Week 2 Assessment_ ACC321_1_20200106M_OL_Intermediate Accounting II.pdf

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2/16/2020Week 2 Assessment: ACC321_1_20200106M_OL_Intermediate Accounting II1/11Week 2 AssessmentDueJan 19 at 11:59pmPoints100Questions20AvailableJan 12 at 12am - Feb 2 at 11:59pm22 daysTime LimitNoneInstructionsThis quiz is no longer available as the course has been concluded.Attempt HistoryAttemptTimeScoreLATESTAttempt 135 minutes80 out of 100Score for this quiz:80out of 100Submitted Jan 18 at 3:37pmThis attempt took 35 minutes.Due by Sunday, 11:59 p.m. (MT)5 / 5 ptsQuestion 1Kaniper Company has the following items at year-end:Cash in bank$30,000Petty cash300Short-term paper with maturity of 2 months5,500Postdated checks1,400Kaniper should report cash and cash equivalents of$30,000.
2/16/2020Week 2 Assessment: ACC321_1_20200106M_OL_Intermediate Accounting IICorrect!Correct!
2/11Money market savings certificates
$37,200.5 / 5 ptsQuestion 2On January 1, 2014, Lynn Company borrows $2,000,000 from NationalBank at 11% annual interest. In addition, Lynn is required to keep acompensatory balance of $200,000 on deposit at National Bank which willearn interest at 5%. The effective interest that Lynn pays on its$2,000,000 loan isCorrect!Correct!
5 / 5 ptsQuestion 3Which of the following is considered cash?Correct!Correct!
2/16/2020Week 2 Assessment: ACC321_1_20200106M_OL_Intermediate Accounting IIPostdated checks5 / 5 ptsQuestion 4Lawrence Company has cash in bank of $22,000, restricted cash in aseparate account of $4,000, and a bank overdraft in an account at anotherbank of $2,000. Lawrence should report cash of$20,000.$22,000.Correct!Correct!
3/11$25,000.$26,000.5 / 5 pts

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Term
Winter
Professor
Matt
Tags
Revenue, Generally Accepted Accounting Principles, Lynn, Gannon, Lynn Company, Kaniper Company

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