Question 1: The following information: related to the bank reconciliation of the
Flipper Company:
Balance per bank statement - $1,951.20
Balance per ledger - 1,869.60
Deposits in transit - 271.20
Outstanding checks - 427.80
NSF check - 61.20
Service charges - 13.80
The adjusted/correct cash balance is:
Question 2:
During 2016, Bravo Company had credit sales of $40,000 and cash sales of $18,000. In 2016 Bravo collected $21,000 of accounts receivable resulting from sales on credit. Bravo incurred operating expenses of $7,500; of this amount, $2,900 was paid in 2016, and the $4,600 balance represented a liability at year-end. In addition to these operating expenses, Bravo also purchased for cash a three-year insurance policy on January 1, 2016. The cost of this policy was $3,000. What is Bravo's 2016 cash basis net income?
Question 3:
During 2016, Bravo Company had credit sales of $40,000 and cash sales of $18,000. In 2016 Bravo collected $21,000 of accounts receivable resulting from sales on credit. Bravo incurred operating expenses of $7,500; of this amount, $2,900 was paid in 2016, and the $4,600 balance represented a liability at year-end.
In addition to these operating expenses, Bravo also purchased for cash a three-year insurance policy on January 1, 2016. The cost of this policy was $3,000. What is Bravo's 2016 accrual basis net income?
Question 4:
Bravo was paid $12,000 in advance for services to be performed. By the end of the year, only one-eighth of the services had been performed. What will be the financial statement disclosure for Bravo's Unearned Revenue at the end of the year?
Question 5:
Charlie Corporation's adjusted trial balance included the following items (all account balances are normal): Accounts payable $65,000, Accounts receivable $45,000, Capital stock $100,000, Cash $50,000, Dividends $10,000, Goodwill $47,000, Interest expense $4,000, Interest payable $2,000, Inventory $32,000, Notes payable $80,000, Prepaid expenses $5,000, Property, plant& equipment $123,000, Retained earnings $46,000, Rent expense $18,000, Revenues $101,000, and Salary expense $60,000. How much is retained earnings to be
reported in the balance sheet?
Question 6:
Alpha Company provided the following data concerning its income statement: sales, $1,000,000; purchases, $400,000; beginning inventory, $250,000; ending inventory, $275,000; operating expenses, $95,000; freight-in, $5,000; sales discounts, $20,000; purchases discounts, $15,000; sales returns & allowances, $120,000; and purchases returns & allowances, $45,000. The data are complete and provide the basis for preparation of an income statement. How much are net sales for Alpha Company?
Question 7:
Alpha Company provided the following data concerning its income statement: sales, $1,000,000; purchases, $400,000; beginning inventory, $250,000;
ending inventory, $275,000; operating expenses, $95,000; freight-in, $5,000; sales
discounts, $20,000; purchases discounts, $15,000; sales returns & allowances, $120,000; and purchases returns & allowances, $45,000. The data are complete and provide the basis for preparation of an income statement. How much is cost of goods sold?
Question 8:
Alpha Company was preparing its month-end bank reconciliation.
The cash balance per the general ledger was $1,645. Alpha's accountant discovered that the bank had charged $15 in service charges for the month, that outstanding checks were $60, and that there were no deposits in transit. What is the correct adjusted ending cash balance?
Question 9:
In preparing its August 31, 2015 bank reconciliation, Yankee Corp. has available
the following information:
Balance per bank statement, 8/31/15 $18,050
Outstanding checks, 8/31/15 3,250
Return of customer's check for insufficient funds, 8/31/15 600
Deposit in transit, 8/31/15 2,750
Bank service charges for August 100
At August 31, 2015, Yankee's correct cash balance is: