Ending Inventory, Interest Capitalization, Exchanges, Reported Cost, Base Value, Multiple Choice

Typology: Exams

2011/2012

Uploaded on 12/20/2012

devendraa
devendraa 🇮🇳

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Download Bad Debts - Intermediate Accounting - Exam Answers and more Exams Accounting in PDF only on Docsity! I. MULTIPLE CHOICE 1. F 5. B 9. I 2. D 6. A 10. A 3. F 7. B 11. D 4. E 8. E II. BAD DEBTS Debit Credit i. Allowance for Bad Debts 28,575 Accounts Receivable 28,575 ii. Bad Debt Expense 54,000 Allowance for Bad Debts 54,000 iii. Allowance for Bad Debts 5,925 Bad Debt Expense 5,925 iv. Bad Debt Expense 48,075 Allow. For Bad Debts (12/31/00) 41,500 III. FIFO/LIFO COMPARISON a. $976,000 b. $6,184,000 IV. DOLLAR VALUE LIFO a. $10,600 b. 1.03 c. $9,000 [Alternate answer: $8,391 (See Instructor)] d. $73,750 [Alternate answer: $71,089 (See Instructor)] docsity.com
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