charter oak acc101 week 6 test part 1 charter oak acc101 week 6 test part 1 Question · 1. As of December 31, 2000, Dalton Company has $7,240 cash in its checking account, as well as several other items listed below: Save your time! Proper editing and formatting Free revision, title page, and bibliography Flexible prices and money-back guarantee ORDER NOW Bank credit card slips signed by customers $ 900 Money market fund balance 4,000 Make sure you submit a unique essay Our writers will provide you with an essay sample written from scratch: any topic, any deadline, any instructions. 100% ORIGINAL ORDER NOW Investment in US Treasury bills 10,000 Checks received from customers, but not yet deposited in the bank 700 Investment in ATT 10% bonds, maturing June 2001 15,000 What amount should be shown in Dalton's December 31, 2000, balance sheet as "Cash and cash equivalents"? Answer · Question 2 0 out of 3.119 points Use the following to answer questions 2 - 3: The Cash account in the ledger of Home-Builders Co. shows a balance of $16,526 at September 30. The bank statement, however, shows a balance of $20,900 at the same date. The only reconciling items consist of a bank service charge of $6, a large number of outstanding checks totaling $5,930, and a deposit in transit. 2. Refer to the above data. What is the adjusted cash balance in the September 30 bank reconciliation? Answer · Question 3 0 out of 3.119 points 3. Refer to the above data. What is the amount of the deposit in transit? Answer · Question 4 0 out of 3.119 points 4. Rand Inc. had accounts receivable of $200,000 and an allowance for doubtful accounts of $8,500 just before writing off as worthless an account receivable from Dart Company of $1,200. After writing off this receivable what would be the balance in Rand's Allowance for Doubtful Accounts? Answer · Question 5 3.119 out of 3.119 points 5. At December 31, before adjusting and closing the accounts had occurred, the Allowance for Doubtful Accounts of Wilton Corporation showed a debit balance of $5,300. An aging of the accounts receivable indicated the amount probably uncollectible to be $3,900. Under these circumstances, a year-end adjusting entry for uncollectible accounts expense would include a: Answer · Question 6 3.119 out of 3.119 points 6. At the start of the current year, Belmont Corporation had a credit balance in the Allowance for Doubtful Accounts of $1,200. During the year a monthly provision of 2% of sales was made for uncollectible accounts. Sales for the year were $400,000, and $7,400 of accounts receivable were written off as worthless. No recoveries of accounts previously written off were made during the year. The year-end financial statements should show: Answer · Question 7 0 out of 3.119 points 7. Moore Corporation invested $290,000 cash in available-for-sale marketable securities in early December. On December 31, the quoted market price for these securities is $307,000. Which of the following statements is correct? Answer · Question 8 3.119 out of 3.119 points Use the following to answer questions 8 - 9: On June 1, 2001, Bela Company acquired a 10%, ten-month note receivable from a customer in settlement of an existing account receivable of $120,000. Interest and principal are due at maturity. 8. Refer to the above data. The proper adjusting entry at December 31, 2001, with regard to this note receivable includes a: Answer · Question 9 3.119 out of 3.119 points 9. Refer to the above data. Bella's entry to record the collection of this note at maturity includes a: Answer 0 out of 3.119 points Use the following to answer questions 10 - 11: On November 1, 2000, Columbus Corporation sold land priced at $700,000 in exchange for a 12%, six-month note receivable. 10. Refer to the above data. Columbus's balance sheet at December 31, 2000, includes which of the following as a result of the sale of land on November 1? Answer · Question 11 3.119 out of 3.119 points 11. Refer to the above data. On May 1, 2001 (maturity date), the note is collected in full by Columbus Corporation. Assuming a fiscal year-end of December 31, Columbus recognizes which of the following in its income statement for 2001 with regard to this note? Answer