Question
Question 11 pts Acme purchased a $1,000 six-month treasury bill on January 12, 2014. It matures 26 weeks later during July 2014. At Acmes June
Question 11 pts
Acme purchased a $1,000 six-month treasury bill on January 12, 2014. It matures 26 weeks later during July 2014. At Acmes June 30, 2014, quarter end, how should the $1,000 be presented on the balance sheet?
Cash |
Cash Equivalent |
Short-term Investment |
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Question 21 pts
Accounts receivable are valued are reported at net realizable value. Which of the following does not represent a valid reduction to gross accounts receivable when determining net accounts receivable?
Sales without a fixed price |
Uncollectible accounts |
Sales returns |
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Question 31 pts
At the beginning of the second quarter (Q2), Acme had an Allowance for Uncollectible Accounts that totaled $30,000. During Q2, $12,000 of specific receivables were written off due to customer bankruptcies. At the end of Q2, Acme determines an allowance of $37,000 is appropriate. What amount of Bad Debt Expense should Acme report in its Q2 income statement? (just enter numbers--no symbols like $ or ,)
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Question 41 pts
At the end of the fourth quarter (Q4), Acme had $50,000 in accounts receivable outstanding. However, based on past experience, it only expected to collect $42,000 in cash from those receivables. Acme began Q4 with an allowance for doubtful accounts balance of $6,000 and during the quarter wrote off $3,000 in accounts that it determined to be uncollectable. How much Bad Debt Expense should Acme report in its Q4 income statement? (just enter numbers--no symbols like $ or ,)
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Question 51 pts
A company might decide to use its accounts receivable to obtain immediate access to cash, either by selling them or pledging them as collateral for a loan. In either case, the cash received would be recorded as a debit to cash. If the arrangement is deemed a sale, what type of account should the company credit? Ignore any fees.
Asset |
Contra Asset |
Liability |
Revenue |
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