Question : 31. As long as the amount collected from credit sales to : 1230639

Accounting

31. As long as the amount collected from credit sales to a given group of customers exceeds the cost of goods sold and the other costs of serving that group of customers, including the costs of _____ accounts, the retailer will be better off selling to that group rather than losing the sales.
A. delinquent
B. uncollectible
C. collectible
D. preferred
E. common

32. An accounting issue for accounts receivable is measurement of the amount on the balance sheet. With regard to measurement, both U.S. GAAP and IFRS require that sellers report accounts receivable _____.
A. the amount that all customers have agreed to pay
B. at the present value of future cash flows
C. net of the estimated uncollectible amount
D. at the future value of present cash flows
E. plus the estimated uncollectible amount

33. An accounting issue for accounts receivable is the timing of recognition of the reduction in income caused by the uncollectibility of some accounts. With regard to timing, both U.S. GAAP and IFRS require that a seller recognize an expense for estimated uncollectible accounts receivable in the _____.
A. period when it recognizes the accounts receivable is uncollectable
B. period after it recognizes the related revenue
C. same period when it recognizes the related revenue
D. period before it recognizes the related revenue
E. period after it recognizes the accounts receivable is uncollectable

34. Greenlawn Maintenance Company

Greenlawn Maintenance Company started a lawn services business on January 1, 2009. It sends invoices to its customers for lawn maintenance services at the end of each month, and expects the customer to pay within 30 days. During 2009, Greenlawn Maintenance billed its customers a total of $2,000,000 for services rendered during the year. It made journal entries at the end of each month.

The aggregate effect of these entries during 2009 is as follows:
A. Sales Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000,000
          Accounts Receivable, Gross . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000,000
B. Sales Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000,000
          Accounts Receivable, Net . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . 2,000,000
C. Accounts Receivable, Net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000,000
          Sales Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000,000
D. Accounts Receivable, Gross . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000,000
          Sales Revenue . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . 2,000,000
E. Notes Receivable, Gross . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000,000
          Sales Revenue . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . 2,000,000

35. Greenlawn Maintenance Company

Assume that Greenlawn Maintenance estimates that it will not collect 2% of total credit sales in a given month. At the end of each month, it makes an adjusting entry. The aggregate effect of these entries during 2009 is as follows:
A. Bad Debt Expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,000
      Accounts Receivable, net. .   . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 40,000
B. Allowance for Uncollectibles . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,000
       Bad Debt Expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,000
C. Bad Debt Expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,000
      Allowance for Uncollectibles . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 40,000
D. Bad Debt Expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,000
      Accounts Receivable, gross   . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 40,000
E. Accounts Receivable, gross . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,000
       Bad Debt Expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,000

36. Greenlawn Maintenance Company

If Greenlawn Maintenance’s customers remitted $1,900,000 in cash during 2009, it would make the following journal entries with the following aggregated amounts:
A. Accounts Receivable, Gross—specific accounts . . . . . . . . . . . . . 1,900,000
         Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . .. 1,900,000
B. Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 1,900,000
         Accounts Receivable, net—specific accounts . . . . . . . . . . .. . . . . . . 1,900,000
C. Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 1,900,000
         Accounts Receivable, Gross—specific accounts . . . . . . . . . . . . . . . . 1,900,000
D. Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 1,900,000
         Notes Receivable, Gross—specific accounts . . . . . . . . . . . . . . . . . . . 1,900,000
E. Notes Receivable, Gross—specific accounts . . . . . . . . . . . . . . . . . . 1,900,000
         Cash . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . .. . . . . . . . 1,900,000

37. Greenlawn Maintenance Company

Greenleaf Maintenance deems uncollectible any customer account not paid after six months. This means that every accounting period, Greenleaf Maintenance ascertains which accounts remained uncollected for six months, and treats these customer accounts as uncollectible by writing them off. If, during 2009, Greenleaf Maintenance identified accounts of specific customers totaling $20,000 with unpaid balances for six months and wrote them off, the journal entry would be as follows:
A. Bad Debt Expenses . . . . . .   . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000
             Accounts Receivable—gross . . . . . . . . . . . . . . . . . . . . . . . .   20,000
B. Bad Debt Expenses . . . . . .   . . . . . . . . . . . . . . . . . . . . . . . . . .20,000
             Accounts Receivable—specific accounts . . . . . . . . . . . . . . . . 20,000
C. Allowance for Uncollectibles . . . .. . .. . .. . .. . .. . .. . .. . .. . .. 20,000
             Accounts Receivable—specific accounts . . . . . . . . . . . . . . . . 20,000
D. Allowance for Uncollectibles . . . . . . . . . . . . . . . . . . . . . . . . 20,000
             Accounts Receivable—gross . . . . . . . . . . . . . . . . . . . . . . . . . 20,000
E. Allowance for Uncollectibles . . . . . . . . . . . . . . . . . . . . . . . . .20,000
             Bad Debt Expenses . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000

38. Greenlawn Maintenance Company

The 2009 year-end balance in Accounts Receivable, Gross, for Greenleaf Maintenance is $1,085,000 An aging of these accounts receivable shows that the estimated uncollectible amount is $24,200. Before aging the accounts, the Allowance for Uncollectibles has a debit balance of $15,000 from writing off actual accounts during 2009. Greenleaf Maintenance would record the following adjusting entry at the end of 2009 to obtain a credit balance in the Allowance for Uncollectibles of $24,200:
A. Bad Debt Expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,200
          Allowance for Uncollectibles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,200
B. Allowance for Uncollectibles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,200
          Bad Debt Expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,200
C. Allowance for Uncollectibles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,200
          Bad Debt Expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,200
D. Bad Debt Expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,200
          Allowance for Uncollectibles . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . 39,200
E. Allowance for Uncollectibles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000
          Bad Debt Expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000

39. If the firm has received a promise of payment but cannot measure this promise with reasonable reliability, and
A. U.S. GAAP would permit revenue to be recognized, but IFRS would not permit revenue to be recognized.
B. U.S. GAAP would not permit revenue to be recognized, but IFRS would permit revenue to be recognized.
C. neither U.S. GAAP nor IFRS would permit revenue to be recognized.
D. U.S. GAAP and IFRS would permit revenue to be recognized.
E. none of the above

40. Recognizing revenue before the seller collects cash requires estimating the amount of uncollectible accounts with reasonable accuracy. Both U.S. GAAP and IFRS require the
A. direct method for uncollectible accounts, only
B. direct charge off method for uncollectible accounts, only
C. allowance method for uncollectible accounts, only
D. allowance method and the direct charge off method for uncollectible accounts
E. indirect method for uncollectible accounts, only

Continue to order Get a quote

July 1, 2023

11) The demand curve for pizza is downward sloping and the supply curve is upward sloping. If the government imposes a $2 tax on a pizza, ________ the tax.

A) only consumers pay

B) only producers pay

C) both producers and consumers pay part of

D) neither producers nor consumers pay part of

E) the government pays

12) Neither the demand nor the supply of automobiles is perfectly elastic or inelastic. If the government imposes a $1,000 tax on automobiles, then the price of an automobile buyers pay

A) increases by $1,000.

B) increases by less than $1,000.

C) increases by more than $1,000.

D) decreases by $1,000.

E) does not change.

13) Neither the demand nor the supply of sugar is perfectly elastic or inelastic. If the government imposes a 5 percent tax on sugar, the

A) price of sugar buyers pay falls by 5 percent.

B) price of sugar buyers pay increases by less then 5 percent.

C) price of sugar buyers pay does not change.

D) quantity of sugar increases.

E) price of sugar buyers pay rises by 5 percent.

