he following information was taken from a company’s bank reconciliation at the end of the year:...
he following information was taken from a company’s bank
reconciliation at the end of the year:
| Bank balance | $ | 8,900 |
| Checks outstanding | $ | 7,700 |
| Note collected by the bank | $ | 1,300 |
| Service fee | $ | 25 |
| Deposits outstanding | $ | 4,100 |
| NSF check | $ | 300 |
What is the correct cash balance that should be reported in the
company's balance sheet at the end of the year?
a.$5,275.
b.$9,900.
c.$5,300.
d.$8,600.
2
At December 31, Gill Co. reported accounts receivable of $292,000 and an allowance for uncollectible accounts of $1,000 (credit) before any adjustments. An analysis of accounts receivable suggests that the allowance for uncollectible accounts should be 4% of accounts receivable. The amount of the adjustment for uncollectible accounts would be:
a.$1,000.
b.$11,680.
c.$9,990.
d.$10,680.
3.
On September 1, 2021, Middleton Corp. lends cash and accepts a $13,000 note receivable that offers 15% interest and is due in six months. How much interest revenue will Middleton Corp. report during 2022? (Do not round intermediate calculations. Round your answer to the nearest dollar amount.)
a.$325.
b.$503.
c.$363.
d.$673.
4.
A company has beginning inventory for the year of $10,000. During the year, the company purchases inventory for $180,000 and ends the year with $30,000 of inventory. The company will report cost of goods sold equal to:
a.$200,000.
b.$160,000.
c.$180,000.
d.$210,000.
5.
A company purchased new equipment for $46,000. The company paid cash for the equipment. Other costs associated with the equipment were: transportation costs, $1,200; sales tax paid $2,900; and installation cost, $2,800. The cost recorded for the equipment was:
a.$52,900.
b.$47,200.
c.$46,000
d.$50,100.
6.
Kansas Enterprises purchased equipment for $79,500 on January 1,
2021. The equipment is expected to have a ten-year service life,
with a residual value of $6,600 at the end of ten years.
Using the straight-line method, depreciation expense for 2021 would
be:
a.$7,290.
b.$8,610.
c.$15,900.
d.$7,950.
Homework Answers
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he following information was taken from a company’s bank
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