Question : 167. As of December 31, 2011, Chippewa Company has $26,440 cash : 1229761

Accounting

167. As of December 31, 2011, Chippewa Company has $26,440 cash in its checking account, as well as several other items listed below:

What amount should be shown in Chippewa’s December 31, 2011, balance sheet as “Cash and cash equivalents”?
A. $30,040.
B. $139,640.
C. $209,640.
D. $59,640.

168. On January 1, Wilson Company established a petty cash fund of $400. The journal entry to record the replenishment of the fund for $280 at the end of January includes:
A. A debit to Petty Cash of $280.
B. A credit to Cash of $280.
C. A debit to various expenses of $120.
D. No journal entry; an entry is needed only when the petty cash fund is created or discontinued.

At the end of March, the unadjusted trial balance of Tutor, Inc. included the following accounts:

169. Tutor uses the balance sheet approach in estimating uncollectible accounts expense, and aging the accounts receivable indicates the estimated uncollectible portion to be $8,600. What is the amount of uncollectible accounts expense recognized in Tutor’s income statement for March?
A. $8,600.
B. $6,800.
C. $10,400.
D. $1,800.

170. Tutor uses the balance sheet approach in estimating uncollectible accounts expense, and aging the accounts receivable indicates the estimated uncollectible portion to be $7,400. The net realizable value of Tutor’s accounts receivable in the March 31 balance sheet is:
A. $247,400.
B. $240,000.
C. $232,600.
D. $352,600.

171. Tutor uses the income statement approach in estimating uncollectible accounts expense, and uncollectible accounts expense is estimated to be 3% of credit sales. What is the amount of uncollectible accounts expense recognized in Tutor’s income statement for March?
A. $13,500.
B. $18,000.
C. $8,600.
D. $7,200.

172. Tutor uses the income statement approach in estimating uncollectible accounts expense, and uncollectible accounts expense is estimated to be 3% of credit sales. The net realizable value of Tutor’s accounts receivable in the March 31 balance sheet is:
A. $251,800.
B. $253,500.
C. $224,700.
D. $255,300.

173. Dorfmann Industries has an accounts receivable turnover rate of 12. Which of the following statements is not true?
A. Dorfmann’s accounts receivable are more liquid than those of a business whose accounts receivable turnover rate is 8.
B. Dorfmann waits approximately 30 days to make collections of its credit sales. (Use 365 days in a year.)
C. Dorfmann writes off accounts receivable as uncollectible if they are over 30 days old.
D. Dorfmann’s net credit sales are about twelve times the amount of its average accounts receivable.

174. Watins, Inc.’s 2011 income statement reported net sales of $5,000,000. Watin’s average accounts receivable during 2011 amounted to $450,000. Using 360 days to a year, Watin’s:
A. Accounts receivable turnover rate is approximately 13.8 times.
B. Accounts receivable turnover rate is approximately 1.25 times.
C. Average number of days to collect an account receivable is 32 days.
D. Accounts receivable turnover rate is approximately 2 times.

175. Assuming a 365 day year, Bush Industries calculated an average of 47 days to collect its accounts receivable in 2012. During 2012, Bush’s accounts receivable turnover rate:
A. Was approximately 7.77.
B. Was equal to 47 times its average accounts receivable.
C. Was approximately 0.13.
D. Can’t be determined from this information alone.

176. If a 5%, 120-day note receivable is acquired from a customer in settlement of an existing account receivable of $50,000, the accounting entry for acquisition of the note will:
A. Include a debit to Notes Receivable for $50,822.
B. Include a debit to Notes Receivable for $50,208.
C. Include a credit to Interest Revenue for $822.
D. Include a debit to Notes Receivable for $50,000 and no entry for interest.

177. Silver Company received a 60-day, 6% note for $16,000 on August 5. Which of the following statements is true?
A. Silver will receive $16,000 plus interest of $960 at maturity.
B. Silver should record a total receivable due of $16,080 on August 5.
C. The principal of the note plus interest is due on October 15.
D. The maturity value of this note is $16,000.

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July 1, 2023

1) Members of OSHA's $100,000 club have:

A) invested more than $100,000 in health and safety equipment for employees.

B) purchased health and safety insurance coverage of at least $100,000.

C) received fines of $100,000 or more for safety or health violations.

D) paid more than $100,000 in workers' compensation claims.

2) Workplace safety is a significant issue because approximately ________ employees were injured on the job in 2009.

A) 3,000,000

B) 1,000,000

C) 500,000

D) 250,000

3) According to the doctrine of contributory negligence, employers were:

A) not responsible for an employees' injury when another employee's negligence caused the injury.

B) not liable for an employee's injuries when that employee's own negligence caused the injury.

C) responsible for compensating employees for all work-related illnesses and accidents.

D) not responsible for any employees' injuries under any circumstances.

4) Workers' compensation laws vary by state, but all are built on the theory that:

A) employees' personal health insurance should pay the medical costs of any injuries.

B) work-related accidents are costs of doing business and should be paid for by employers.

C) governments are responsible for paying the medical costs related to an employee's injuries.

D) employers are not responsible for employee injuries resulting from the employee's own negligence.

5) Which of the following is a true statement about workers' compensation?

A) Workers' compensation laws are federally mandated and enforced by OSHA.

B) Non-union firms are not required to carry workers' compensation insurance.

C) Workers' compensation is not mandatory in all U.S. states.

D) Most states had workers' compensation programs by 1911.

6) Workers' compensation:

A) pays only if the worker cannot.

B) is considered a no-fault system.

C) is mandatory in all fifty states.

D) covers employees' medical costs with Medicaid.

7) The primary goal of state workers' compensation laws is best described as:

A) providing a means for injured workers to receive care and income without having to sue.

B) determining the cause of work-related accidents and minimizing future accidents.

C) ensuring that employers are not held responsible for accidents caused by worker negligence.

D) spreading the cost of workplace accidents among all workers in the state.

8) The ________ holds that employers are not held liable for an employee's injuries when the negligence of another employee contributed to or caused the accident.

A) doctrine of contributory negligence

B) fellow-servant rule

C) general duty provision

D) "no-fault" rule

9) Which of the following is most likely true?

A) Workers' compensation is a federal program. OSHA is the organization that helps individual states meet workers' compensation standards.

B) Workers' compensation is a federal program that provides compensation to employees injured on the job. OSHA is a federal program that creates and enforces safety standards in the work place.

C) OSHA is a federal program that creates safety standards for work environments. Workers' compensation programs are created by the individual states to provide compensation for employees injured on the job.

D) OSHA is a federal program that provides compensation for employees injured on the job. Workers' compensation programs are state programs that provide compensation for employees injured on the job.

10) Workers' compensation:

A) replaces the worker's entire income until he/she is able to work again.

B) provides benefits for permanent, but not temporary, impairment.

C) gives survivors burial allowances and income benefits.

D) covers medical expenses up to $100,000.