ACCT 280 Week 5 Practice Quizes.pdf - ACCT 280 Week 5...

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WEEK 5Which of the following isnotconsidered a cash equivalent?
Watins, Inc. s 2015 income statement reported net sales of $5,000,000. Watin's average accounts receivable during 2015 amounted to $450,000. Using 360 days to a year, Watin s:Average number of days to collect an account receivable is 32 days.
At December 31, before adjusting and closing the accounts had occurred, the Allowance for Doubtful Accounts of Seaboard Corporation showed a debit balance of $3,200. An aging of the accounts receivable indicated the amount probably uncollectible to be $2,100. Under these circumstances, a year-end adjusting entry for uncollectible accounts expense would include a:
Which of the following isnotan example of internal control over cash?
Each of these categories of assets is normally shown in the balance sheet at current value,except:ACCT 280 Week 5 Practice QuizesSunday, April 15, 201810:45 AM
Inventories.The accounts receivable turnover rate:Indicates how many times the receivables were converted into cash during the year.Each of the following transactions would be reflected in both the income statement and the statement of cash flows for the current period, except:

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