1.Kingbird, Inc.recorded the following cash transactions for the year: Paid $181500for salaries. Paid $79500to purchase office equipment....
Question:
1.Kingbird, Inc.recorded the following cash transactions for the year:
Paid $181500for salaries.
Paid $79500to purchase office equipment.
Paid $16600for utilities.
Paid $8500in dividends.
Collected $373000from customers.
What wasKingbird's net cash provided by operating activities?
a. $174900
b. $95400
c. $166400
2.A check written by the company for $109is incorrectly recorded by a company as $190. On the bank reconciliation, the $81error should be
a. added to the balance per books.
b. added to the balance per bank.
c. deducted from the balance per bank.
3.NovakCompany had an investment which cost $400000and had a salvage value at the end of its useful life of zero. If Mussina's expected annual net income is $20000, the annual rate of return is:
a. 10.250%.
b. 10.000%.
c. 12.500%.
4.Using the percentage-of-receivables method for recording bad debt expense, estimated uncollectible accounts are $47500. If the balance of the Allowance for Doubtful Accounts is a $5500debit before adjustment, what is the balance after adjustment?
a. $47500
b. $42000
c. $5500
5.Net credit sales for the month are $810000. The accounts receivable balance is $170000. The allowance is calculated as5% of the receivables balance using the percentage-of-receivables basis. If the Allowance for Doubtful Accounts has a credit balance of $6000before adjustment, what is the balance after adjustment?
a. $8500
b. $14500
c. $8800
Fundamental financial accounting concepts
ISBN: 978-0078025365
8th edition
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward