Question

1. On December 31 of the current year, the unadjusted trial balance of a company using the percent of receivables method to estimate bad debt included the following: Accounts Receivable, debit balance of $98,400; Allowance for Doubtful Accounts, credit balance of $1,081. What amount should be debited to Bad Debts Expense, assuming 5% of outstanding accounts receivable at the end of the current year are estimated to be uncollectible? $3,839. $6,001. $4,920. $2,947. $1,081.

2. A company that reports segment information had average total assets of $1,530,450 and total net income of $602,700. Segment A had average total assets of $931,800 and segment operating income of $304,300. Segment B had average assets of $598,650 and segment operating income of $298,400. The segment return on assets for Segment A is: 49.8% 39.4% 50.5% 32.7% 60.9%

3. An employee earned $62,200 during the year working for an employer. The FICA tax rate for Social Security is 6.2% of the first $118,500 of employee earnings per calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. What is the amount of total unemployment taxes the employee must pay? $434.00 $56.00 $378.00 $101.50 $0.00

4. Alani’s Hawaiian segment had revenues of $2,039 million, operating income of $983 million, and average assets of $1,293 million. The Hawaiian segment return on assets is: 76.02% 157.70% 63.41% 48.21% 131.54%

Answer 1

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