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Upwork Accounting Skills Test (Assets and Revenue) Answers

In this post you will have all Upwork Accounting Skills Test (Assets and Revenue) Answers of Finance and Accounting category, please press CTRL + F to find your desired answers of the test questions.

1. XYZ Company reports Accounts Receivable of $60,000 and an Allowance for Uncollectible Accounts of $6,000 on its December 31 Year 1 Balance Sheet. During Year 2, credit sales total $1,800,000, collections on account total $1,680,000, and write-offs total $9,600. After aging its Accounts Receivable, XYZ Company estimates that 10 percent of its Accounts Receivable at December 31 of Year 2 will be uncollectible. The company also estimates that its bad debts will be 2 percent of credit sales. What balance would XYZ Company report in Allowance for Uncollectible Accounts on its December 31 Year 2 Balance Sheet?

Answers: • $26,400

2. A fast food restaurant chain sells a division that operates movie theaters. What type of activity is this?

Answers: • Primary operating activity, which is recurring

3. A manufacturing firm sells a parcel of land next to one of its warehouses. What type of activity is this?

Answers: • A recurring activity, which is peripheral to primary operations


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