1- he following information pertains to Lindsey Corp. at the end of the year:

Credit Sales $162,500 Accounts Payable 21,000 Accounts Receivable 32,500 Allowance for Uncollectible Accounts 1,400 debit Cash Sales 9,900

Lindsey Corp. uses the percentage-of-credit-sales method and estimates that 10% of the credit sales are uncollectible. After the year-end adjustment, what amount of bad debt expense would Lindsey report for the year? $18,750 $17,650 $14,850 $16,250

2- Eve's Apples opened a business on January 1, 2015, and paid for two insurance policies effective that date. The liability policy was $57,600 for eighteen-months, and the crop damage policy was $14,400 for a two-year term. What was the balance in Eve's Prepaid Insurance account as of December 31, 2015? $45,600 $26,400 $7,200 $72,000

3- Baker Fine Foods has beginning inventory for the year of $10,500. During the year, Baker purchases inventory for $110,000 and ends the year with $21,000 of inventory. Baker will report cost of goods sold equal to: $99,500. $131,000. $120,500. $110,000.

4- Terastar Corp. reports the following amounts for 2015 and 2016.

Net Income Operating Cash Flows Investing Cash Flows Financing Cash Flows 2015 $10,200 $15,400 -$8,500 $10,700 2016 $12,400 $20,800 -$10,300 -$6,900

What is the amount of Terastar's free cash flows for 2016? $3,800 $13,900 $10,500 $8,400

5- nventory records for Dunbar Incorporated revealed the following: Date Transaction Number of Units Unit Cost Apr. 1 Beginning inventory 530 $2.33 Apr. 20 Purchase 390 2.54

Dunbar sold 670 units of inventory during the month. Cost of goods sold assuming LIFO would be (Do not round your intermediate calculations. Round your answer to the nearest dollar amount): $1,561. $1,591. $1,643. $1,317.

6- DW has an ending retained earnings balance of $52,800. If during the year DW paid dividends of $4,200 and had net income of $22,100, then what was the beginning retained earnings balance? $34,900 $70,700 $8,100 $26,500

7- At the time a $300 petty cash fund is being replenished, the company's accountant finds vouchers totaling $200 and petty cash of $100. The vouchers include: postage, $60; business lunches, $90; delivery fees, $20; and office supplies, $30. Which of the following is not recorded when recognizing expenditures from the petty cash fund? rev: 07_02_2015_QC_CS-18833 Debit petty cash, $200 Debit office supplies, $30 Credit petty cash, $200 Debit postage expense, $60

8- At December 31, Gill Co. reported accounts receivable of $248,000 and an allowance for uncollectible accounts of $1,500 (credit). An analysis of accounts receivable suggests that the allowance for uncollectible accounts should be 4% of accounts receivable. The amount of the adjustment for uncollectible accounts would be: $9,130. $9,920. $1,500. $8,420.

9- When a company pays utilities of $1,780 in cash, the transaction is recorded as: debit utilities payable $1,780, credit cash $1,780. debit utilities expense $1,780, credit cash $1,780. debit utilities expense $1,780, credit utilities payable $1,780. debit cash $1,780, credit utilities expense $1,780.

10- The accounts payable account has a beginning balance of $10,400 and the company purchased $54,000 of supplies on account during the month. The ending balance was $19,500. How much did the company pay to creditors during the month? $64,400 $54,000 $44,900 $73,500

11- Sandburg Veterinarian reports the following information for the year:

Net credit sales $120,000 Average accounts receivable 12,000 Cash collections on credit sales 108,000

What is Sandburg's receivables turnover ratio? (Round your answer to one decimal place.) 17.0 .1 9.0 10.0