1.
In preparing its August 31 bank reconciliation, Apex Corp. has available the following balance per bank and reconciling items: The 8/31 unadjusted cash balance per books is:
Select one:
a. $ 19,350
b. $18,550
c. $18,650
d. $19,550
e. $17,750
2.
The actual recording of cost of goods sold matches the physical flow of goods using which method?:
Select one:
a. Specific Identification
b. FIFO periodic
c. FIFO perpetual
d. Average Cost
3.
In preparing its August 31 bank reconciliation, Reinstein Corp. has available the following balance per bank and reconciling items:
The 8/31 correct balance of cash is:
Select one:
a. $17,650
b. $18,050
c. $16,850
d. $19,050
e. $17,450
4.
King Company auditors found that the ending inventory reported on its 12/31/17 financial statements was $50,000 overstated. Indicate the effect of the error:
Select one:
a. 12/31/17 retained earnings understated $50,000
b. 2017 cost of goods sold understated $50,000
c. 2017 net income understated $50,000
d. 12/31/18 retained earnings overstated $25,000
e. 2018 beginning inventory understated $50,000
5.
The following accounts were abstracted from Todd Company's unadjusted trial balance at December 31: Todd Company estimates that 3% of net credit sales will become uncollectible. After adjustment at December 31, the allowance for doubtful accounts should have a credit balance of:
Select one:
a. $19,000
b. $34,000
c. $10,000
d. $24,000
e. $9,000
In preparing its August 31 bank reconciliation, Apex Corp. has available the following balance per bank and reconciling items: Balance per bank Deposit in transit Return of customer's check for insufficient funds Outstanding checks Collection from customer by bank $ 18,450 3,250 100 2.750 500 The 8/31 unadjusted cash balance per books is: Select one: O a. $ 19,350 O b. $18,550 O c. $18,650 O d. $19,550 O e. $17,750 The actual recording of cost of goods sold matches the physical flow of goods using which method?: Select one: a. Specific Identification O b. FIFO periodic OC FIFO perpetual O d. Average Cost In preparing its August 31 bank reconciliation, Reinstein Corp. has available the following balance per bank and reconciling items: Balance per bank Deposit in transit Retum of customer's check for insufficient funds Outstanding checks Bank error erroneous addition recorded $ 18,050 2.750 600 3.250 100 The 8/31 correct balance of cash is: Select one: O a. $17.650 O b. $18,050 O c. $16,850 O d. $19.050 O e. $17,450 King Company auditors found that the ending inventory reported on its 12/31/17 financial statements was $50,000 overstated. Indicate the effect of the error Select one: O a. 12/31/17 retained earnings understated $50,000 O b. 2017 cost of goods sold understated $50,000 O c. 2017 net income understated $50,000 O d. 12/31/18 retained earnings overstated $25,000 O e 2018 beginning inventory understated $50,000 The following accounts were abstracted from Todd Company's unadjusted trial balance at December 31: $300.000 Accounts Receivable Allowance for Doubtful Accounts Net Credit Sales 10,000 $800,000 Todd Company estimates that 3% of net credit sales will become uncollectible. After adjustment at December 31, the allowance for doubtful accounts should have a credi balance of Select one: a $19.000 O b. $34.000 O c. $10,000 O d. 524.000 O e. $9,000 In preparing its August 31 bank reconciliation, Apex Corp. has available the following balance per bank and reconciling items: Balance per bank Deposit in transit Return of customer's check for insufficient funds Outstanding checks Collection from customer by bank $ 18,450 3.250 100 2,750 500 The 8/31 unadjusted cash balance per books is: Select one: O a. $ 19,350 O b. $18,550 O c. $18.650 O d. $19,550 O e. $17,750 The actual recording of cost of goods sold matches the physical flow of goods using which method?: Select one: O a. Specific Identification OD. FIFO periodic O C. FIFO perpetual O d. Average Cost In preparing its August 31 bank reconciliation, Reinstein Corp. has available the following balance per bank and reconciling items: Balance per bank Deposit in front Retum of customer's check for insufficient funds Outstanding check Bankerror erroneous addition recorded The 8/31 correct balance of cash is $ 18050 2750 600 3.250 100 Select one: a. $17.650 O b. $18,050 O c $16,850 O d. 519,050 O e $17,450 King Company auditors found that the ending inventory reported on its 12/31/17 financial statements was $50,000 overstated. Indicate the effect of the error. Select one a 12/31/17 retained earnings understated $50,000 Ob. 2017 cost of goods sold understated $50,000 c. 2017 net income understated $50,000 O d. 12/31/18 retained earnings overstated $25,000 e. 2018 beginning inventory understated $50,000 The following accounts were abstracted from Todd Company's unadjusted trial balance at December 31: Deber Accounts Receive $300.000 Allowance for Doubtful Accounts 10,000 No Credit Sales $800.000 Todd Company estimates that 3% of net credit sales will become uncollectible. After adjustment at December 31, the allowance for doubtful accounts should have a credit balance ot. Select one O a. 519.000 b. 534,000 $10.000 d. 524.000 e 59.000
