In preparing its bank reconciliation for the month of April, Century, Inc. has available the following...

     

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In preparing its bank reconciliation for the month of April, Century, Inc. has available the following information: Balance per bank statement, 4/30 Bank collection of customer payment Deposits in transit, 4/30 Outstanding checks, 4/30 Bank service charges for April What is the unadjusted balance per books at April 30? Select one: O a. $81,400 O b. $80,925 O c. $81,375 O d. $80,500 Oe. $81,450 $78,925 450 12,000 10,000 25 All of Roberts Company's sales are on a credit basis. The following information is available for 2015: Allowance for doubtful accounts at 1/1/15 Sales Sales returns Accounts written off as uncollectible Select one: O a. $15,050 Ob. $13,850 $12,000 435,000 Roberts provides for doubtful accounts expense at the rate of 3% of net sales. Following adjusting entries at December 31, 2015, the allowance for doubtful accounts balance will be: c. $13,050 Od. $11,850 e. $9,850 40,000 10,000 In a periodic inventory system, purchases of merchandise on account are recorded by debiting: Select one: O a. Cost of Goods Sold O b. Accounts Payable Oc. Purchases Od. Inventory Oe. Cash During 2014, Paul Company discovered that the ending inventories reported on its financial statements were incorrect by the following amounts: 2012 2013 $60,000 understated $75,000 overstated Paul uses the periodic inventory system. Prior to any adjustments for these errors and ignoring income taxes, Paul's retained earnings at January 1, 2014, would be: Select one: Oa. Correct Ob. $15,000 overstated O c. $75,000 overstated O d. $135,000 overstated O e. $15,000 understated A store uses the gross profit method to estimate inventory and cost of goods sold for interim reporting purposes. Past experience indicates that the markup on cost is 25%. The following data relate to the month of March: Inventory cost, March 1 Purchases during the month at cost Sales Sales returns $25,000 67,000 84,000 3,000 Using the data above, what is the estimated ending inventory at March 31? Select one: O a. $20,250 O b. $24,800 Oc. $27,200 Od. $71,750 Oe. $31,250 In preparing its bank reconciliation for the month of April, Century, Inc. has available the following information: Balance per bank statement, 4/30 Bank collection of customer payment Deposits in transit, 4/30 Outstanding checks, 4/30 Bank service charges for April What is the unadjusted balance per books at April 30? Select one: O a. $81,400 O b. $80,925 O c. $81,375 O d. $80,500 Oe. $81,450 $78,925 450 12,000 10,000 25 All of Roberts Company's sales are on a credit basis. The following information is available for 2015: Allowance for doubtful accounts at 1/1/15 Sales Sales returns Accounts written off as uncollectible Select one: O a. $15,050 Ob. $13,850 $12,000 435,000 Roberts provides for doubtful accounts expense at the rate of 3% of net sales. Following adjusting entries at December 31, 2015, the allowance for doubtful accounts balance will be: c. $13,050 Od. $11,850 e. $9,850 40,000 10,000 In a periodic inventory system, purchases of merchandise on account are recorded by debiting: Select one: O a. Cost of Goods Sold O b. Accounts Payable Oc. Purchases Od. Inventory Oe. Cash During 2014, Paul Company discovered that the ending inventories reported on its financial statements were incorrect by the following amounts: 2012 2013 $60,000 understated $75,000 overstated Paul uses the periodic inventory system. Prior to any adjustments for these errors and ignoring income taxes, Paul's retained earnings at January 1, 2014, would be: Select one: Oa. Correct Ob. $15,000 overstated O c. $75,000 overstated O d. $135,000 overstated O e. $15,000 understated A store uses the gross profit method to estimate inventory and cost of goods sold for interim reporting purposes. Past experience indicates that the markup on cost is 25%. The following data relate to the month of March: Inventory cost, March 1 Purchases during the month at cost Sales Sales returns $25,000 67,000 84,000 3,000 Using the data above, what is the estimated ending inventory at March 31? Select one: O a. $20,250 O b. $24,800 Oc. $27,200 Od. $71,750 Oe. $31,250

Answer rating: 100% (QA)

Part 1 1 Particulars Amount Cash balance as per bank 78925 Less bank collection of customer payment ... View the full answer