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ecember 31, before adjus ing aboard of $3,200. un had An aging of the accounts receivable Indicated the amount probably owed a debit balance collectible to be $2,100. Under these circumstances, a year-end adjusting entry for uncollectible accounts expense would include a a) Debit to the Allowance for Doubtful Accounts for $1,100. b) Credit to the Allowance for Doubtful Accounts for 1,100. - c) Debit to Uncollectible Accounts Expense of $2,100. d) Debit to Uncollectible Accounts Expense of $5,300. 8Fisher Corporation invested $320,000 cash in avalilable-for-sale marketable securities in early December. On December 31, the quoted market price for these securities is $337,000. Which of the following statements is correct? a) Fisher's December 31 balance sheet reports marketable securities at b) If Fisher sells these investments on January 2 for $300,000, it will report a c) Fisher's December income statement includes a $17,000 realized gain on d) Fi $320,000 and an unrealized holding gain on investments of $17,000. loss of $37,000. investments sher's December 31 balance sheet reports marketable securities at $337,000 and an unrealized holding gain on investments of $17,000. 19) Varsity Corporation sold available-for-sale marketable securities costing $800,00 for $860,000 cash. This transaction is reported in Varsity's income statement and statement of cash flows, respectively, as: a) A $60,000 gain and a $60,000 cash receipt. b) A $860,000 gain and a $60,000 cash receipt. c) A $60,000 gain and a $860,000 cash receipt. d) A $860,000 gain and a $860,000 cash receipt. vailable-for- sale" securities: a) Appears in the current period income statement, combined with realized gains and losses from sales of securities an increase or decrease in total stockholders' equity carrying value of the marketable securities. securities were sold as of the balance sheet date. ither b) Is reported in the stockholders' equity section of the balance s c) Is reported in the asset section of the bala d) Indicates the total amount of cash a company would receive if the heet, ase of the balance shet, as an adjustment to 21) The purpose of the Fair Value adjustment for securities classified as "ava ilable-for- sale" is: a) To recognize the proper amount of gain or loss o n fluctuations in the market value of these securities in the current period income statement. b) To adjust a corporation's capital stock account to reflect the current value of the outstanding capital stock. c) To increase the balance sheet regardless d) To adjust the valuation of a company's investment in marketable securi of the current investment value. current market value. 22) Suffolk Associates sold office furniture for cash of $42,000. The accumulate depreciation at the date of sale amounted to $38,000, and a gain of $18,000 was recognized on the sale. The original cost of the asset must have been: a) $31,000. b) $62,000. c) $84,000. d) $59,000. 23) Which of the following businesses would most likely use job order costing? a) a specialty shop making custom diamond jewelry b) a manufacturer of dry cereal c) a large brewery d) an oil refinery CORRECT Ry

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