资料：第四章作业答案(1).pdfVIP

Select the best answer for each of the following. M4-1Greenfield Company had the following cash balances at December 31, 2010: Cash in banks $1,500,000 Petty cash funds (all funds were reimbursed on December 31, 2010) 20,000 Cash legally restricted for additions to plant (expected to be disbursed in 2012) 2,000,000 Cash in banks includes $500,000 of compensating balances against short-term borrowing arrangements at December 31, 2010. The compensating balances are not legally restricted as to withdrawal by Greenfield. In the current assets section of Greenfield’s December 31, 2010 balance sheet, what total amount should be reported as cash? a. $1,020,000 b. $1,520,000 c. $3,020,000 d. $3,520,000 M4-2 On January 1, 2010, King Company’s Allowance for Doubtful Accounts had a credit balance of $15,000. During 2010, King (1) charged $32,000 to bad debt expense, (2) wrote off $23,000 of uncollectible accounts receivable, and (3) unexpectedly recovered $6,000 of bad debts written off in the prior year. The Allowance for Doubtful Accounts balance at December 31, 2010 should be: a. $47,000 b. $32,000 c. $30,000 d. $24,000 M4-3 Tallent Company received a $30,000, 6-month, 10% interest-bearing note from a customer. After holding the note for two months, Tallent was in need of cash and discounted the note at the United National Bank at a 12% discount rate. The amount of cash received by Tallent from the bank was a. $31,260 b. $30,870 c. $30,300 d. $30,240 M4-4 When the accounts receivable of a company are sold outright to a company that normally buys accounts receivable of other companies without recourse, the accounts receivable have been a. Factored b. Assigned c. Pledged d. Collateralized M4-5 A method of estimating bad debts that focuses on th