Question

1) The cheques that have been paid by the bank on behalf of the depositor and...


1) The cheques that have been paid by the bank on behalf of the depositor and included with the bank statement are called:
A.NSF cheques
B.outstanding cheques
C.cancelled cheques
D.cheques in transit

2)Salary Expense on the income statement was $264,780 for the year ended December 31, 2017. The Salary Payable account decreased $24,370 during the same period. The amount of cash payments to employees for the year ended December 31, 2017, is:

A. $289,150

B. $240,410

C. $264,780

D.indeterminable from the information given

3) Under the allowance method for uncollectible receivables, the entry to record bad debt expense has what effect on the financial statements?

A.Decreases owners' equity and increases liabilities.

B.Decreases assets and has no effect on net income.

C.Decreases net income and decreases assets.

D.Increases expenses and increases owners' equity.

4)Cash collected from customers can be computed by the following​ formula:

A.ending accounts receivable plus beginning accounts receivable minus sales

B.beginning accounts receivable minus ending accounts receivable minus sales

C.beginning accounts receivable minus ending accounts receivable plus sales

D.ending accounts receivable minus beginning accounts receivable plus sales

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Q.No

Answer

Reason

1

(A)NSF cheque

Bank Statement is attached it means cheque returns due to insufficiency of Fund hence it is called NSF (NON-Sufficiency_FUND) Cheque.

2

(A) $ 289150

Sales Payable Account decrease means the payment is made for outstanding salary hence it will be added to salary paid for the purpose of calculate cash payment to employees

3

(C) Decreases net income and decreases assets

BAD Debt Directly decrease the Account receivable hence it will decrease Net Assets, further Bad debt amount will transfer to profit/Loss Account so it will decrease Income.

