Receivable - Intermediate Accounting - Exam Answers, Exams of Accounting

Download Receivable - Intermediate Accounting - Exam Answers and more Exams Accounting in PDF only on Docsity! PART 1 I MULTIPLE CHOICE 1. E 2. G II. RECEIVABLES A. the net method B. more than And discount III. BAD DEBTS Debit Credit i. Bad Debt Expense 34,000 Allowance for Bad Debt 34,000 ii. Allowance for Bad Debt 21,500 Accounts Receivable 21,500 iii. Allowance for Bad Debt 8,000 Bad Debt Expense 8,000 iv. Bad Debt Expense 26,000 Allow. For Bad Debts (12/31/00) 26,500 IV. BASIC INVENTORY a. $8,760 b. $9,988 c. $7,875 Advantages for using dollar Value LIFO rather than basic unit LIFO: See Textbook V. DOLLAR VALUE LIFO a. Base layer cost price index: 1.00 Base Layer Cost of the Inventory: $10,600 b. 1.36 c. $19,175 [Alternate answer: $21,224 (See Instructor)] d. $73,300 [Alternate answer: $73,895 (See Instructor)] docsity.com