Cash Funds Established

If a petty cash fund is established in the amount of $250, and contains $150 in cash and $95 in receipts for disbursements when it is replenished, the journal entry to record replenishment should include credits to which of the following accounts?
A. Petty Cash, $100
B. Cash, $95; Cash Over and Short, $5
C. Cash, $100
D. Petty Cash, $75

If the month-end bank statement shows a balance of $36,000, outstanding checks are $12,000, a deposit of $4,000 was in transit at month end, and a check for $500 was erroneously charged by the bank against the account, what is the correct balance in the bank account at month end?
A. $28,500
B. $20,500
C. $43,500
D. $27,500

12) Mike McKinney Corporation had accounts receivable of $100,000 o January 1st The only transactions affecting accounts receivable were sales of $600,000 and cash collections of $550,000. What is the accounts receivable turnover?
A. 4.4
B. 4.8
C. 6.0
D. 4.0

13) Stock dividends distributable should be classified on the
A. balance sheet as an asset.
B. balance sheet as a liability.
C. balance sheet as an item of stockholders’ equity.
D. income statement as an expense.

14) If a short-term obligation is excluded from current liabilities because of refinancing, the footnote to the financial statements describing this event should include all of the following information EXCEPT:
A. the terms of the new obligation incurred or to be incurred.
B. the terms of any equity security issued or to be issued.
C. the number of financing institutions that refused to refinance the debt, if any.
D. a general description of the financing arrangement.

15) Among the short-term obligations of Lance Company as of December 31, the balance sheet date, are notes payable totaling $250,000 with the Madison National Bank. These are 90-day notes, renewable for another 90-day period. What should these notes should be classified as on the balance sheet of Lance Company?
A. Deferred charges
B. Long-term liabilities
C. Intermediate debt
D. Current liabilities

16) A statement of cash flows typically would not disclose the effects of
A. stock dividends declared.
B. cash dividends paid.
C. a purchase and immediate retirement of treasury stock.
D. capital stock issued at an amount greater than par value.

17) The first step in the preparation of the statement of cash flows requires the use of information included in which comparative financial statements?
A. Balance sheets
B. Income statements
C. Statements of retained earnings
D. Statements of cash flows

18) To arrive at net cash provided by operating activities, it is necessary to report revenues and expenses on a cash basis. This is done by
A. estimating the percentage of income statement transactions that were originally reported on a cash basis and projecting this amount to the entire array of income statement transactions.
B. eliminating the effects of income statement transactions that did not result in a corresponding increase or decrease in cash.
C. eliminating all transactions that have no current or future effect on cash, such as depreciation, from the net income computation.
D. rerecording all income statement transactions that directly affect cash in a separate cash flow journal.

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