The following information is available on a depreciable asset owned by Mutual Savings Bank:. Purchase dateJuly 1, Year 1
Purchase price$78,100
Salvage value$10,900
Useful life8 years
Depreciation methodstraight-line
The asset's book value is $61,300 on July 1, Year 3. On that date, management determines that the asset's salvage value should be $5,900 rather than the original estimate of $10,900. Based on this information, the amount of depreciation expense the company should recognize during the last six months of Year 3 would be:.
a. $4,616.67
b. $2,554.17
c. $2,308.33
d. $1,854.17
e. $2,241.37
A total asset turnover ratio of 3.0 indicates that:
For every $1 in sales, the firm acquired $3.0 in assets during the period.
For every $1 in assets, the firm produced $3.0 in net sales during the period.
For every $1 in assets, the firm earned gross profit of $3.0 during the period.
For every $1 in assets, the firm earned $3.0 in net income.
For every $1 in assets, the firm paid $3.0 in expenses during the period.

Swathmore clothing corporation grants its customers 30 days' credit. the company uses the allowance method for its uncollectible accounts receivable. during the year, a monthly bad debt accrual is made by multiplying 3% times the amount of credit sales for the month. at the fiscal year-end of december 31, an aging of accounts receivable schedule is prepared and the allowance for uncollectible accounts is adjusted accordingly. at the end of 2012, accounts receivable were dollar 586.000 and the allowance account had a credit balance of dollar 50,000. accounts receivable activity for 2013 was as follows: the company's controller prepared the following aging summary of year-end accounts receivable: prepare a summary journal entry to record the monthly bad debt accrual and the write-offs during the year. (if no entry is required for a particular event, select "no journal entry required" in the first account field.) prepare the necessary year-end adjusting entry for bad debt expense. (if no entry is required for an event, select "no journal entry required" in the first account field.) what is total bad debt expense for 2013? calculate the amount of accounts receivable that would appear in the 2013 balance sheet?