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geNOWV2 Online teachin x + ** Assignment/take AssignmentMain.do?invoker-assignments&takeAssignmentSessionLocator assignment-take&inprogress=false Calculator A local tennis club sells season memberships for $1,000 each. During January, 50 season memberships were sold. As of March 31, only $25,000 of season membership fees had been collected from customers. The tennis season runs for six months starting April 1. Using accrual accounting, which of the following is an amount reported on the statement of financial position dated March 31? uneamed tennis membership revenue of $50,000 accounts receivable of $50,000 tennis membership revenue of $25,000 uneamed tennis membership revenue of $25,000 geNOWv2 Online teachin x + CeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignmentSessionLocator assignment-take&inprogress=false Calculator Which of the following statements is characteristic of accrual basis accounting? Revenue is recognized when payment is received. The exchange of cash determines timing of revenue recognition. o. Transactions are recorded when they occur. Expenses are recorded when payment is made eAssignment/takeAssignmentMain.do?invoker assignments&takeAssignmentSessionLocator assignment-take&inprogress=false Calculator Under accrual accounting, when are revenue and expenses recognized? Og Revenue is recognized when cash is received; expenses are recognized when the costs are incurred. Revenue is recognized when earned, expenses are recognized when cash is paid. Revenue is recognized when cash is received; expenses are recognized when cash is paid. Revenue is recognized when earned; expenses are recognized when the costs are incurred. gageNOWV2 Online teachin X + akeAssignment/take AssignmentMain.do?invoker=assignments&take AssignmentSessionLocator assignment-take&inprogress=false Calculator A tool company purchased equipment at a cost of $100,000 in January five years ago. As of January 1 of the current year, depreciation of $45,000 had been recorded on this asset. Depreciation expense for the current year is $5,000. After the adjustments are recorded and posted at December 31 of the current year, what are the balances for depreciation expense and accumulated depreciation? O depreciation expense: 845,000; accumulated depreciation: $45,000 depreciation expense: 845,000, accumulated depreciation: $50,000 depreciation expense: $5,000; accumulated depreciation: $50,000 depreciation expense: $5,000, accumulated depreciation: $45,000 * akeAssignment/take AssignmentMain.do?invoker-assignments&takeAssignmentSessionLocator assignment-take&inprogress=false Calculator A company had sales of $40,000, sales discounts of $800, sales returns of $1,600, and commissions owed to salespeople of $600. What is net sales? O 39,200 $38,400 $37,600 540,000 engageNOWv2 Online teachin x + /takeAssignment/take AssignmentMain.do?invoker-assignments&takeAssignmentSessionLocator assignment-take&inprogress=false Calculator A company's accounts receivable balance after posting net collections from customers is $150,000. Management has determined the following $100.000 of the accounts that are 1 to 30 days past due are 2% uncollectible, and $50,000 of the accounts that are 31 to 60 days past due are 10% uncollectible What is the net realizable value of the accounts receivable? O150,000 $143,000 O$148.000 $145,000 O cakeAssignment/take AssignmentMain.do?invoker=assignments&takeAssignmentSessionLocator assignment-take&inprogress=false Calculator The accounting equation must be in balance before and after every accounting transaction. O True False Assignment/take AssignmentMain.do?invoker assignments&takeAssignmentSessionLocator=assignment-take&inprogress=false Calculator Which of the following items is added to the "cash balance from bank statement on a bank reconciliation? O bank service charges deposits in transit interest earned on the bank account outstanding cheques
