Rolling Green Tennis Academy held investments in trading securities with a fair value of $70,000 at December 31, 2014. These investments cost Rolling Green $60,000 on January 1, 2014. What is the appropriate amount for Rolling Green to report for these investments on the December 31, 2014, balance sheet?

a. 10,000 gain

b. 60,000

c. 70,000

d. can't be determined

DavidCompany had the following information in 2014.

Accounts receivable 12/31/14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$8,000
Allowance for uncollectible account 12/31/14 (before adjustment). . . . . .	900
Credit sales during 2014. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	45,000
Cash sales during 2014. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	16,000
Collections from customers on account during 2014. . . . . . . . . . . . . . . .	49,000

If uncollectible accounts are determined by theaging-of-receivables method to be $1,240,the uncollectible account expense for 2014would be $340. The balance of the Allowance account after the adjusting entry would be

A.

$900.

B.

$340.

C.

$1,240.

D.

$2,140

CorneliusCompany had the following information in 2014.

Accounts receivable 12/31/14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$15,000
Allowance for uncollectible account 12/31/14 (before adjustment). . . . . .	650
Credit sales during 2014. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	38,000
Cash sales during 2014. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	17,000
Collections from customers on account during 2014. . . . . . . . . . . . . . . .	49,000

If uncollectible accounts are determined by theaging-of-receivables method to be $1,090,theuncollectible-account expense for 2014wouldbe:

A.

$1,520.

B.

$650.

C.

$440.

D.

$1,090

NealCompany had the following information in 2014.

Accounts receivable 12/31/14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$9,000
Allowance for uncollectible account 12/31/14 (before adjustment). . . . . .	950
Credit sales during 2014. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	42,000
Cash sales during 2014. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	16,000
Collections from customers on account during 2014. . . . . . . . . . . . . . . .	40,000

Uncollectible accounts are determined by thepercent-of-sales method to be 22%of credit sales. How much isuncollectible-account expense for 2014?

A.

$840

B.

$950

C.

$1,160

D.

$ 180

Net sales total $693,500. Beginning and ending accounts receivable are $50,000 and $45,000, respectively. Calculatedays' sales in receivables.

A. 22 days B. 24 days C. 25 days D. 31 days