Use the Information Given Below to Answer the Following Questions

question 20

Multiple Choice

Use the information given below to answer the following questions:
Features Ltd maintains subsidiary ledgers for debtors and creditors. At 1 July 2011, debtors owed $10 000, creditors were owed $7300, and the balance in allowance for doubtful debts was $250. Transactions for the year ended 30 June 2012 were as follows:
$$\begin{array} { l r } \text { }&\$\\\text { Credit sales } & 120000 \\\text { Cash sales } & 300000 \\\text { Credit purchases } & 80000 \\\text { Cash purchases } & 200000 \\\text { Cash received from debtors } & 90000 \\\text { Cash paid to creditors } & 72000 \\\text { Discount received from creditors } & 1200 \\\text { Discount allowed to debtors } & 800 \\\text { Bad debts written off } & 150 \\\text { Increase in allowance for doubtful debts } & 300\end{array}$$
-What was the balance of the creditors control account at 30 June 2012?

• A) $14 100
• B) $15 300
• C) $214 100
• D) $8 000

Recognize and define plant assets, including their characteristics and role in business operations.

Identify and apply changes in accounting estimates and their effects on financial statements.

Calculate depreciation expenses using different methods, including the impact of changes in asset estimates (useful life and salvage value).

Analyze the concepts of asset inadequacy, obsolescence, and the factors influencing these conditions.

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Definitions:

Stimulant Drugs

Substances that increase alertness, attention, and energy by activating the central nervous system.

Ritalin

A stimulant medication commonly prescribed to treat attention-deficit/hyperactivity disorder (ADHD), enhancing focus and impulse control.

Adderall

A prescription medication typically used to treat attention deficit hyperactivity disorder (ADHD) and narcolepsy.

Attention-Deficit/Hyperactivity Disorder

A neurodevelopmental disorder characterized by a pattern of inattention, hyperactivity, and/or impulsivity.