ZuoTi.Pro
Question
Please answer the multiple choice questions, no work needed

MULTIPLE CHOICE PLEASE CIRCLE YOUR ANSWER DONor wRITE YOUR ANSWER IN THE MARGIN On January 1,2015, the Accounts Receivable of Linda Company had a debit balance of 51 January, the company provided services for $600,.000 on account. The company collected $230,000 tr t. $150.000 Daring customers on account in January. What was the ending balance in the Accounts Receivable of January?o A. $370,000 debit B $7,000 debit C. $520,000 debit D. 5600,000 debit E. $600,000 credit 2. Connecticut Tirees Ine. uses the allowance method to account for uncellectibles The companys Accounts ae blance at December 31, 2017 was 514,000. The balance of Allowance for Bad Debts at December 31, 2017 prior experience, t Connectiout Trees bad debt expense on December 31, 2017 using the percent-of-sales which of the folowing A. Debit so bad debt expense of $1.400 B. Debit to bad debt expense of $4,500 C. Debit to bad debt expense of $2,200 D. Debit to bad debt expense of s 600 E. None of the above balance of S 800. During 2017, the companys net credit sales totaled $450,000. Based on he company expects that bad debts will be 1% of credit sales. The entry to record will inchade 3. Susan & Jims Pool Cleaners Prodacts Compay estimates that $500 of its $30,000 Accounts Receivable are uncollectible. What is the net realizable value of Accounts Receivable? A. $500 B. $29,s00 C. $30,000 D. $30,500 E. None of the above 4. Shulteks Furniture Fabricators purchased land, paying $80,000 cash and signing a $220,000 note payable In addition, Delta paid delinquent property tax of $3,000, title insurance costing $1,000, and $4,000 to level the land and remove an unwanted building. The journal entry for parchase of the land wil A. Debit to Tax Expense $3,000 B. Debit to Land Improvements $4,000 C. Debit to Land for $300,000 D. Debit so Land for $308,000 E. Both B and C S. At the beginning of the year, Martin Mason Inc. purchased a custoemized truck for $68,000. The compamy s the truck to remain useful for ten years and 150,000 miles, and to have a residual value of $12,000. Use the straight-line depreciation method. The journal entry to record the first year of depreciation will inclade which of the following: A. Debit to depreciation expense $6,800 B. Debit to depreciation expense $5,600 C. Credit to depreciation expense $5,600 D. Credit to cash $68,000. E. None of the above 6. B&BFoods Inc. owns 75% ofthe voting stock ofJolly Jars. How wil B&B record its investment? A. Fair value B. Amortized cost C. Net value D. Consolidation method
c bends with encess cash The bonds pay interest at 3% The h Goumer Dnuts 800 s of Coffee Express joumal entry crrectly reconds the cash ahdoCfe xpss Coffie Express, which has issued 100,000 shares of sock C. 400 400 Cloud Company has a lewsuit pending from a customer claiming damages of $128,000. Clouds atorney advises thar the ielthood the cuntomer will win is reasonably possible. How is this contingent liability A. It should be recorded as an asset and a liability hased on estimated amounts B. IR should be recorded as an expense and a liability based on estimated amounts C It should not be disclosed D. R should be described in the footnotes .Rudys Fitmess Gym has Uneamed Revenue of $4,200, Salaries Payable of $43,000, and Allowance for incollectible Accounts of $4,600 What amount would Rudys Gym neport as total current liabilities? A $47.200 $43,000 $51,800 D $47.600 12 At December 31, A December 31, your compary owes omployes for four days of the five-day workweek. The total payroll for the week is 525,000. Which of the A. Nothing because you will pay the employees on Friday B. Current liability labeled Salaries and wages payable, of $20,000 C. Current liability labeled Salaries and wages payable, of $25,000 D. Expense labeled Salaries and wages payable, of $20,000 will
13 Cat Corporations bonds payable price of the Cats bonds will be A. par value C. a discount 14 On March 31,Fielders Roofing Company parchases 2,000ha ofp ping $25 per share. Fielden resells 1,000 oftry shre follow ing is se? A. Fielders will repont a gain on the Aprill 15t sle of $0 B. Fielders will C. Fielders will report a loss on the April 15th sale of $10.00 D. Fielders will not report a gain or a los on the sale repoet a gain on the April 15th sale of $35,000 15. On March 31, Fielders Roofing Compeny paid s cah dviden of $3se wich Company paid s casth dividend of $35.Wo A. Cash 35.000 5.000 C. 35.000 D. Cash 16. The two basic sources of stokholdens equity we d earnings and dividends in capital and retained earnings B. assets and equity D. preferred and common in e 17. The maximum number of shares of stock that the corporate charter allows the corporation to i A. Authorized stock B. Issued shares C. Outstanding shares D. Treasury stock E Prefered stock
business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

