In the month of March, Cooper Company wrote checks in the amount of $277,500. In April, checks in the amount of $379,740 were written.

  1. In the month of March, Cooper Company wrote checks in the amount of $277,500. In April, checks in the amount of $379,740 were written. In March, $254,040 of these checks were presented to the bank for payment, and $326,490 in April. What is the amount of outstanding checks at the end of April?
  2. $53,250
  3. $23,460
  4. $76,710
  5. $106,500
  6. 1 points 

Question 10

  1.  If a company’s cash budget projected a cash shortage, the company would have to:
  2. make fewer purchases of inventory so they could control costs.
  3. lay off workers for that period.
  4. arrange to borrow the necessary cash for that period.
  5. cut salaries for that period.
  6. 1 points 

Question 11

  1.  Lamp Company purchases are $1,750,000 in the third quarter and $2,250,000 in the fourth quarter. Forty percent of the purchases are paid in cash as they occur, and the balance is paid in the following quarter. The budgeted cash payments for purchases in the fourth quarter are:
  2. $2,400,000.
  3. $2,250,000.
  4. $1,950,000.
  5. $1,800,000.
  6. 1 points 

Question 12

  1.  An internal control over blank checks is that they
  2. should be kept in a locked safe.
  3. should be pre-signed.
  4. should not be pre-numbered.
  5. all of the above.
  6. 1 points 

Question 13

  1.  A bank statement is useful
  2. to let a depositor know the financial position of the bank as of a certain date.
  3. as it serves as a credit reference letter written by the depositor’s bank.
  4. as an invoice from the bank for services rendered.
  5. to show the activities that increased or decreased the depositor’s account balance.
  6. 1 points 

Question 14

  1.  Which section of a bank reconciliation lists the totals for NSF checks?
  2. Addition to the balance per books
  3. Deduction from the balance per bank
  4. Addition to the balance per bank
  5. Deduction from the balance per books
  6. 1 points 

Question 15

  1.  A deposit in transit is a deposit that
  2. has been recorded on the company’s books but not yet by the bank.
  3. has been recorded by the bank but not yet by the company.
  4. has not been recorded by the bank or the company.
  5. has been mailed by the customer but not yet received by the company.
  6. 1 points 

Question 16

  1.  A company sells $700,000 of accounts receivable to a factor for cash less a 3% service charge. The entry to record the sale should NOT include a
  2. debit to Interest Expense for $21,000.
  3. debit to Cash for $679,000.
  4. debit to Service Charge Expense for $21,000.
  5. credit to Accounts Receivable for $700,000.
  6. 1 points 

Question 17

  1.  The receivables turnover ratio
  2. is computed by dividing net credit sales for the accounting period by the cash realizable value of accounts receivable on the last day of the accounting period.
  3. can be used to compute the average collection period.
  4. is a method of evaluating the solvency of net accounts receivable.
  5. is only important to internal users of accounting information.
  6. 1 points 

Question 18

  1.  The financial statements of the Pilot Manufacturing Co. report net sales of $5,000,000 and accounts receivable of $500,000 and $300,000 at the beginning of the year and end of year, respectively. What is the receivables turnover ratio for Pilot?
  2. 7 times
  3. 10 times
  4. 16.7 times
  5. 12.5 times
  6. 1 points 

Question 19

Klein Co. holds Pan Inc.’s $30,000, 120 day, 8% note. The entry made by Klein Co. when the note is collected, assuming no interest has previously been accrued, is:

Cash30,000 Notes Receivable 30,000

Accounts Receivable30,800 Notes Receivable 30,000Interest Revenue 800

Cash30,800 Notes Receivable 30,000Interest Revenue 800

Accounts Receivable30,800 Cash 30,000Interest Revenue 800

Show more

Calculate Your Essay Price
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more