4

(C) Beginning accounts receivable minus ending accounts receivable plus sales

Opening Account receivable plus Sales minus Closing Account receivable shall be Cash Collected from Customers.
0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
if we change "expenses" number to $30,000 and "dividend" number to "15,000", What would be the...
if we change "expenses" number to $30,000 and "dividend" number to "15,000", What would be the balance of "Total assets" ? Income Statement of **, year 2017 Balance Sheet of **, as of 12/31/2017 Revenues $100,000 Asset Liabilities Minus Expenses $40,000 Cash 50,000 Long-term Debt 60,000 Net Income 60,000 Inventory 40,000 Equity Equitment 150,000 Owners' equity 180,000 Total Assets 240,000 Total Liabilities and owners' equity 240,000 Retained Earnings Statement for **, year 2017 Statement of Cash flow for **, for...
Issued $26,000 of common stock for cash. Provided $95,600 of services on account. Provided $52,000 of...
Issued $26,000 of common stock for cash. Provided $95,600 of services on account. Provided $52,000 of services and received cash. Collected $85,000 cash from accounts receivable. Paid $54,000 of salaries expense for the year. Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates that 4 percent of the ending accounts receivable balance will be uncollectible. Closed the revenue account. Closed the expense account. Year 2: Wrote off an uncollectible account for $750. Provided $104,000 of...
Cascade Company was started on January 1, Year 1, when it acquired $152,000 cash from the...
Cascade Company was started on January 1, Year 1, when it acquired $152,000 cash from the owners. During Year 1, the company earned cash revenues of $80,700 and incurred cash expenses of $68,400. The company also paid cash distributions of $6,500. Required Prepare a Year 1 income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows under each of the following assumptions. (Consider each assumption separately.) CASCADE COMPANY Capital Statement For the Year Ended...
Following is an alphabetical list of the assets, liabilities, revenues, and expenses of Keykin Inc. Prepare...
Following is an alphabetical list of the assets, liabilities, revenues, and expenses of Keykin Inc. Prepare a) an income statement for the year ended September 30, 2017. **Note, not all balances are debits. Accounts payable                       $2,800                           Note payable                  $5,000 Accounts receivable                     5,400                            Rent expense                     8,200 Advertising expense                    4,600                         Salary expense                  14,100 Cash                                                 6,100                         Salary payable                        900 Cost of goods sold                      21,700                           Sales revenue                  80,800 Inventory                                        5,900                      Interest expense                        800               Utilities expense                              700 b) Using Net Income or Net Loss as per the Income Statement, prepare the Keykin Inc. Statement of Retained Earnings for the year ended September 30, 2017....
roblem 14-6A Condensed statement of financial position and comprehensive income statement data for Roger Ltd. follow:...
roblem 14-6A Condensed statement of financial position and comprehensive income statement data for Roger Ltd. follow: ROGER LTD. Statement of Financial Position December 31 2018 2017 Assets Cash $69,600 $65,100 Accounts receivable (net) 95,200 89,800 Inventory 130,400 123,700 Prepaid expenses 24,200 23,200 Long-term investments 44,800 40,400 Property, plant, and equipment (net) 393,300 307,500 Total assets $757,500 $649,700 Liabilities and Shareholders’ Equity Liabilities     Accounts payable $44,900 $41,700     Accrued liabilities 30,200 40,400     Bank loan payable (current) 110,000 101,000     Bonds payable, due 2025...
Golden Corp., a merchandiser, recently completed its 2017 operations. For the year, (1) all sales are...
Golden Corp., a merchandiser, recently completed its 2017 operations. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, (5) Other Expenses are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. The company’s balance sheets and income statement follow. GOLDEN...
1. The following is selected financial information for Edison Bank for the year ended December 31,...
1. The following is selected financial information for Edison Bank for the year ended December 31, 2015 Net Income (Revenue) $80,000 Owner, Withdrawals 12,500 Owner, Capital (1/1/2015) 70,000 Required Prepare the 2015 Statement of owner’s equity 2. Identify the following users as either External users or Internal users of financial information of a business Customers Suppliers Managers IRS Chief Financial Officer Shareholders Analysts Loan Lenders 3. Which of the following would NOT be a current asset? a. Accounts Receivable b....
Lansing Company’s 2017 income statement and selected balance sheet data (for current assets and current liabilities)...
Lansing Company’s 2017 income statement and selected balance sheet data (for current assets and current liabilities) at December 31, 2016 and 2017, follow. LANSING COMPANY Income Statement For Year Ended December 31, 2017 Sales revenue $142,200 Expenses Cost of goods sold 57,000 Depreciation expense 19,500 Salaries expense 33,000 Rent expense 10,500 Insurance expense 5,300 Interest expense 5,100 Utilities expense 4,300 Net income $7,500    LANSING COMPANY Selected Balance Sheet Accounts At December 31 2017 2016 Accounts receivable $7,100 $8,800 Inventory...
Freeman, Inc., reported the following financial statements for the last two years. FREEMAN, INC. 2017 Income...
Freeman, Inc., reported the following financial statements for the last two years. FREEMAN, INC. 2017 Income Statement Sales $ 565,290 Cost of goods sold 273,980 Selling & administrative 124,724 Depreciation 54,567 EBIT $ 112,019 Interest 19,305 EBT $ 92,714 Taxes 48,211 Net income $ 44,503 Dividends $ 10,500 Addition to retained earnings $ 34,003 FREEMAN, INC. Balance Sheet as of December 31, 2016 Cash $ 13,410 Accounts payable $ 23,994 Accounts receivable 18,985 Inventory 13,803 Current assets $ 46,198 Long-term...
MONTGOMERY INC. Comparative Balance Sheets December 31, 2018 and 2017 2018 2017 Assets Cash $ 55,900...
MONTGOMERY INC. Comparative Balance Sheets December 31, 2018 and 2017 2018 2017 Assets Cash $ 55,900 $ 56,300 Accounts receivable, net 13,800 16,800 Inventory 123,700 97,100 Total current assets 193,400 170,200 Equipment 68,500 57,500 Accum. depreciation—Equipment (31,000 ) (21,200 ) Total assets $ 230,900 $ 206,500 Liabilities and Equity Accounts payable $ 33,000 $ 35,200 Salaries payable 600 800 Total current liabilities 33,600 36,000 Equity Common stock, no par value 165,900 153,100 Retained earnings 31,400 17,400 Total liabilities and equity...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT