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charter oak acc101 week 6 test part 1




Question;?;1. As;of December 31, 2000, Dalton Company has $7,240 cash in its checking account;as well as several other items listed below;Bank credit card slips signed by customers $;900;Money market fund balance 4,000;Investment in US Treasury bills 10,000;Checks received from customers, but not;yet;deposited in the bank 700;Investment in ATT 10% bonds, maturing June 2001 15,000;What;amount should be shown in Dalton's December 31, 2000, balance sheet as;Cash and cash equivalents"?;Answer;?;Question 2;0 out of 3.119 points;Use;the following to answer questions 2 - 3;The;Cash account in the ledger of Home-Builders Co. shows a balance of $16,526 at;September 30. The bank statement, however, shows a balance of $20,900 at the;same date. The only reconciling items consist of a bank service charge of $6;a large number of outstanding checks totaling $5,930, and a deposit in;transit.;2. Refer;to the above data. What is the adjusted cash balance in the;September 30 bank reconciliation?;Answer;?;Question 3;0 out of 3.119 points;3. Refer;to the above data. What is the amount of the deposit in transit?;Answer;?;Question 4;0 out of 3.119 points;4. Rand;Inc. had accounts receivable of $200,000 and an allowance for doubtful;accounts of $8,500 just before writing off as worthless an account receivable;from Dart Company of $1,200. After writing off this receivable what would be;the balance in Rand's Allowance for Doubtful Accounts?;Answer;?;Question 5;3.119 out of 3.119 points;5. At;December 31, before adjusting and closing the accounts had occurred, the;Allowance for Doubtful Accounts of Wilton Corporation showed a debit balance of;$5,300. An aging of the accounts receivable indicated the amount probably;uncollectible to be $3,900. Under these circumstances, a year-end adjusting;entry for uncollectible accounts expense would include a;Answer;?;Question 6;3.119 out of 3.119 points;6. At;the start of the current year, Belmont Corporation had a credit balance in;the Allowance for Doubtful Accounts of $1,200. During the year a monthly;provision of 2% of sales was made for uncollectible accounts. Sales for the;year were $400,000, and $7,400 of accounts receivable were written off as;worthless. No recoveries of accounts previously written off were made during;the year. The year-end financial statements should show;Answer;?;Question 7;0 out of 3.119 points;7. Moore;Corporation invested $290,000 cash in available-for-sale marketable;securities in early December. On;December 31, the quoted market price for these securities is $307,000. Which;of the following statements is correct?;Answer;?;Question 8;3.119 out of 3.119 points;Use;the following to answer questions 8 - 9;On;June 1, 2001, Bela Company acquired a 10%, ten-month note receivable from a;customer in settlement of an existing account receivable of $120,000.;Interest and principal are due at maturity.;8. Refer;to the above data. The proper adjusting entry at December 31, 2001;with regard to this note receivable includes a;Answer;?;Question 9;3.119 out of 3.119 points;9. Refer;to the above data. Bella's entry to record the collection of this;note at maturity includes a;Answer;0 out of 3.119 points;Use;the following to answer questions 10 - 11;On;November 1, 2000, Columbus Corporation sold land priced at $700,000 in;exchange for a 12%, six-month note receivable.;10. Refer;to the above data. Columbus's balance sheet at December 31, 2000;includes which of the following as a result of the sale of land on November;1?;Answer;?;Question 11;3.119 out of 3.119 points;11. Refer;to the above data. On May 1, 2001 (maturity date), the note is;collected in full by Columbus Corporation. Assuming a fiscal year-end of;December 31, Columbus recognizes which of the following in its;income statement for 2001 with regard to this note?;Answer


Paper#43226 | Written in 18-Jul-2015

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