Chapter 5 Accounting

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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

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2.

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
3.

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
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.

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
6.

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

A. 42000
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.

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

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Dec 13, 2012

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Chapter 5 Accounting

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?

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

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?

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?

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

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

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

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