Busy. Please wait.
or

show password
Forgot Password?

Don't have an account?  Sign up 
or

Username is available taken
show password

why


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
We do not share your email address with others. It is only used to allow you to reset your password. For details read our Privacy Policy and Terms of Service.


Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
Don't know
Know
remaining cards
Save
0:01
To flip the current card, click it or press the Spacebar key.  To move the current card to one of the three colored boxes, click on the box.  You may also press the UP ARROW key to move the card to the "Know" box, the DOWN ARROW key to move the card to the "Don't know" box, or the RIGHT ARROW key to move the card to the Remaining box.  You may also click on the card displayed in any of the three boxes to bring that card back to the center.

Pass complete!

"Know" box contains:
Time elapsed:
Retries:
restart all cards
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

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