Quiz chpt 3 4 Answers

Quiz chpt 3 4 Answers - Accounting 350 Quiz Chpts. 3 & 4...

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Accounting 350 Name Use the following information for questions 102 through 104: Olsen Company paid or collected during 2010 the following items: Insurance premiums paid $ 10,400 Interest collected 33,900 Salaries paid 120,200 The following balances have been excerpted from Olsen's balance sheets: December 31, 2010 December 31, 2009 Prepaid insurance $ 1,200 $ 1,500 Interest receivable 3,700 2,900 Salaries payable 12,300 10,600 *102. The insurance expense on the income statement for 2010 was a. $7,700. b. $10,100. c. $10,700. d. $13,100. *103. The interest revenue on the income statement for 2010 was a. $27,300. b. $33,100. c. $34,700. d. $40,500. *104. The salary expense on the income statement for 2010 was a. $97,300. b. $118,500. c. $121,900. d. $143,100. 111. Eaton Co. sells major household appliance service contracts for cash. The service contracts are for a one-year, two-year, or three-year period. Cash receipts from contracts are credited to Unearned Service Revenues. This account had a balance of $1,800,000 at December 31, 2010 before year-end adjustment. Service contract costs are charged as incurred to the Service Contract Expense account, which had a balance of $450,000 at December 31, 2010. Service contracts still outstanding at December 31, 2010 expire as follows:
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This note was uploaded on 09/21/2010 for the course ACCT 2402 taught by Professor Riddles during the Spring '10 term at San Jacinto.

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Quiz chpt 3 4 Answers - Accounting 350 Quiz Chpts. 3 & 4...

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