题目内容

Birchwood Corporation began 2016 with Accounts Receivable of $600,000. Service revenue, all on account, for the year totaled $1,600,000. Birchwood ended the year with accounts receivable of $800,000. Birchwood's bad-debt losses are nonexistent. How much cash did Birchwood collect from customers in 2016?

A. $1,800,000
B. $2,400,000
C. $1,600,000
D. $1,400,000

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Carey Ltd. received a four-month, 6%, $2,400 note receivable on March 1. The adjusting entry on March 31 will include

A. a debit to Cash for $144.
B. a credit to Interest Revenue for $12.00.
C. a debit to Interest Receivable for $144.
D. a debit to Interest Receivable for $48.

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What is the maturity value of a $80,000, 14%, six-month note?

A. $85,600
B. $91,200
C. $80,000
D. $74,400

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If the adjusting entry to accrue interest on a note receivable is omitted, then

A. assets, net income, and stockholders' equity are overstated.
B. assets are overstated, net income is understated, and stockholders' equity is understated.
C. liabilities are understated, net income is overstated, and stockholders' equity is overstated.
D. assets, net income, and stockholders' equity are understated.

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Net credit sales total $584,000. Beginning and ending accounts receivable are $46,000 and $50,000, respectively. Calculated days' sales outstanding.

A. 27 days
B. 31 days
C. 36 days
D. 30 days

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A. $1,800,000 B. $2,400,000 C. $1,600,000 D. $1,400,000

Carey Ltd. received a four-month, 6%, $2,400 note receivable on March 1. The adjusting entry on March 31 will include

What is the maturity value of a $80,000, 14%, six-month note?

If the adjusting entry to accrue interest on a note receivable is omitted, then

Net credit sales total $584,000. Beginning and ending accounts receivable are $46,000 and $50,000, respectively. Calculated days' sales outstanding.

A. $1,800,000
B. $2,400,000
C. $1,600,000
D. $1,400,000