1. A company reported that its bonds with a par value of $45,000 and a carrying
ID: 2376501 • Letter: 1
Question
1. A company reported that its bonds with a par value of $45,000 and a carrying value of $56,000 are retired for $60,000 cash, resulting in a loss of $4,000. The amount to be reported under cash flows from financing activities is:
2.
Lusy Company has an agreement with a major credit card company which calls for cash to be received immediately upon deposit of Lusy customers' credit card sales receipts. The credit card company receives 3% of card sales as its fee. If Lusy has $5,000 in credit card sales, which of the following statements are true?
3. In comparing the canceled checks on the bank statement with the entries in the accounting records, it is found that check number 4231 for September's rent was correctly written and drawn for $3,555 but was erroneously entered in the accounting records as $7,380. When preparing the September bank statement, the company should:
Lusy Company has an agreement with a major credit card company which calls for cash to be received immediately upon deposit of Lusy customers' credit card sales receipts. The credit card company receives 3% of card sales as its fee. If Lusy has $5,000 in credit card sales, which of the following statements are true?
Explanation / Answer
1. The amount to be reported under cash flows from financing activities is: - 60000 2. Lusy debits Cash $4,850 3. Add $3,825 to the book balance of cash 4. $46.57 5. $668.85 6. A $300 cash receipt from a customer in payment of his account posted as a $300 debit to Cash and a $30 credit to Accounts Receivable 7. $90,000 8. $53,500 9. $33,648. 10. $373,731 11. Net Purchases: $5,000; Ending Inventory: $8,000. 12. $236,000 13. $33 14. $3,400. 15. $35,000. 16. $(60,000).
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