1

Ending Balance of receivable = Opening balance+ credit sales -cash collected

=150000+600000-230000

=$5200000 Debit

2

% of credit sales shall be the bad debt expense in case of allowance method

$450000*1%=$4500

debit to bad debt expense $4500

3

Net realizable value = receivable -allowance for doubtfull debt =30000-500=$29500

4

Answer is Debit to land 308000

All expense which are incidental to purchase of land is capitalized hence insurance cost + property tax capitalized

0 0
Add a comment
Know the answer?
Add Answer to:
Please answer the multiple choice questions, no work needed MULTIPLE CHOICE PLEASE CIRCLE YOUR ANSWER DONor...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Please answer ALL of the multiple choice questions. Sinurfs & Toads Inc. purchased sio 000 short-term...

    Please answer ALL of the multiple choice questions. Sinurfs & Toads Inc. purchased sio 000 short-term bonds with excess cash. The bonds pay interest at 3% The journal entry to record the purchase will include which of the following: A. Debit to Cash $10,000 B. Debit to Bond Investments $10,000 C. Credit to Bond Investments $10,000 D. Debit to Bond Investments $10,300 E. None of the above 8. Gourmet Donuts owns 800 shares of Coffee Express. Coffee Express, which has...

  • Answer the following independent questions. Windsor, Inc. had net sales in 2017 of $1,475,200. At December...

    Answer the following independent questions. Windsor, Inc. had net sales in 2017 of $1,475,200. At December 31, 2017, before adjusting entries, the balances in selected accounts were Accounts Receivable $212,500 debit, and Allowance for Doubtful Accounts $1,828 debit. Assume that 11% of accounts receivable will prove to be uncollectible. Prepare the entry to record bad debt expense. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically...

  • Fill in the balance sheet please! [The following information applies to the questions displayed below.] The...

    Fill in the balance sheet please! [The following information applies to the questions displayed below.] The following is the adjusted year-end trial balance at December 31, 2018, of Wilson Trucking Company Account Title Debit Credit $ 9,100 16,900 2,000 166,000 Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings, December 31, 2017 Dividends Trucking fees earned Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense-Trucks Totals $ 29,000 74,300...

  • Required information [The following information applies to the questions displayed below.]    The adjusted trial balance...

    Required information [The following information applies to the questions displayed below.]    The adjusted trial balance for Chiara Company as of December 31, 2017, follows. Debit Credit Cash $ 176,900 Accounts receivable 51,000 Interest receivable 22,600 Notes receivable (due in 90 days) 172,000 Office supplies 16,000 Automobiles 172,000 Accumulated depreciation—Automobiles $ 95,000 Equipment 136,000 Accumulated depreciation—Equipment 21,000 Land 78,000 Accounts payable 92,000 Interest payable 20,000 Salaries payable 17,000 Unearned fees 40,000 Long-term notes payable 156,000 Common stock 29,580 Retained earnings...

