NEED ANSWER ASAP PLEASE ANSWER THROUGHLY PLEASE ZOOM IN a.) b.) c.) d.) e.) Dani

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PLEASE ANSWER THROUGHLY

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a.)

b.)

c.)

d.)

e.)

Daniel Company had the following information in 2014 Accounts receivable 12/31/14 --. - -. --. - -. . . . Allowance for uncollectible account 12/31/14 (before adjustment) Credit sales during 2014 Cash sales during 2014 Collections from customers on account during 2014 Uncollectible accounts are determined by the percent-of-sales method to be 4% of credit sales. How much is uncollectible-account expense for 2014? $ 8,000 900 47,000 14,000 48,000 O A. $320 O B. $900 O C. $1,880 O D. $2,440

Explanation / Answer

Solution:(a): Option(C) is correct.

Explanation: Uncollectible Expense = Credit sales*percentage of Uncollectible Accounts

= 47000*4% = $1,880

Solution:(b): Option (D) is correct.

Explanation: The seperation of duties concept prohibits the assignment of responsibility to one person for the acquisition of assets, their custody and the related record keeping.

Solution:(c): Option(C) is correct.

Explanation: The maximization of net income is not tthe objective of the internal control.

Solution:(4): Option(B) is correct.

Explanation: Uncollectible Expense = Uncollectible Accounts - Allowances for Uncollectible Accounts (before adjustment)

= $1,140 - $1,100 = $40

Solution:(e): Option (E) is correct.

Explanation: All of the above mentioned assets might be included in cash equivalents in a typical balance sheet.

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