题目内容

UnitedFirstBank,thenationwidebankingcompany,ownsmanytypesofinvestments.AssumethatUnitedFirstBankpaid$700,000fortradingsecuritiesonDecember3.TwoweekslaterUnitedFirstBankreceiveda$37,000cashdividend.AtDecember31,thesetradingsecuritieswerequotedatamarketpriceof$705,000.AtDecember31,UnitedFirstBanksbalancesheetshouldreport:

A. dividendrevenueof$37,000.
B. short-terminvestmentof$705,000.
C. short-terminvestmentof$700,000.
D. unrealizedgainof$5,000.

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Undertheallowancemethodforuncollectiblereceivables,theentrytorecorduncollectible-accountexpensehaswhateffectonthefinancialstatements?

A. Decreasesowners’equityandincreasesliabilities
B. Increasesexpensesandincreasesowners’equity
C. Decreasesassetsandhasnoeffectonnetincome
Decreasesnetincomeanddecreasesassets

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GrahamCompanyusesthepercent-of-salesmethodtoestimateuncollectible.Netcreditsalesforthecurrentyearamountto$130,000andmanagementestimates3%willbeuncollectible.Allowancefordoubtfulaccountspriortoadjustmenthasacreditbalanceof$2,000.Theamountofexpensetoreportontheincomestatementwillbe

A. $3,900.
B. $1,000.
C. $5,200.
D. $5,900.

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GrahamCompanyusesthepercent-of-salesmethodtoestimateuncollectible.Netcreditsalesforthecurrentyearamountto$130,000andmanagementestimates3%willbeuncollectible.Allowancefordoubtfulaccountspriortoadjustmenthasacreditbalanceof$2,000.ThebalanceofAllowanceforDoubtfulAccounts,afteradjustment,willbe

A. $7,900.
B. $1,000.
C. $5,900.
D. Cannotbedeterminedfromtheinformationgiven.

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Estimatinguncollectibleaccountsbyanalyzingindividualaccountsreceivableaccordingtothelengthoftimetheyhavebeenoutstandingisknownasthe:

A. directwrite-offmethod.
B. percent-of-salesmethod.
C. allowancemethod.
D. aging-of-receivablesmethod.

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A. dividendrevenueof$37,000. B. short-terminvestmentof$705,000. C. short-terminvestmentof$700,000. D. unrealizedgainof$5,000.

Undertheallowancemethodforuncollectiblereceivables,theentrytorecorduncollectible-accountexpensehaswhateffectonthefinancialstatements?

GrahamCompanyusesthepercent-of-salesmethodtoestimateuncollectible.Netcreditsalesforthecurrentyearamountto$130,000andmanagementestimates3%willbeuncollectible.Allowancefordoubtfulaccountspriortoadjustmenthasacreditbalanceof$2,000.Theamountofexpensetoreportontheincomestatementwillbe

GrahamCompanyusesthepercent-of-salesmethodtoestimateuncollectible.Netcreditsalesforthecurrentyearamountto$130,000andmanagementestimates3%willbeuncollectible.Allowancefordoubtfulaccountspriortoadjustmenthasacreditbalanceof$2,000.ThebalanceofAllowanceforDoubtfulAccounts,afteradjustment,willbe

Estimatinguncollectibleaccountsbyanalyzingindividualaccountsreceivableaccordingtothelengthoftimetheyhavebeenoutstandingisknownasthe:

A. dividendrevenueof$37,000.
B. short-terminvestmentof$705,000.
C. short-terminvestmentof$700,000.
D. unrealizedgainof$5,000.