ACC 100 Final Milestone with Verified Answers

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You passed this Milestone 1 The value of a machine was $400,000 when purchased new one year ago. It has an expected life of five years and the income statement shows the straight line depreciation rat... e as 20%. Using double declining balance depreciation, what is the value of the machine at the end of year two?  $144,000 $160,000  $96,000 $240,000 2 Using the information shown here, which of the following is the asset turnover ratio?  0.43 0.86  0.56  0.51 3 Which of the following is Sue’s ending owner’s equity, in her statement of changes in owner's equity, if her records show $21,000 in investment by owner, $78,000 in net income, $18,000 in expenses and $14,000 in owner drawings?  $96,000  $53,000  $57,000  $85,000 4 Which of the following allowances for bad debt should the company enter into their financials for an Accounts Receivable account with a balance of $50,000 if the company estimates that 1.9% of receivables will be uncollectible?  $950.00  $9,500.00  $10,250 [Show More]

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