1.Odaine also disclosed that Bad Debt Expense was $1200 in 2012 and $990 in 2011. There were no recoveries of previously-written off accounts in either year. What were total write-offs of uncollectable accounts for the year ended 12/31/2012?
$1,250
$1,150
$210
$1,200
$950
JannaChan Ltd.'s Statement of Cash Flows had the following line items:
|
|
2012 |
|
2011 |
| Bad Debt Expense, net |
|
$1,500 |
|
$1,350 |
| Increase in Accts Receivable |
|
$(6,600) |
|
$(4,900) |
2.JannaChan reported Sales of $150,000 during the year ended 12/31/2012. There were no write-offs or recoveries during 2012. How much cash did JannaChan collect from customers during the year ended 12/31/2012?
$143,400
$156,600
$150,000
$148,500
$141,900
3.A retail company, Telmo-Mart, had the following line item on its Balance Sheet:
|
|
12/31/2012 |
|
12/31/2011 |
| Inventory |
|
$2,500 |
|
$2,200 |
Telmo-Mart's Income Statement had the following line item:
|
|
2012 |
|
2011 |
| Cost of Goods Sold |
|
$65,000 |
|
$59,000 |
How much inventory did Telmo-Mart purchase during the year ended 12/31/2012?
$65,300
$64,700
$58,700
$65,000
$59,300
4.Nguyen Co. incurred the following costs during the quarter:
| Raw materials used in production |
|
$132,000 |
| Marketing materials used by sales staff |
|
$114,000 |
| Wages of factory workers |
|
$191,000 |
| Salaries of sales staff |
|
$391,000 |
| Depreciation on factory and production equipment |
|
$152,000 |
| Depreciation on headquarters building |
|
$132,000 |
| Manufacturing overhead |
|
$172,000 |
How much of these costs would have been recorded in Nguyen's Work in Process Inventory account during the quarter?
$495,000
$647,000
$488,000
$779,000
$1,252,000
5.A manufacturing company, Kutty Industries Ltd., had the following line items in a footnote:
|
|
12/31/2012 |
|
12/31/2011 |
| Raw Materials |
|
$150 |
|
$140 |
| Work in Process |
|
$215 |
|
$200 |
| Finished Goods |
|
$250 |
|
$240 |
|
|
$615 |
|
$580 |
| LIFO Reserve |
|
$(100) |
|
$(60) |
| Total Inventory |
|
$515 |
|
$520 |
Kutty Industries' Income Statement had the following line item:
|
|
2012 |
|
2011 |
| Cost of Goods Sold |
|
$1,850 |
|
$1,725 |
What would Kutty Industries's Cost of Goods Sold had been if they had used the FIFO inventory method for the year ended 12/31/2012?
$1,950
$1,810
$1,750
$1,890
$1,850