  • Please answer questions D and E IPRLHENSIVE ACCOUNTING CYCLE R ACRS-1 On December 1, 2017, Devine...

    Please answer questions D and E IPRLHENSIVE ACCOUNTING CYCLE R ACRS-1 On December 1, 2017, Devine Distributing Company had the following account balances. Debit 7,200 Accumulated Depreciation- 12,000 Accounts Payable Credit Cash Accounts Receivable Inventory Supplies Equipment Equipment S 2,200 4,500 1,000 15,000 24,300 $47,000 1.200 22,000 Salaries and Wages Payable Common Stock $47000 Retained Earnings During December, the company completed the following summary transactions. Dec. 6 Paid $1.600 for salaries due employees, of which $600 is for December and...

  • Please answer all questions with all work The following trial balance was taken from the books...

    Please answer all questions with all work The following trial balance was taken from the books of Fisk Corporation on December 31, 2014. Account Debit Credit Cash $ 9,000 Accounts Receivable 40,000 Notes Receivable 10,000 Allowance for Doubtful Accounts $ 1,800 Inventory 44,000 Prepaid Insurance 4,800 Equipment 110,000 Accumulated Depreciation--Equip. 15,000 Accounts Payable 10,800 Common Stock 44,000 Retained Earnings 55,000 Sales Revenue 280,000 Cost of Goods Sold 126,000 Salaries and Wages Expense 50,000 Rent Expense 12,800 Totals $406,600 $406,600 Estima...

  • please help need answers urgently und Information [The following information applies to the questions displayed below)...

    please help need answers urgently und Information [The following information applies to the questions displayed below) Brothers Harry and Herman Hausyerday began operations of their machine shop (H & H Tool, Inc.) on January 1, 2016. The annual reporting period ends December 31. The trial balance on January 1 2018, follows the amounts are rounded to thousands of dollars to simplify Debit Account Titles Cash Accounts Receivable Supplies Land Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes Payable (short-term)...

  • P5-6A The trial balance of People’s Choice Wholesale Company contained the following accounts shown at December...

    P5-6A The trial balance of People’s Choice Wholesale Company contained the following accounts shown at December 31, the end of the company’s fiscal year. PEOPLE’S CHOICE WHOLESALE COMPANY Trial Balance December 31, 2017 Debit Credit Cash $ 31,400 Accounts Receivable 37,600 Inventory 70,000 Land 92,000 Buildings 200,000 Accumulated Depreciation—Buildings $ 60,000 Equipment 83,500 Accumulated Depreciation—Equipment 40,500 Notes Payable 54,700 Accounts Payable 17,500 Common Stock 160,000 Retained Earnings 67,200 Dividends 10,000 Sales Revenue 922,100 Sales Discounts 6,000 Cost of Goods Sold...

  • Requirea information [The following information applies to the questions displayed below.] The following is the adjusted...

    Requirea information [The following information applies to the questions displayed below.] The following is the adjusted year-end trial balance at December 31, 2018, of Wilson Trucking Company Credit Debit $ 8,000 17,500 3,000 172,000 $ 36,000 85, eee Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings, December 31, 2017 Dividends Trucking fees earned Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense-Trucks Totals 12,000 4,000 53,000...

  • Use the Adjusted Trial Balance to answer the questions below Oscar Company Adjusted Trial Balance December...

    Use the Adjusted Trial Balance to answer the questions below Oscar Company Adjusted Trial Balance December 31, 2017 DEBIT 12,000 2,200 CREDIT 100 500 1,500 100 2,000 180 4,500 T 2,000 500 450 Cash Accounts Receivable Allowance for Doubtful Accounts Short term Note Receivable Interest Receivable Supplies Inventory Prepaid Expenses Equipment Accumulated Depreciation Copyrights Accounts Payable Interest Payable Unearned Revenue Long Term Note Payable Common Stock Paid-in-Capital In Excess of Par - CS Retained Earnings (1/1/17) Dividends Sales Sales Returns...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT