19. The beginning and Add the year. A Recebe (4) re were in the $) 516,00 $19.500 23.500 $17.500 20. As of December 31, a company hand Interested for month. The 4 marks a) Interest Revenue of $1,000 b) Not Receivable of $10,000 e) Interest Revenue of $2.30 d) Not Receivable of 510,000 and Imerest of so 21. Bricks, Inc. has the following detail Accounts Receivable 60.000 Inventory 45,000 Prepaid Expenses 4.000 Current Liabilities 5.000 What is the acid-test ratio of the company? (4 marks) a) 1.08 b) 0.21 c) 0.87 d) 0.75 22. The limitation of using the direct write-off method of accounting for uncollectible receivables is that: (3 marks) a. It overstates assets on the balance sheet. b. It sets up an allowance for uncollectible. c. It ignores the materiality concept. d. It reduces control of receivables. 23. Kemal Enterprise on the 30 of April had a Bank Balance of 512 720 and a Cash Account Balance of S20 850. Use the following reconciling items and do a Bank Reconciliation for the company: (30 marks) Deposit in transit, 24/04, 89000 Outstanding check number 204, $2000 Electronic Fund Transfer receipt from customer, 51000 Interest revenue, $30 Bank service charged, $20 Electronic Fund Transfer Payment, $40 None Sufficient Funds Check, S12000 21 b. c. 22. The limitation of using the direct write-off method of accounting for uncollectible receivables is that: (3 marks) It overstates assets on the balance sheet. It sets up an allowance for uncollectible. It ignores the materiality concept. d. It reduces control of receivables. 23. Kemal Enterprise on the 30 of April had a Bank Balance of 512 720 and a Cash Account Balance of $20 850. Use the following reconciling items and do a Bank Reconciliation for the company: (30 marks) Deposit in transit, 24/04, 89000 Outstanding check number 204, $2000 Electronic Fund Transfer receipt from customer, S1000 Interest revenue, 530 Bank service charged, 520 Electronic Fund Transfer Payment, $40 None Sufficient Funds Check, $12000 19. The beginning and Add the year. A Recebe (4) re were in the $) 516,00 $19.500 23.500 $17.500 20. As of December 31, a company hand Interested for month. The 4 marks a) Interest Revenue of $1,000 b) Not Receivable of $10,000 e) Interest Revenue of $2.30 d) Not Receivable of 510,000 and Imerest of so 21. Bricks, Inc. has the following detail Accounts Receivable 60.000 Inventory 45,000 Prepaid Expenses 4.000 Current Liabilities 5.000 What is the acid-test ratio of the company? (4 marks) a) 1.08 b) 0.21 c) 0.87 d) 0.75 22. The limitation of using the direct write-off method of accounting for uncollectible receivables is that: (3 marks) a. It overstates assets on the balance sheet. b. It sets up an allowance for uncollectible. c. It ignores the materiality concept. d. It reduces control of receivables. 23. Kemal Enterprise on the 30 of April had a Bank Balance of 512 720 and a Cash Account Balance of S20 850. Use the following reconciling items and do a Bank Reconciliation for the company: (30 marks) Deposit in transit, 24/04, 89000 Outstanding check number 204, $2000 Electronic Fund Transfer receipt from customer, 51000 Interest revenue, $30 Bank service charged, $20 Electronic Fund Transfer Payment, $40 None Sufficient Funds Check, S12000 21 b. c. 22. The limitation of using the direct write-off method of accounting for uncollectible receivables is that: (3 marks) It overstates assets on the balance sheet. It sets up an allowance for uncollectible. It ignores the materiality concept. d. It reduces control of receivables. 23. Kemal Enterprise on the 30 of April had a Bank Balance of 512 720 and a Cash Account Balance of $20 850. Use the following reconciling items and do a Bank Reconciliation for the company: (30 marks) Deposit in transit, 24/04, 89000 Outstanding check number 204, $2000 Electronic Fund Transfer receipt from customer, S1000 Interest revenue, 530 Bank service charged, 520 Electronic Fund Transfer Payment, $40 None Sufficient Funds Check, $12000
