12. Which of the following might be classified as a cash equivalent? A. Cash in a...

  

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12. Which of the following might be classified as a "cash equivalent"? A. Cash in a checking account. B. 30-day Treasury bill. C. Money orders waiting to be deposited. D. 120-day Treasury bill. 13. On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000 with credit terms 2/10, n/30. Flores uses the gross method of accounting for cash discounts. What is the correct entry for Flores on November 10? 7,840 Accounts receivable Sales Accounts receivable Sales Accounts receivable Cash discounts Sales Accounts receivable Cash discounts Sales 8,000 7,840 160 8,000 7,840 8,000 8,000 160 7,840 14. Assets held-for-sale are reported at: a) Original cost less accumulated depreciation. b) Lower of book value or fair value less costs to sell. c) Fair value less costs to sell. d) Cost plus the difference between their cost and fair values. 15. A company receiving a donated asset will record: a) An increase in revenue. b) An increase in liabilities. c) A decrease in liabilities. d) An increase in revenue and A decrease in liabilities. 12. Which of the following might be classified as a "cash equivalent"? A. Cash in a checking account. B. 30-day Treasury bill. C. Money orders waiting to be deposited. D. 120-day Treasury bill. 13. On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000 with credit terms 2/10, n/30. Flores uses the gross method of accounting for cash discounts. What is the correct entry for Flores on November 10? 7,840 Accounts receivable Sales Accounts receivable Sales Accounts receivable Cash discounts Sales Accounts receivable Cash discounts Sales 8,000 7,840 160 8,000 7,840 8,000 8,000 160 7,840 14. Assets held-for-sale are reported at: a) Original cost less accumulated depreciation. b) Lower of book value or fair value less costs to sell. c) Fair value less costs to sell. d) Cost plus the difference between their cost and fair values. 15. A company receiving a donated asset will record: a) An increase in revenue. b) An increase in liabilities. c) A decrease in liabilities. d) An increase in revenue and A decrease in liabilities.

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12the following might be classified as cash equivalents B30days treasury bill cash equivalents are s... View the full answer