14 Aug Financial Accounting Exam
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If a firm had sales of $50,000 during a period and sales returns and allowances of $4,000, its net sales were
On December 31, prior to adjustment, Allowance for Doubtful Accounts has a credit balance of $200. An age analysis of the accounts receivable produces an estimate of $1,000 of probable losses from uncollectible accounts. The adjusting entry needed to record the estimated losses from uncollectible accounts is made for
A firm reported sales of $300,000 during the year and has a balance of $20,000 in its Accounts Receivable account at year-end. Prior to adjustment, Allowance for Doubtful Accounts has a credit balance of $300. The firm estimated its losses from uncollectible accounts to be one-half of 1 percent of sales. The entry to record the estimated losses from uncollectible accounts will include a credit to Allowance for Doubtful Accounts for
When a company issues a promissory note, the accountant records an entry that includes a credit to Note Payable for
On May 1, 20XX, a firm purchased a 1-year insurance policy for $1,800 and paid the full premium in advance. The insurance expense associated with this policy for 20XX is
The entry to record a purchase of merchandise on credit using a perpetual inventory system includes
An accountant who records revenue when a credit sale is made rather than waiting for the receipt of cash from the customer is
The method of depreciation that results in the same amount of depreciation expense each year is the
An asset that cost $14,000 was sold for $9,000 cash. Accumulated depreciation on the asset was $7,000. The entry to record this transaction includes the recognition of
A company receives a note payable for $3,500 at 9% for 45 days. How much interest (to the nearest cent) will the customer owe using a 360-day year?
If a $6,000, 10 percent, 10-year bond was issued at 104 on October 1, 2011, how much interest will accrue on December 31 if interest payments are made annually?
If the market rate of interest is greater than the bond’s stated rate of interest, the bond will be issued at
Earnings that a stockholder receives from a corporation is an example of which stockholder right?
Cherry Corporation’s outstanding stock is 100 shares of $100 par, 11% cumulative preferred stock and 2,000 shares of $12 par common stock. Cherry paid $1,600 in cash dividends during the year. No dividends are in arrears. Common stockholders received
The statement of cash flows reports the sources and uses of cash from all of the following EXCEPT
The accuracy of the statement of cash flows can be verified by computing the change in the balance of the
Which of the following activities is computed differently using the two methods of formatting a statement of cash flows?
The entry to record a purchase of merchandise on credit using a perpetual inventory system includes
The entry to record a return by a credit customer of defective merchandise on which no sales tax was charged includes
The entry to record a purchase of merchandise on credit using a periodic inventory system includes
As part of the initial investment, a partner contributes equipment that had a cost of $50,000 and accumulated depreciation of $35,000. If the partners agree on a valuation of $30,000 for the equipment, what amount should be debited to the office equipment account?
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