con 11 The maturity value of a $60,000, 6%, 3-month note receivable is ed out of Select one: g question a. $63,600. b. $60,900. C. 561,200. d. $60,360. A debit balance in the Allowance for Doubtful Accounts Select one: a. indicates that actual bad debt write-offs have exceeded previous provisions for bad debts. b. cannot occur if the percentage of sales method of estimating bad debts is used. cannot occur if the percentage of sales method of estimating bad debts is used. C. indicates that actual bad debt write-offs have been less than what was estimated. d. is the normal balance for that account. on 13 Three accounting issues associated with accounts receivable are ed out of question Select one: a. depreciating, returns, and valuing. b. recognizing, valuing, and disposing. C. depreciating, valuing, and collecting. d. accrual, bad debts, and disposing. Koffoed, Inc. had the following bank reconciliation at March 31, 2016: Balance per bank statement, 3/31/16 $37,200 Add: Deposit in transit 6,200 on 43,400 Less: Outstanding checks 7,600 Balance per books, 3/31/16 $35,800 Data per bank for the month of April 2016 follow: Deposits $47,600 Disbursements 47,900 All reconciling items at March 31, 2016 cleared the bank in April. Outstanding checks at April 30, 2016 totaled $7,000. There were no deposits in transit at April 30, 2016. What is the cash balance per books at April 30, 2016? Select one: a. $32,800 b. $29,800 C. S28,500 d. $35,500 - 15 Mather Company purchased equipment on January 1, 2016 at a total invoice cost of $336,000; additional costs of $6,000 for freight and $30,000 for installation were incurred. The equipment has an estimated salvage value of $12,000 and an estimated useful life of five years. The amount of accumulated depreciation at December 31, 2017 if the straight-line method of depreciation is used is: ut of Question Select one: a. $144,000. 0 b. $129,600. C. $148.800. d. $132.000 Eon 16 red On May 1, 2017, Pinkley Company sells office furniture for $300,000 cash. The office furniture originally cost $750,000 when purchased on January 1, 2010. Depreciation is recorded by the straight-line method over 10 years with a salvage value of $75,000. What depreciation expense should be recorded on this asset in 2017? out of o question Select one: a $25,000 b. $22,500. C. $67,500 d. $33,750. 17 In preparing its August 31, 2016 bank reconciliation, Oakley Corp. has available the following information: $65,490 ut of 10,170 question 1,800 Balance per bank statement, 8/31/16 Deposit in transit, 8/31/16 Return of customer's check not sufficient funds, 8/30/16 Outstanding checks, 8/31/16 Bank service charges for August At August 31, 2016, Oakley's adjusted cash balance is 5,820 350 Select one: a. 559,320 b. $69.840 C $61.140. d. $59,670 Ton 18 + red Sargent Corporation bought equipment on January 1, 2017. The equipment cost $360,000 and had an expected salvage value of $60,000. The life of the equipment was estimated to be 6 years. Assuming straight-line deprecation, the book value of the equipment at the beginning of the third year would be d out of o question Select one: a. $100,000. b. $150.000 c. $260,000 d. S360,000. n 19 Trade accounts receivable are valued and reported on the balance sheet d out of Select one: a. only if they are not past due. question b. in the investment section. c. at net realizable value. d. at gross amounts less sales returns and allowances. A machine with a cost of $480,000 has an estimated salvage value of $30,000 and an estimated useful life of 5 years or 15,000 hours. It is to be depreciated using the units-of-activity method of depreciation. What is the amount of depreciation for the second full year, during which the machine was used 5,000 hours? Select one: a. $90,000 b. $130,000 C. $160,000 d. $150,000