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IfAnzon,Inc.,failstomakeanadjustingentryfortheaccruedinterest,

A. netincomewillbeoverstatedandassetswillbeoverstated
B. netincomewillbeoverstatedandliabilitieswillbeunderstated
C. netincomewillbeunderstatedandassetswillbeunderstated
D. netincomewillbeunderstatedandliabilitieswillbeoverstated

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OnAugust1,2010,Botores,Inc.,soldequipmentandacceptedasix-month,12%,$50,000notereceivable.Botoresyear-endisDecember31.WhichofthefollowingaccountswillBotorescreditinthejournalentryatmaturityonFebruary1,2011,assumingcollectioninfull?

A. Cash
B. InterestPayable
C. NotePayable
D. InterestReceivable

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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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IfAnzon,Inc.,failstomakeanadjustingentryfortheaccruedinterest,

A. netincomewillbeoverstatedandassetswillbeoverstated B. netincomewillbeoverstatedandliabilitieswillbeunderstated C. netincomewillbeunderstatedandassetswillbeunderstated D. netincomewillbeunderstatedandliabilitieswillbeoverstated

OnAugust1,2010,Botores,Inc.,soldequipmentandacceptedasix-month,12%,$50,000notereceivable.Botoresyear-endisDecember31.WhichofthefollowingaccountswillBotorescreditinthejournalentryatmaturityonFebruary1,2011,assumingcollectioninfull?

Undertheallowancemethodforuncollectiblereceivables,theentrytorecorduncollectible-accountexpensehaswhateffectonthefinancialstatements?

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

A. netincomewillbeoverstatedandassetswillbeoverstated
B. netincomewillbeoverstatedandliabilitieswillbeunderstated
C. netincomewillbeunderstatedandassetswillbeunderstated
D. netincomewillbeunderstatedandliabilitieswillbeoverstated