14) Giving in to the demand of protestors, suppose the French government reduces the tax on gasoline by 15 percent. Neither the demand for gasoline nor the supply of gasoline is perfectly elastic or inelastic. As a result of the tax cut, the price for a gallon of gasoline paid by buyers

A) falls by 15 percent.

B) rises by 15 percent.

C) falls by less than 15 percent.

D) rises by less than 15 percent.

E) falls by more than 15 percent.

15) Neither the demand for gasoline nor the supply of gasoline is perfectly elastic or inelastic. If the federal government eliminated the 18.4 cents per gallon gasoline tax, the price paid by buyers would

A) decrease by less than 18.4 cents.

B) decrease by 18.4 cents.

C) decrease by more than 18.4 cents.

D) stay the same.

E) increase by 18.4 cents.

16) To calculate the revenue government receives when a tax is imposed on a good, multiply the

A) pre-tax equilibrium price by the pre-tax quantity.

B) after-tax equilibrium price by the after-tax quantity.

C) tax by the pre-tax quantity.

D) tax by the after-tax quantity.

E) after-tax equilibrium price by the after-tax quantity and then subtract the pre-tax equilibrium price multiplied by the pre-tax quantity.

17) The imposition of a tax on a good enables the government to

A) raise the price received by sellers of the goods that have been taxed.

B) lower the price paid by buyers for the goods that have been taxed.

C) create a more efficient economic system.

D) take part of consumer and producer surplus as tax revenue when the good is purchased.

E) decrease the deadweight loss in this market.

18) In the figure above, suppose that the government imposes a tax of $4 per pizza. Then, the

A) buyers and sellers equally share the incidence of the tax.

B) shaded area is the deadweight loss from the tax.

C) shaded area is the tax revenue from the tax.

D) Both answers A and B are correct.

E) Both answers A and C are correct.

19) In the figure above, suppose that the government imposes a tax of $4 per pizza. Then, the tax revenue collected by the government equals

A) $240.

B) $320.

C) $160.

D) $120.

E) $4.

20) The above figure shows the market for gourmet ice cream. In effort to reduce obesity, government places a $2 tax per gallon on suppliers in this market, shifting the supply curve from S0 to S1. The quantity of ice cream consumed before the tax is ________ gallons and the quantity consumed after the tax is ________ gallons.

A) 300,000; 200,000

B) 200,000; 250,000

C) 250,000; 200,000

D) 200,000; 300,000

E) 200,000; 200,000

July 1, 2023

11) The demand curve for pizza is downward sloping and the supply curve is upward sloping. If the government imposes a $2 tax on a pizza, ________ the tax.

A) only consumers pay

B) only producers pay

C) both producers and consumers pay part of

D) neither producers nor consumers pay part of

E) the government pays

12) Neither the demand nor the supply of automobiles is perfectly elastic or inelastic. If the government imposes a $1,000 tax on automobiles, then the price of an automobile buyers pay

A) increases by $1,000.

B) increases by less than $1,000.

C) increases by more than $1,000.

D) decreases by $1,000.

E) does not change.

13) Neither the demand nor the supply of sugar is perfectly elastic or inelastic. If the government imposes a 5 percent tax on sugar, the

A) price of sugar buyers pay falls by 5 percent.

B) price of sugar buyers pay increases by less then 5 percent.

C) price of sugar buyers pay does not change.

D) quantity of sugar increases.

E) price of sugar buyers pay rises by 5 percent.

A) falls by 15 percent.

B) rises by 15 percent.

C) falls by less than 15 percent.

D) rises by less than 15 percent.

E) falls by more than 15 percent.

A) decrease by less than 18.4 cents.

B) decrease by 18.4 cents.

C) decrease by more than 18.4 cents.

D) stay the same.

E) increase by 18.4 cents.

16) To calculate the revenue government receives when a tax is imposed on a good, multiply the

A) pre-tax equilibrium price by the pre-tax quantity.

B) after-tax equilibrium price by the after-tax quantity.

C) tax by the pre-tax quantity.

D) tax by the after-tax quantity.

E) after-tax equilibrium price by the after-tax quantity and then subtract the pre-tax equilibrium price multiplied by the pre-tax quantity.

17) The imposition of a tax on a good enables the government to

A) raise the price received by sellers of the goods that have been taxed.

B) lower the price paid by buyers for the goods that have been taxed.

C) create a more efficient economic system.

D) take part of consumer and producer surplus as tax revenue when the good is purchased.

E) decrease the deadweight loss in this market.

18) In the figure above, suppose that the government imposes a tax of $4 per pizza. Then, the

A) buyers and sellers equally share the incidence of the tax.

B) shaded area is the deadweight loss from the tax.

C) shaded area is the tax revenue from the tax.

D) Both answers A and B are correct.

E) Both answers A and C are correct.

19) In the figure above, suppose that the government imposes a tax of $4 per pizza. Then, the tax revenue collected by the government equals

A) $240.

B) $320.

C) $160.

D) $120.

E) $4.

A) 300,000; 200,000

B) 200,000; 250,000

C) 250,000; 200,000

D) 200,000; 300,000

E) 200,000; 200,000

July 1, 2023

11) The demand curve for pizza is downward sloping and the supply curve is upward sloping. If the government imposes a $2 tax on a pizza, ________ the tax.

A) only consumers pay

B) only producers pay

C) both producers and consumers pay part of

D) neither producers nor consumers pay part of

E) the government pays

12) Neither the demand nor the supply of automobiles is perfectly elastic or inelastic. If the government imposes a $1,000 tax on automobiles, then the price of an automobile buyers pay

A) increases by $1,000.

B) increases by less than $1,000.

C) increases by more than $1,000.

D) decreases by $1,000.

E) does not change.

13) Neither the demand nor the supply of sugar is perfectly elastic or inelastic. If the government imposes a 5 percent tax on sugar, the

A) price of sugar buyers pay falls by 5 percent.

B) price of sugar buyers pay increases by less then 5 percent.

C) price of sugar buyers pay does not change.

D) quantity of sugar increases.

E) price of sugar buyers pay rises by 5 percent.

A) falls by 15 percent.

B) rises by 15 percent.

C) falls by less than 15 percent.

D) rises by less than 15 percent.

E) falls by more than 15 percent.

A) decrease by less than 18.4 cents.

B) decrease by 18.4 cents.

C) decrease by more than 18.4 cents.

D) stay the same.

E) increase by 18.4 cents.

16) To calculate the revenue government receives when a tax is imposed on a good, multiply the

A) pre-tax equilibrium price by the pre-tax quantity.

B) after-tax equilibrium price by the after-tax quantity.

C) tax by the pre-tax quantity.

D) tax by the after-tax quantity.

E) after-tax equilibrium price by the after-tax quantity and then subtract the pre-tax equilibrium price multiplied by the pre-tax quantity.

17) The imposition of a tax on a good enables the government to

A) raise the price received by sellers of the goods that have been taxed.

B) lower the price paid by buyers for the goods that have been taxed.

C) create a more efficient economic system.

D) take part of consumer and producer surplus as tax revenue when the good is purchased.

E) decrease the deadweight loss in this market.

18) In the figure above, suppose that the government imposes a tax of $4 per pizza. Then, the

A) buyers and sellers equally share the incidence of the tax.

B) shaded area is the deadweight loss from the tax.

C) shaded area is the tax revenue from the tax.

D) Both answers A and B are correct.

E) Both answers A and C are correct.

19) In the figure above, suppose that the government imposes a tax of $4 per pizza. Then, the tax revenue collected by the government equals

A) $240.

B) $320.

C) $160.

D) $120.

E) $4.

A) 300,000; 200,000

B) 200,000; 250,000

C) 250,000; 200,000

D) 200,000; 300,000

E) 200,000; 200,000

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Question : 31. As long as the amount collected from credit sales to : 1230639

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