Chapter 5 Accounting

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1/8 Questions

What is the maturity value of a $40,000, 10%, six month note?
- 42000
- 44000
- 38000
- 40000

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2.

Net sales total $547,500. Beginning and ending accounts receivable are $38,000 and $46,000. Calculate the day's sales in receivables
- 31 days
- 28 days
- 25 days
- 23 days
Correct Answer

A. 28 days
3.

Rolling Tennis Academy held investments in trading securities valued at $45,000 on Dec 31. These investments cost $38,000. What is the appropriate amount for Rolling Green to report for these investments on Dec 31 balance sheet?
- 7000 gain
- 38000
- 45000
- Cannot be determined
Correct Answer

A. 45000
4.

Rosewood Corp. began 2012 with AR of $450,000. Sales for year totaled $1,600,000. Rosewood ended the year with accounts receivable of $525,000. Rosewood's bad-debt losses are minimal. How much cash did rosewood collect from customers in 2012?
- 1,525,000
- 2,125,000
- 1,675,000
- 1,600,000
Correct Answer

A. 1,525,000
5.

What should appear on the Rolling Green income statement for the year ended Dec 31 for the trading securities?
- 38000
- 45000
- 7000 gain
- Cannot be determined
Correct Answer

A. 7000 gain
6.

Mars company received a four-month, 7%, $6,000 note receivable on March 1. The adjusting entry on March 31 will be
- Debit interest receivable 35
- Credit interest revenue 35
- Both a and b
- Credit interest revenue 420
Correct Answer

A. Both a and b
7.

If the adjusting entry to accrue interest on a note receivable is omitted, then
- Liabilities are understated, net income is overstated, and OE is overstated
- Assets, net income, and OE are understated
- Assets, net income, and OE are overstated
- Assets are overstated, net income is understated, and OE is understated
Correct Answer

A. Assets, net income, and OE are understated
8.

Accounts Receivable has a debit of $2,900 and allowance for uncollectibles of $100. A $70 accounts receivable was written off. What is the amount of net receivables after the write off?
- 2730
- 2830
- 2800
- 2870
Correct Answer

A. 2800

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Dec 13, 2012

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Chapter 5 Accounting

What is the maturity value of a $40,000, 10%, six month note?

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Net sales total $547,500. Beginning and ending accounts receivable are $38,000 and $46,000. Calculate the day's sales in receivables

Rolling Tennis Academy held investments in trading securities valued at $45,000 on Dec 31. These investments cost $38,000. What is the appropriate amount for Rolling Green to report for these investments on Dec 31 balance sheet?

Rosewood Corp. began 2012 with AR of $450,000. Sales for year totaled $1,600,000. Rosewood ended the year with accounts receivable of $525,000. Rosewood's bad-debt losses are minimal. How much cash did rosewood collect from customers in 2012?

What should appear on the Rolling Green income statement for the year ended Dec 31 for the trading securities?

Mars company received a four-month, 7%, $6,000 note receivable on March 1. The adjusting entry on March 31 will be

If the adjusting entry to accrue interest on a note receivable is omitted, then

Accounts Receivable has a debit of $2,900 and allowance for uncollectibles of $100. A $70 accounts receivable was written off. What is the amount of net receivables after the write off?