Please help with these accy questions 19. Internal ulthis exam controls A. are p
ID: 2339459 • Letter: P
Question
Please help with these accy questions
19. Internal ulthis exam controls A. are policies and procedures designed to safeguard a company's asseods. B. are policies an pany's assets. d procedures designed to producc accurate accounting are the responsibility of a company's management to develop and implement. are policies and procedures designed to safeguard a company's assets and are policies procedures designed to produce accurate accounting records. All of these are true. D. and E. 20. Sales taxes collected from customers upon the sale of merchandise are typically included on the selling company's books as A. a revenue B. an expense. C. a liability. D. both a revenue and an expense E. both an expense and a liability 21. Han Company had the following data for the year $150,000 Accounts receivable, beginning of year Cash collected from credit customers Cash collected from credit customers830.0 180,00 llowance for bad debts, beginning of year 30,000 llowance for bad debts, end of year 53.000 ccounts receivable, end of year 868,000 XPENSE for the year? What was Han Company's BAD DEBT E A. 31,000 B. 8,000 C. 38,000 D. 30,000 redit sales for the yearExplanation / Answer
Q19. Answer is E. All of these are true. Q20. Answer is C. a liability. Q21. Answer is A. 31000 Explanation: Amount written off: Accounts receivable at beginning 150000 Add: C redit sales 868000 Less: Collections -830000 Less: ending balance -180000 Amount written off: 8000 Allowance in beginning 30000 Less: Amount written off 8000 Amount balance in Allowance 22000 Allowance balance at the end 53000 Bad debts expenses 31000 Q22. Answer is F. 1500 Gain Explanation: Exchange rate on Mar 1 0.018 Exchange rate on Dec 31 0.015 Gain on exchange rate 0.003 Consulting revenue due on Mar1 500000 Gain on Foreign exchange 1500 Q23. Answer is E. $ 5000 in Year1 and 550 in Year2 Explanation: Correct Net income in Year-1 Reported Net inc'ome 3000 Add: Understated Inventory 2000 Correct Net income in Year-1 5000 Correct Net income for Year-2 Reported net income 3000 Less: Understated beginning inv. -2000 Less: Overstated Ending inv. -450 Correct Net income for Year-2 550 Q24. Answer is C. $ 3800. Explanation: Cost 3900 Market value 3800 (3800 or 3300 whichever is less)