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    193 views7 pages

    Acct3331 Quiz

    Uploaded by

    api-300194522

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
    Flag for inappropriate content
    of 7
    Arik / V1] 7 = ACCT 3331 Intermediate Financial Accounting I O i " Quiz 3 Professor Yuan Zhang Chapters 7 and 8 (partial) Fall 2015 DUE November 4 2015 Name_/ uC Class Meeting Time Score WCE AR uv yu ee were of net 7 1. Trudor mp fone): The net amount reported for accounts receivables remains unchanged when a ‘firm makes a jourpAl entry to write-off actual bad debt. 2. True or False (circle one): The interest revenue recognized on 2013 income statement for a non-interest bearing note receivable of $10,000 issued on 1/1/2013 is zero because the note does not bear interest. @ When prices go up over time, LIFO liquidation increases or decreases (cirele one) current period cost of N avons 8 Jiquidade LIFO-Sclhing oda See Ct 7 C0ess | 114, SA Ges tansaction oF $5,000 proves the custome a cash discounts of 2/15, n30. I the fi ts the ee * |ymattod method to account for the transaction initially and the customer{did not take advantage of the disco ; within 15 days, the journal entry on the date of payment involves 0 LYK debit of 100 to Sales Discount ©A credif of 100 to Sales Discount ‘wt fe hBTA debit of 100 Sales Discount Forfeited (O)A ErEAit of 100 to Sales Discount Forfeited A ay «a pe ich inventory costing method most closely spprosimates( camer. £4 most rent) cost for each of the o ~~ following: Ending nventory Cost of Goods Sold Provides | (etek mak hind a. ‘Oo FIFO 8 FO al 2 re ad a cde sae Lio ene ewnen cae Ngone * LASIGT One Jone As of 2013 Year End before adjusting journal entries, the Colorful Company has accounts receivable in the amount of $255,000 and allowance of doubtful account of $3,050. The $255,000 accounts receivable includes $150,000, $100,000, and $5,000 that has been outstanding for 10 days, 40 days and 75 days respectively. The company’s historical records show that for accounts of these ages, the likelihood of _ ee is about 99.5%, 98% and 92% respectively. Calculate the bad debt expense for 2013. DR BPE 10D Veo % TO cpedtit ceADA \00 7. The Purple Inc. has the following, information available for 2013: purchases, $70,000; sales, $110,000; freight-in, $7,000; beginning inventory, $50,000; selling, general, and administrative expenses, $10,000; and ending inventory, $46,000 (by a physical count at year end). Calculate the gross profit for 2013. Seance Part =fan am) | : pr — COAS CyRoss TRotrt =f54,tDv | QpP=saked CUTS Ate (o,000 — AVRINOKS= Inte) Lang 8. On December 31, 2012, Green Company finished consultation sti od accepted in exchange a note receivable with a face value of $600,000, a due date of December 31, 2015, and a stated rate of 5%, with interest receivable at the end of each year. The note of this type of risk is considered to have an appropriate market rate of interest of 10%. The following interest factors are provided: interest Rate ‘Table Factors For Three Periods 5 10% Present Value of I 86384 75132) Present Value of Ordinary Annuity of 1 2.72325 2.48685, 1c

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