9 of 25Refer to the following trial balance.DebitCreditCash$15,000Accounts Receivable42,000Merchandise Inventory60,000Supplies15,000Land300,000Accounts Payable$3,000Notes Payable25,000Smith, Capital326,000Smith, Withdrawals3,000Sales Revenues480,000Sales Returns and Allowances6,000Sales Discounts9,000Cost of Goods Sold240,000Salaries Expense15,000Utility Expense69,000Rent Expense54,000Interest Expense6,000 Totals$834,000$834,000How much are net sales revenues?$465,000$480,000$102,000$96,000Question10 of 25A company has four vendors, and the accounts payable subsidiary ledger shows the following balances:Alpha$275,821Beta143,474Gamma78,943Delta34,187Calculate the accounts payable balance in the general ledger.$419,295$532,425$275,821$256,604Question11 of 25Multi Corporation sold merchandise for $4,450 to Susan on credit. The cost of goods sold was $1,185. Assuming that the firm is following a perpetual inventory system, it will record $4,450 in thegeneral journal.Accounts Receivable DR, Sales Revenue CR column of the sales journal.Merchandise Inventory DR column of the purchases journal.Accounts Receivable CR column of cash receipts journal.Question12 of 25A company has a petty cash fund amount of $300. When replenished, it has petty cash receipts of $30 for gas expense, $32 for postage expense, $16 for supplies expense, and $10 for miscellaneous expenses. Assume the cash balance is not over or short. In the journal entry, Cash would be credited with$88.$72.$62.$78.Question13 of 25The petty cash fund had an initial imprest balance of $200. It currently has $17 in cash, $3 in miscellaneous cash receipts and an additional $180 in specific cash receipts. The debit to Cash Short and Over would be$0.$17.$180.$183.Question14 of 25A company received a bank statement showing a balance of $75,100. Reconciling items included outstanding checks of $2,250 and a deposit in transit of $9,500. What is the company’s adjusted bank balance?$63,350$67,850$82,350$65,600Question15 of 25The following information is needed to reconcile the cash balance for Fire Steel Inc.A deposit of $5,800 is in transit. Outstanding checks total $1,500. The book balance is $6,800 at February 28, 2013. The bookkeeper recorded a $1,740 check as $17,400 in payment of the current month’s rent. The bank balance at February 28, 2013 was $18,000. A deposit of $400 was credited by the bank for $4,000. A customer’s check for $3,700 was returned for nonsufficient funds.The bank service charge is $60. What was the adjusted book balance?$18,720$18,060$18,700$18,820Question16 of 25The Allowance for Bad Debts account has a credit balance of $2,000 before the adjusting entry for bad debt expense. The company’s management estimates that 2% of net credit sales will be uncollectible for the year 2015. Net credit sales for the year amounted to $250,000. What will be the balance of the Allowance for Bad Debts reported on the balance sheet at December 31, 2015?$7,275$3,075$7,000$5,285Question17 of 25The following information is from the 2015 records of Armand Camera Shop:Accounts Receivable, December 31, 2015$40,000 (debit)Allowance for Bad Debts, December 31, 2015 prior to adjustment1,500 (debit)Net credit sales for 2015175,000Accounts written off as uncollectible during 201515,000Cash sales during 201527,000Bad debts expense is estimated by the percent-of-sales method. The management estimates that 3% of net credit sales will be uncollectible. Calculate the amount of bad debts expense for 2015.$5,250$3,450$2,250$2,850Question18 of 25Smart Art is a new establishment. During the first year, the company had credit sales of $40,000 and collections of credit sales of $36,000. One account for $650 was written off. The company decided to use the percent-of-sales method to account for bad debts expense and decided to use a factor of 2% for their year-end adjustment of bad debts expense. At the end of the year, what is the ending balance in Accounts Receivable?$4,000$3,600$3,350$3,200Question19 of 25At the beginning of 2015, Peter Dots has the following ledger balances:During the year, credit sales amounted to $800,000. Cash collected on credit sales amounted to $760,000, and $18,000 has been written off. At the end of the year, the company adjusted for bad debts expense using the percent-of-sales method and applied a rate, based on past history, of 2.5%. The ending balance of Accounts Receivable would be$40,000.$62,000.$80,000.$18,000.Question20 of 25A company purchased a used machine for $10,000. The machine required installation costs of $1,000 and insurance while in transit of $500. At which of the following amounts would the machine be recorded?$10,000$11,000$10,500$11,500Question21 of 25A $40,000, four-month, 6.5% note payable was issued on October 1, 2015. Which of the following would be included in the journal entry required on the note’s maturity date by the borrower?A credit to Note payable for $40,867A credit to Cash for $40,000A debit to Interest expense for $217A debit to Interest payable for $217Question22 of 25Jade signs a $6,500, 8.5%, six-month note dated November 1, 2013. The interest expense recorded for this note in 2013 will be$133.$92.$276.$184.Question23 of 25Rocco worked 43 hours at his job during the first week of March, 2015. He is paid $14.50 per hour and receives overtime at the rate of time-and-one-half for hours worked over 40. What is Rocco’s gross pay for the week?$623.50$628.00$645.25$935.25Question24 of 25Berkley’s gross pay for the month is $5,400. His deduction for federal income tax is based on a rate of 18%. He has no voluntary deductions. His yearly pay is under the limit for OASDI. What is the amount of Berkley’s net pay? (Assume a FICAâ€”OASDI Tax of 4.2% and FICAâ€”Medicare Tax of 1.45%.)$4,122.90$5,400.00$5,094.90$4,428.00Question25 of 25Bike World offers warranties on all their bikes. They estimate warranty expense at 3.5% of sales. At the beginning of 2013, the Estimated Warranty Payable account had a credit balance of $1,200. During the year, Bike World had $295,000 of sales and had to pay out $5,300 in warranty payments. How much Warranty Expense will be reported on the 2013 income statement?$6,225$6,500
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