Give me the answer and tell me why SWhich of thefollowing statements is false?...

90.2K

Verified Solution

Question

Accounting

imageGive me the answer and tell me why

SWhich of thefollowing statements is false? A). Sales returns and allowances are always treated as a contra revenue. B) Sales returns and allowances, sales discounts and credit card discounts are always treated as selling expenses. C) Credit card discounts and sales discounts oan be treated as contra revenue accounts or as selling expenses D) Both A and C are false. h Depletion is recorded for natural resource A) to recognize increases in market value with the passage of time. B) to match the cost of resources uspd up C) and for buildings and equipment used in extracting the resource. D) by a method similar to declining balance depreciation. E) None of the above is corect. with the revenues that are earned. .': urchases, Retail Company reported the following amounts on its 20D income statement: P $80,000; Beginning 20D inventory, $25,000; and Cost of goods sold, $90,000. Therefore, the 20D ending inventory was A) $10,000 B) $25,000 C) $15,000 D) $27,000 E) None of the above is oorrect. Prior to the writ off of a $30 customer acbunt, Kraft Company had the following account balances Accounts receivable .- Allowance for doubtful accounts $9,800 500 The net realizable value of the receivables before and afterthe write-off was: A) Before: $9,300; After: $9,300 B) Before: $9,300; After: $9,270 C) Before: $9,800; After: $9,770 D) Before: $9,800; After: $9,800 E) None of the above is correct. 9. Which method of depreci ation results in periodic depreciation expense that fluctuates from one peod to he next, not necessarily in a steadily upwyard, or downward direction? A) Straight-line. B) Units-of production. C) Amortization. D) Declining balance. E) None of the above are correct

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students