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4 points On January 15, 2016, Jaymes Company received a two-month, 4%, $7.000 note from Peter Long for the settlement of his open account. The entry by Jaymes Company on March 15, 2016 if Long dishonors the note and collection is expected is: Accounts Receivable P Long Interest Lost Notes Receiva 6,953 47 7047 Account Receiva-P.Long Notes Receivable Interest 7,000 7 000 47 Option Option 7000 HC NERIN 11011 14 Protetom NR 7 000 Option Option 4 points On January 15, 2016, Jaymes Company received a two-month, 4%, $7,000 note from Peter Long for the settlement of his open account. The entry by Jaymes Company on January 15, 2016 would include a: debit of $7,047 to Notes Receivable. credit of $7,047 to Accounts Receivable. debit of $7,000 to Notes Receivable. credit of $7,000 to Notes Receivable 4 point Woulk Company has a debit balance of $8,000 in its Allowance for ole) Accounts before any adjustments are made at 4 point Woulk Company has a debit balance of $8,000 in its Allowance for Doubtful (Uncollectible) Accounts before any adjustments are made at the end of the year. Based on review and aging of its accounts receivable at the end of the year, Woulk estimates that $60,000 of its receivables are uncollectible. The amount of bad debt (Uncollectible) expense which should be reported for the year is: $60,000 $52,000. $8,000 $68,000 Section B - Part 3: Stockholders' Equity Section B - Part 3: Stockholders' Equity Answer from 0 to all five MC's in this part. Kagan Corporation was organized on January 2, 2017. During 2017, Kagan 4 points issued 40,000 shares at $24 per share, purchased 6,000 shares of treasury stock at $26 per share, and had net income of $600,000. What is the total amount of stockholders' equity at December 31, 2017? $1,280,000 $1,440,000 $1,416,000 $1,404,000 Bellezone Corporation's December 31, 2017 balance sheet is presented in 4 points the image below. Bellezone's total stockholders' equity was: Zyrkel Corporation's December 31, 2017 balance sheet is presented in the 4 points image below. Zyrkel's total paid-in capital was: 8% preferred stock, $20 par value, cumulative, 30,000 shares authorized, 20,000 shares issued $ 400,000 Common stock, $10 par value, 2,000,000 shares authorized, 1,950,000 shares issued, 1,920,000 shares outstanding 19,500,000 Paid-in capital in excess of parpreferred stock 60,000 Paid-in capital in excess of parcommon stock 27,000,000 Retained earnings 7,500,000 Treasury stock (30,000 shares) 630,000 $46,330,000. $47,590,000 $27,060,000 $46.960.000 all Transition Words & Om Delta Corp. issues 4,000 shares of $10 par value common stock at $14 per share. When the transaction is recorded, credits are made to 4 points Common Stock $56,000. Common Stock $40,000 and Paid-in Capital in Excess of Stated Value $16,000 Common Stock $40,000 and Paid-in Capital in Excess of Par $16,000. Common Stock $40,000 and Retained Earnings $16,000. 4 points The following data is available for Santos Service Corporation at December 31, 2017: Common stock, par $10 (authorized 100,000 shares) $400,000: Treasury Stock (at cost $15 per share) - $27,000. Based on the data, how many shares of common stock are outstanding? 38,200 40.000 50.000 49,880 The partnership agreement of Alix, Gise, and Bosco provides for the 4 points following income ratio: (a) Alix, the managing partner, receives a salary allowance of $108,000, (b) each partner receives 15% interest on average capital investment, and (c) remaining net income or loss is divided equally. The average capital investments for the year were: Alix $600,000, Gise $1,200,000, and Bosco $1,800,000. If partnership net income is $720,000, the amount distributed to Gise should be: $204,000. $180,000 $186,000. $240,000 The Partners' Capital Statement for TSB Company reported the following 4 points jonal investment: Toub, $272,000; Sauls, $136,000; Birch, $272,000. 4 points Partners Cantor and Dickens have capital balances in a partnership of $160,000 and $240,000, respectively. They agree to share profits and losses as shown in the following figure. If income for the year was $200,000, what will be the distribution of income to Dickens? Cantor $40,000 Dickens $48,000 As salaries As interest on capital at the beginning of the year Remaining profits or losses 10% 50% 10% 50% $80,000 $40,000 $108,000 $92,000 Option Option 4 points 19. Mary Jessica's capital statement reveals that her drawings during the year were $50,000. She made an additional capital investment of $25,000 and her share of the net loss for the year was $10,000. Her ending capital balance was $200,000. What was Jessica's beginning capital balance? $235,000 $260,000 $225,000 $185,000 PIL 4 points Pasquale has the inventory information shown in the figure below. A physical count of merchandise inventory on July 31 reveals that there are 30 units on hand. Using the LIFO inventory method, the amount allocated to cost of goods sold for July is: 17 : 20 o $19/. = $ 380 77 70 o $20/. = 1.400 227 10 o $24/. = 240 S2020 $1,380. $1,470. $1,414 S1 440. financial statements and uses the $1,440. 4 points Preslay Company prepares monthly financial statements and uses the gross profit method to estimate ending inventories. Historically, the company has had a 40% gross profit margin. During June, net sales amounted to $200,000; the beginning inventory on June 1 was $60,000; and the cost of goods purchased during June amounted to $90,000. The estimated cost of E. Preslay Company's inventory on June 30 is: $24,000. $30,000. $140,000 $70,000. information shown in the figure below. A $606. 4 points Pasquale has the inventory information shown in the figure below. A physical count of merchandise inventory on July 31 reveals that there are 30 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is: 17 : 20 o $19/, = 7 70 o $20/. 227 10 o $24/. 380 1,400 240 $ 2020 S1,440. $1,380. $1,414 $1,470. OOK AS leerence Generator http://quillbot.com Turnitin 40 Useful Words an... W Transition Words 4 points Pasquale has the inventory information shown in the figure below. A physical count of merchandise inventory on July 31 reveals that there are 30 units on hand. Using the AVERAGE-COST inventory method, the amount allocated to cost of goods sold for July is: 17 : 20 o $19/. = $ 380 717 Ayop 70 o $20/. 1,400 227 10 pove tpo $24/ov. = 240 $2.020 $630. $585. $660. $606. 4 points rmation shown in the figure below. A are