account-An analysis of Amy Jo's December 31, 2016, accounts receivable suggests

As of December 31, 2016, Amy
Jo’s Appliances had unadjusted account balances in accounts receivable of
$308,000 and $990 in the allowance for uncollectible accounts, following 2016
write-offs of $6,540 in bad debts. An analysis of Amy Jo’s December 31, 2016,
accounts receivable suggests that the allowance for uncollectible accounts
should be 4% of accounts receivable. Bad debt expense for 2016 should be:

$12,320.

None of these answer choices are
correct.

$11,330.

$6,540.

Data related to the inventories of
Alpine Ski Equipment and Supplies is presented below:

	Skis	Boots	Apparel	Supplies
Selling price	$166,000	$158,000	$104,000	$73,000
Cost	136,000	140,000	67,600	51,100
Replacement cost	134,000	112,000	87,600	47,100
Sales commission	10%	10%	10%	10%

In applying the lower of cost and
net realizable value rule, the inventory of skis would be valued at:

$149,400.

$107,900.

$136,000.

$134,000.

Calistoga Produce estimates bad
debt expense at 0.30% of credit sales. The company reported accounts
receivable and allowance for uncollectible accounts of $481,000 and $1,600,
respectively, at December 31, 2015. During 2016, Calistoga’s credit sales and
collections were $322,000 and $304,000, respectively, and $1,800 in accounts
receivable were written off.

Calistoga’s accounts receivable at December 31, 2016, are:

$461,200.

$499,000.

$479,200.

$497,200.

10.

Udon
Inc. adopted dollar-value LIFO (DVL) as of January 1, 2016, when it had an
inventory of $724,000. Its inventory as of December 31, 2016, was $874,000 at
year-end costs and the cost index was 1.15. What was DVL inventory on
December 31, 2016?

$832,600

$765,400

$760,000

$874,000

11.

Thompson TV and Appliance reported
the following in its 2016 financial statements:

	2016
Sales	$436,000
Cost of goods sold:
Inventory, January 1	66,000
Net purchases	326,000
Goods available for sale	392,000
Inventory, December 31	99,000
Cost of goods sold	293,000
Gross profit	$143,000

Thompson’s 2016 gross profit ratio
is (Round your answer to the nearest whole
percentage):

25%.

32%.

None of these is correct.

33%.

18.

Anthony Thomas Candies (ATC)
reported the following financial data for 2016 and 2015:

	2016	2015
Sales	$314,000	$289,000
Sales returns and allowances	9,000	6,000
Net sales	$305,000	$283,000
Cost of goods sold:
Inventory, January 1	61,000	18,000
Net purchases	150,000	129,000
Goods available for sale	211,000	147,000
Inventory, December 31	66,000	61,000
Cost of goods sold	145,000	86,000
Gross profit	$160,000	$197,000

ATC’s inventory turnover ratio for
2016 is (Round your answer to two decimal
places):

4.39.

2.28.

None of these is correct.

2.20.

22.

Calistoga Produce estimates bad
debt expense at 0.40% of credit sales. The company reported accounts receivable
and allowance for uncollectible accounts of $473,000 and $1,540 respectively,
at December 31, 2015. During 2016, Calistoga’s credit sales and collections
were $324,000 and $307,000, respectively, and $1,900 in accounts receivable
were written off.

Calistoga’s 2016 bad debt expense is:

$1,296.

$1,900.

$936.

$1,540.

23.

Data related to the inventories of
Costco Medical Supply are presented below:

	Surgical Equipment	Surgical Supplies	Rehab Equipment	Rehab Supplies
Selling price	$273	$132	$352	$150
Cost	151	136	260	149
Costs to sell	29	15	26	8

In applying the lower of cost and
net realizable value rule, the inventory of surgical supplies would be valued
at:

$117.

$109.

$91.

$136.

24.

California Inc., through no fault
of its own, lost an entire plant due to an earthquake on May 1, 2016. In
preparing its insurance claim on the inventory loss, the
company developed the following data: Inventory January 1, 2016, $350,000;
sales and purchases from January 1, 2016, to May 1, 2016, $1,170,000 and
$885,000, respectively. California consistently reports a 35% gross profit.
The estimated inventory on May 1, 2016, is:

$439,500.

$474,500.

$475,900.

$534,500.

25.

Logistics Company had the
following items listed in its trial balance at 12/31/2016:

Balance in checking account, Bank of the East	$342,000
Treasury bills, purchased on 11/1/2016, mature on 1/30/2017	25,000
Loan payable, long-term, Bank of the East	390,000

Included in the checking account
balance is $44,000 of restricted cash that Bank of the East requires as a
compensating balance for the $390,000 note. What amount will Logistics
include in its year-end balance sheet as cash and cash equivalents?

$367,000.

$342,000.

$323,000.

$298,000.

account-An analysis of Amy Jo’s December 31, 2016, accounts receivable suggests

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