Question

5. Lori's Company has the following​ items: cash in a checking​ account, $ 8,000​; cash in a savings​ account, $ 6,000​; highminusgrade government securities due in one month​ (purchased last​ month), $ 3,536​; accounts​ receivable, $3,000. How much should appear as Cash and Cash Equivalents on the balance​ sheet?
A.$20,536
B. $17,536
C. $ 21,236
D. $6,000
7. Leno Company sells goods to the Fallon Company for $ 10,000. It offers credit terms of 4​/10, ​n/30. If Fallon Company pays the invoice within the discount​ period, Leno Company will record a debit to Cash in the amount​ of:
A.$10,400.
B.$10,000.
C. $400.
D.$ 9,600.
8. Before the year-end ​adjustment, the credit balance in Allowance for Uncollectible Accounts was $ 1,000. Under the agingminusofminusreceivables ​method, the UncollectibleminusAccount Expense at year-end ​is:
A.$10,780.
B.$9,780.
C.$1,300.
D.$11,780.
9. Using the percentageminusofminussales ​method, the estimated total uncollectible accounts are $6,922. The Allowance for Uncollectible Accounts prior to adjustment has a debit balance of $ 3,135. The Accounts Receivable balance is $ 44,820. The amount of the adjusting entry for UncollectibleminusAccounts Expense​ is:
A.$6,922.
B.$3,787.
C.$10,057.
D.$3,135.
10. The following item appeared on a balance​ sheet:
       Accounts​ Receivable, less allowance of $ 86,196 ......$ 1,436,600
The gross balance in Accounts Receivable before the allowance was deducted​ was:
A.$1,522,796.
B.$1,436,600.
C.$1,350,404.
D. none of the above

Answer 1