6)On November 10 of the current year, Flores Mills sold carpet to a customer for $8,200 with credit terms 4 10, n 30 Flores uses the gross method of accounting for cash discounts What is the correct entry for Flores on November 10 Accounts receivable 7,872 Sales 7,872 Accounts receivable 8,200 Cash discounts 328 Sales 7,872 Accounts receivable 7,872 Cash discounts 328 Sales 8,200 Accounts receivable 8,200 Sales 8,200 7)Oswego Clay Pipe Company sold $46,300 of pipe to Southeast Water District 45 on April 12 of the current year with terms 3 15, n 60 Oswego uses the gross method of accounting for cash discounts What entry would Oswego make on April 12 Accounts receivable 46,300 Sales 46,300 Accounts receivable 44,911 Sales 44,911 Accounts receivable 46,300 Sales 44,911 Sales discounts 1,389 Accounts receivable 44,911 Sales discounts 1,389 Sales 46,300 8)Cashmere Soap Corporation had the following items listed in its trial balance at 12 31 2016 Currency and coins $ 590 Balance in checking account 3,200 Customer checks waiting to be deposited 1,600 Treasury bills, purchased on 11 1 2016, mature on 4 30 2017 2,500 Marketable equity securities 10,600 Commercial paper, purchased on 11 1 2016, mature on 1 30 2017 5,000 What amount will Cashmere Soap include in its year end balance sheet as cash and cash equivalents $23,490 $7,890 $12,890 $10,390 9)In the balance sheet at the end of its first year of operations, Dinty Inc reported an allowance for uncollectible accounts of $83,500 During the year, Dinty wrote off $30,500 of accounts receivable it had attempted to collect and failed Credit sales for the year were $2,220,000, and cash collections from credit customers totaled $1,860,000 What bad debt expense would Dinty report in its first year income statement Can't be determined from the given information $114,000 $53,000 $83,500 10)Frasquita acquired equipment from the manufacturer on 6 30 2016 and gave a noninterest bearing note in exchange Frasquita is obligated to pay $566,000 on 4 30 2017 to satisfy the obligation in full If Frasquita accrued interest of $15,000 on the note in its 2016 year end financial statements, what amount would it record the equipment on its 6 30 2016 balance sheet $566,000 $516,000 $541,000 $531,000

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6)On November 10 of the current year, Flores Mills sold carpet to a customer for $8,200 with credit terms 4/10, n/30. Flores uses the gross

6)On November 10 of the current year, Flores Mills sold carpet to a customer for $8,200 with credit terms 4/10, n/30. Flores uses the gross method of accounting for cash discounts.

What is the correct entry for Flores on November 10?

Accounts receivable	7,872
Sales		7,872

Accounts receivable	8,200
Cash discounts		328
Sales		7,872

Accounts receivable	7,872
Cash discounts	328
Sales		8,200

Accounts receivable	8,200
Sales		8,200

7)Oswego Clay Pipe Company sold $46,300 of pipe to Southeast Water District #45 on April 12 of the current year with terms 3/15, n/60. Oswego uses the gross method of accounting for cash discounts.

What entry would Oswego make on April 12?

Accounts receivable	46,300
Sales		46,300

Accounts receivable	44,911
Sales		44,911

Accounts receivable	46,300
Sales		44,911
Sales discounts		1,389

Accounts receivable	44,911
Sales discounts	1,389
Sales		46,300

8)Cashmere Soap Corporation had the following items listed in its trial balance at 12/31/2016:

Currency and coins	$ 590
Balance in checking account	3,200
Customer checks waiting to be deposited	1,600
Treasury bills, purchased on 11/1/2016, mature on 4/30/2017	2,500
Marketable equity securities	10,600
Commercial paper, purchased on 11/1/2016, mature on 1/30/2017	5,000

What amount will Cashmere Soap include in its year-end balance sheet as cash and cash equivalents?

$23,490.

$7,890.

$12,890.

$10,390.

9)In the balance sheet at the end of its first year of operations, Dinty Inc. reported an allowance for uncollectible accounts of $83,500. During the year, Dinty wrote off $30,500 of accounts receivable it had attempted to collect and failed. Credit sales for the year were $2,220,000, and cash collections from credit customers totaled $1,860,000.

What bad debt expense would Dinty report in its first-year income statement?

Can't be determined from the given information

$114,000

$53,000

$83,500

10)Frasquita acquired equipment from the manufacturer on 6/30/2016 and gave a noninterest-bearing note in exchange. Frasquita is obligated to pay $566,000 on 4/30/2017 to satisfy the obligation in full. If Frasquita accrued interest of $15,000 on the note in its 2016 year-end financial statements, what amount would it record the equipment on its 6/30/2016 balance sheet?

$566,000

$516,000

$541,000

$531,000