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B 20300 c 25800 d 27200 91 lawrence company has cash

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b.$20,300.c.$25,800.d.$27,200.91.Lawrence Company has cash in bank of $15,000, restricted cash in a separate account of$4,000, and a bank overdraft in an account at another bank of $2,000. Lawrence shouldreport cash ofa.$13,000.b.$15,000.c.$18,000.d.$19,000.
92.Steinert Company has the following items at year-end:Cash in bank$30,000Petty cash500Commercial paper with maturity of 2 months8,200Postdated checks2,100Steinert should report cash and cash equivalents ofa. $30,000.b.$30,500.c.$38,700.d.$40,800.93.If a company purchases merchandise on terms of 1/10, n/30, the cash discount availableis equivalent to what effective annual rate of interest (assuming a 360-day year)?a.1%b.12%c.18%d.30%94.AG Inc. made a $10,000 sale on account with the following terms: 1/15, n/30. If thecompany uses the net method to record sales made on credit, how much should berecorded as sales revenue?a.$ 9,800.b.$ 9,900.c.$10,000.d.$10,100.95.AG Inc. made a $10,000 sale on account with the following terms: 1/15, n/30. If thecompany uses the gross method to record sales made on credit, what is/are the debit(s) inthe journal entry to record the sale?a.Debit Accounts Receivable for $9,900.b.Debit Accounts Receivable for $9,900 and Sales Discounts for $100.c.Debit Accounts Receivable for $10,000.d.Debit Accounts Receivable for $10,000 and Sales Discounts for $100.96.AG Inc. made a $10,000 sale on account with the following terms: 2/10, n/30. If thecompany uses the net method to record sales made on credit, what is/are the debit(s) inthe journal entry to record the sale?a.Debit Accounts Receivable for $9,800.b.Debit Accounts Receivable for $9,800 and Sales Discounts for $200.c.Debit Accounts Receivable for $10,000.d.Debit Accounts Receivable for $10,000 and Sales Discounts for $200.97.Rosalie Co. uses the gross method to record sales made on credit. On June 10, 2011, itmade sales of $100,000 with terms 2/10, n/30 to Finley Farms, Inc. On June 19, 2011,Rosalie received payment for 1/2 the amount due from Finley Farms. Rosalie's fiscal yearend is on June 30, 2011. What amount will be reported in the statement of financialposition for the accounts receivable due from Finley Farms, Inc.?a.$49,000b.$50,000c.$48,000d.$51,000
98.Vivian, Inc had net sales in 2011 of €700,000. At December 31, 2010, before adjustingentries, the balances in selected accounts were: accounts receivable €125,000 debit, andallowance for doubtful accounts €1,200 credit. Vivian estimates that 2% of its net sales willprove to be uncollectable. What is the cash realizable value of the receivables reported onthe statement of financial position at December 31, 2011?a.€112,200b.€122,500c.€111,000d.€109,80099.Vivian, Inc had net sales in 2011 of €700,000. At December 31, 2010, before adjustingentries, the balances in selected accounts were: accounts receivable €125,000 debit, andallowance for doubtful accounts €1,200 debit. Vivian estimates that 2% of its net accountsreceivable will prove to be uncollectable. What is the cash realizable value of thereceivables reported on the statement of financial position at December 31, 2011?

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Term
Fall
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Tags
Cost Accounting, Test, The Land, Direct material price variance

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