Hi I need help with an accounting hw quiz. 2hr dead line. Are you avail to help?
10. Corresponds to CLO 3(b)
Swift Builders, Inc. uses the completed-contract method of accounting for a $450,000 contract that it expects will take two years to complete. At December 31, 2013, the end of the first year of the contract, additional information related to the project includes: costs incurred to date were $290,000; estimated costs to complete were $180,000; billings to date were $325,000; collections to date were $300,000. What amount should Swift recognize as gross profit or loss for 2013? (Points : 6)
a $20,000 loss
a $40,000 loss
a $110,000 loss
11. Corresponds to CLO 3(c)
Miller Company appropriately uses the installment method of accounting to recognize income in its financial statements. Pertinent data relating to this method of accounting includes: installment sales totaled $400,000 for 2013 and $500,000 for 2014; cost of sales were $260,000 for 2013 and $300,00 for 2014; in 2013 Miller collected $280,000 from 2013 sales; in 2014 Miller collected $100,000 from 2013 sales and $300,000 from 2014 sales. What amount should Miller report as realized gross profit on the 2014 income statement? (Points : 6)
12. Corresponds to CLO 3(d)
In consignment sales, the consignee (Points : 6)
records the merchandise as an asset on its books.
recognizes revenue when it ships merchandise to the consignor.
upon sale of the merchandise, has a liability for the net amount due the consignor.
records a liability for the merchandise held on consignment.
13. Corresponds to CLO 4(a)
If Collier Costumes, Inc. has the following items at year-end, how much should it report as cash on the balance sheet?
Cash in bank $25,700
Cash on hand $620
Post-dated checks $1,680
Certificates of deposit $80,000
(Points : 6)
14. Corresponds to CLO 4(b)
At December 31, 2013, Vega Vaccum Corporation has cash in bank of 104,000, restricted cash in a separate account of $19,000, and a bank overdraft at another bank of $500. How much should it report as cash on the balance sheet? (Points : 6)
15. Corresponds to CLO 4(c)
Which of the following is not classified as cash on the balance sheet? (Points : 6)
Cash restricted for plant expansion
All of the above
16. Corresponds to CLO 4(d)
The month-end bank statement for Guthrie Motors shows a balance of $125,000 and a bank service charge of $40. Outstanding checks are $35,000, a deposit of $10,000 was in transit at month end, and a check for $1,500 was erroneously charged by the bank against the account. The correct balance in the bank account at month end is (Points : 6)
17. Corresponds to CLO 5(a)
As of December 31, Gammelguard Corporation has outstanding accounts receivable of $2.4 million. Sales on credit during the year were $9 million. The allowance for doubtful accounts has a credit balance of $20,0000. If the company estimates that 7% of its outstanding receivables will be uncollectible, what will be the amount of bad debt expense recognized for the year? (Points : 6)
18. Corresponds to CLO 5(b)
As of December 31, Wiliams Corporation has outstanding accounts receivable of $3.6 million. Sales on credit during the year were $12.5 million. The allowance for doubtful accounts has a credit balance of $62,000. If the company estimates that 1% of its net credit sales will be uncollectible, what will be the amount of bad debt expense recognized for the year? (Points : 6)
19. Corresponds to CLO 5(c)
Kandris Corporation had a balance in accounts receivable of $450,000 and a balance in allowance for doubtful accounts of $34,000, when management decided the accounts receivable from Dunn Corporation of $1,800 had become uncollectible. What journal entry should Kandris Corporation make to write-off the uncollectible account? (Points : 6)
Debit Allowance for Doubtful Accounts, credit Accounts Receivable, $1,800
Debit Allowance for Doubtful Accounts, credit Bad Debt Expense, $1,800
Debit Bad Debt Expense, credit Allowance for Doubtful Accounts, $1,800
Debit Accounts Receivable, credit Allowance for Doubtful Accounts, $1,800