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Accounting Chapter 5

End-of-Chapter Quiz Questions

QuestionAnswer
Henry Funaro Golf Academy held investments in trading securities valued at $40,000 at Dec 31, 2010. These investments cost Henry $33,000. What is the appropriate amount for Henry to report for these investments on Dec 31, 2010, balance sheet? $40,000
Henry Funaro Golf Academy held investments in trading securities valued at $40,000 at Dec 31, 2010. These investments cost Henry $33,000. What should appear on the Henry Funaro income statement for the year ended Dec 31, 2010, for the trading securities? $7,000 unrealized gain
Accounts Receivable has a debit balance of $2,800, and the Allowance for Uncollectible Accounts has a credit balance of $400. A $90 account receivable is written off. What is the amount of net receivables (net realizable value) after the write-off? $2,400 ($2,800 - $90) - ($400 - $90)
Magnolia Corp. began 2010 with Accounts Receivable of $575,000. Sales for the year totaled $2,200,000. Magnolia ended the year with accounts receivable of $725,000. Magnolia's bad debt losses are minimal. How much cash did Magnolia collect from customers? $2,050,000 ($575,000 + $2,200,000 - $725,000)
Neptune Company received a four-month, 9%, $2,800 note receivable on December 1 The adjusting entry on December 31 will: debit Interest Receivable $21 and credit Interest Revenue $21 ($2,8000 x .09 x 4/12 x 1/4)
What is the maturity value of a $70,000, 12%, six-month note? $74,000; $70,000 + ($70,000 x .12 x 6/12)
If the adjusting entry to accrue interest on a note receivable is omitted, then: Assets, net income, and stockholders' equity are understated.
Net sales total $803,000. Beginning and ending accounts receivable are $80,000 and $74,000, respectively. Calculate days' sales in receivables. 35 Days [($80,000 + $74,000)/2] / ($803,000/365)
Created by: 1482116593
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