15. The cash account shows a balance of $90,000 before reconciliation. The bank
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Question
15. The cash account shows a balance of $90,000 before reconciliation. The bank statenvek does not include a deposit of $4,600 made on the last day of the month. The bank se a collection by the bank of S1,880 and a customers check for was NSF. A customers check for $900 was recorded A) $91,096. B) S95,696. C) $91456 D) $91.024. $640 was returned because it was recorded as $194. The correct balance in the cash account was on the books as $1,080, and a check 16. Which of the following statements is correct regarding receivables A) Receivables are non-financial asscts. C) Receivables are claims held against customers and others for money, goods, or services. D) Receivables that are expected to be collected within a year are classified as 17. Which of the following is a produst cost as it relates to inD) Sel A) Interest costs. B) Abnormal spoilage. C) Raw materials. D) Selling costs. 18. In the context of dollar-value LIFO, what is n LIFO layer? The difference between the LIFO inventory and the amount used for internal reporting purposes. A) B) The LIFO value of the inventory for a given year. C) The inventory in base year dollars. D) The LIFO value of an increase in the inventory for a given year 19. For receivables sold with recourse, the seller guarantees payment to the purchaser if the debtor fails to paya False A) True B) The following information is available for Naab Company for 2016: Freight-in Purchase returns Selling expenses Ending inventory The cost ofgoods sold is equal to 400% of selling expenses. What is the cost of goods available for sale? 20. S 30,000 75,000 230,000 215,000 A) S 920,000. B) $1,180,000. C) $1,150,000. D) $1,135,000. Version 2 Page 3Explanation / Answer
15. Answer: Option A) $91,096
16. Answer: C) Receivables are claims held against customers and others for money, goods, or services.
Receivables are financial assets hence, option A is incorrect.
Notes receivable and not all receivables are written promises hence, option B is incorrect.
Receivables that are expected to be collected within a year are classified as current hence, option D is incorrect.
17. Answer: Option C) Raw materials
Interest costs, abnormal spoilage, and selling costs are not considered as product costs while the cost of raw materials, direct labor and manufacturing overheads are considered as product costs. Hence, option C is correct.
18. Answer: Option D) The LIFO value of an increase in the inventory for a given year.
Per Chegg guidelines, 4 parts have been answered.
Balance per cash account $ 90000 Add: EFT collected by bank 1880 Error in recording payment ($194 - $158) 36 1916 91916 Less: NSF check returned 640 Error in recording collection ($1080 - $900) 180 820 Correct balance in cash account $ 91096Related Questions
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