In its December 31, Year 1, balance sheet, Fleet Co. reported accounts receivable of USD100,000 before allowance for uncollectible accounts of USD10,000. Credit sales during Year 2 were USD611,000, and collections from customers, excluding recoveries, totaled USD591,000. During Year 2, accounts receivable of USD45,000 were written off and USD17,000 were recovered. Fleet estimated that USD15,000 of the accounts receivable at December 31, Year 2, were uncollectible. In its December 31, Year 2, balance sheet, what amount should Fleet report as accounts receivable before allowance for uncollectible accounts?

1 .CPA-00406Under U.S. GAAP, one criterion for a capital lease is that the term of the lease must equal a minimum percentage of the leased property's estimated economic life at the inception of the lease. What is this minimum percentage?

A 51% B 75% C 80% D 90%

题型: 单选题 提问时间: 2021-08-24

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2 .CPA-00476On March 1, Year 1, Somar Co. issued 20-year bonds at a discount. By September 1, Year 6, the bonds were quoted at 106 when Somar exercised its right to retire the bonds at 105. The amount is material and considered to be unusual in nature and infrequently occurring with respect to Somar Co. How should Somar report the bond retirement on its Year 6 income statement under U.S. GAAP?

A An extraordinary loss. B A loss in continuing operations. C A gain in continuing operations. D An extraordinary gain.

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3 .A company has the following liabilities at year end:Mortgage-note payable; USD16,000 due within 12 monthsUSD355,000Short-term debt that the company is refinancing with long-term debt175,000Deferred tax liability arising from depreciation25,000What amount should the company include in the current liability section of the balance sheet?

A USD16,000 B USD0 C USD41,000 D USD191,000

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4 .As of December 1, Year 2 a company obtained a USD1,000,000 line of credit maturing in one year on which it has drawn USD250,000, a USD750,000 secured note due in five annual installments, and a USD300,000 three-year balloon note. The company has no other liabilities. How should the company's debt be presented in its classified balance sheet on December 31, Year 2 if no debt repayments were made in December?

A Current liabilities of USD1,000,000; long-term liabilities of USD1,050,000. B Current liabilities of USD500,000; long-term liabilities of USD1,550,000. C Current liabilities of USD500,000; long-term liabilities of USD800,000. D Current liabilities of USD400,000; long-term liabilities of USD900,000...

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5 .Imperial Food's checkbook balance on December 31, Year 1, was USD122,400. In addition, Imperial held the following items in its safe on December 31:A check for USD600 from Brewster, Inc., received December 30, Year 1, which was not included in the checkbook balance.A non-sufficient funds check from Star Company in the amount of USD800 that had been deposited at the bank, but was returned for lack of sufficient funds on December 29. The check was to be redeposited on January 3, Year 2. The original deposit has been included in the December 31 checkbook balance.Coin and currency on hand amounted to USD1,500.The proper amount to be reported on Imperial Foods' balance sheet for cash at December 31, Year 1 is:

A USD122,800 B USD123,700 C USD123,000 D USD122,400

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7 .Kauf Co. had the following amounts related to the sale of consignment inventory:Cost of merchandise shipped to consigneeUSD72,000Sales value for two-thirds of inventory sold by consignee80,000Freight cost for merchandise shipped7,500Advertising paid for by consignee, to be reimbursed4,50010% commission due the consignee for the sale8,000What amount should Kauf report as net profit(loss) from this transaction for the year?

A USD14,500 B USD8,000 C USD32,000 D USD(12,000)

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8 .Mare Co.'s December 31 balance sheet reported the following current assets:CashUSD70,000Accounts receivable120,000Inventories60,000TotalUSD250,000An analysis of the accounts disclosed that accounts receivable consisted of the following:Trade accountsUSD96,000Allowance for uncollectible accounts(2,000)Selling price of Mare's unsold goods out on consignment, at 130%of cost,notincluded in Mare's ending inventory26,000TotalUSD120,000Selling price of Mare's unsold goods out on consignment, at 130%At December 31, the total of Mare's current assets is:

A USD224,000 B USD270,000 C USD230,000 D USD244,000

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9 .During the current year, Kam Co. began offering its goods to selected retailers on a consignment basis. The following information was derived from Kam's current year accounting records:Beginning inventoryUSD122,000Purchases540,000Freight in10,000Transportation to consignees5,000Freight out35,000Ending inventory (held by Kam )145,000Ending inventory (held by consignees)20,000In year-end income statement, what amount should Kam report as cost of goods sold?

A USD527,000 B USD512,000 C USD507,000 D USD547,000

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10 .A firm’s ending inventory balance was overstated by USD1,000. Which of the following statements is correct according to a periodic inventory system?

A The cost of goods sold was overstated by USD1,000. B The gross margin was understated by USD1,000. C The cost of goods available for sale was overstated by USD1,000. D The retained earnings were overstated by USD1,000.

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