On January 1, Year 1, Zach Company purchased equipment that cost $50,000. The equipment had a useful life of 5 years and a $10,000 salvage value. Zach Company used the double-declining-balance method to depreciate its assets. What is the accumulated depreciation at the end of Year 2?

Which of the following best describes the percent of receivables method?

On January 1, Year 2 Grande Company had a $22,000 balance in the Accounts Receivable account and a zero balance in the Allowance for Doubtful Accounts account. During Year 2, Grande provided $80,000 of service on account. The company collected $76,500 cash from accounts receivable. Uncollectible accounts are estimated to be 2% of sales on account.What is the amount of uncollectible accounts expense recognized on the Year 2 income statement?

Which of the following describes a callable bond?

What does negative retained earnings indicate?

Fixit Corporation issued 20,000 shares of $20 par value common stock at its current market price of $32. How does this event affect total stockholders’ equity?

Napoli Industries had net income for Year 2 of $2,064,000. Napoli had an average number of shares outstanding at the end of the year of 860,000 shares. On January 1, Year 2, the market price of Napoli’s stock was $90 per share. On December 31, Year 2, the market price was $93 per share. What is the price-earnings ratio for Napoli at the end of Year 2?

On April 30, Midwest Company established a petty cash fund of $1,000. On May 1, a disbursement of $355 was made from the fund for payment of delivery expense. The petty cash account has not been replenished. How would the disbursement affect the financial statements on May 1?

Watt Company was established in January, Year 1. During Year 1 the company experienced the following events.Collected $7,200 cash from the issue of common stock.Borrowed $4,200 cash from the state bank.Earned $5,200 of cash revenue.Paid $3,200 cash expenses.The company was liquidated at the end of Year 1. Based on this information

On January 1, Year 2, Kincaid Company’s Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $31,000 and $500, respectively. During Year 2, Kincaid reported $72,500 of credit sales, wrote off $550 of receivables as uncollectible, and collected cash from receivables amounting to $74,550. Kincaid estimates that it will be unable to collect one percent (1%) of credit sales.What is the amount of uncollectible accounts expense that will be reported on the Year 2 income statement?