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1. Merchandise inventory at the end of the year is overstated. Which of the following statements correctly states the effect of the error?

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A. Balance sheet is overstated

B. Cost of merchandise sold is overstated.

C. Gross profit is understated.

D. Net income is understated.

2. Tanning Company analyzes its receivables to estimate bad debt expense. The accounts receivable balance is $390,000 and credit sales are $1,300,000. An aging of accounts receivable shows that approximately 10% of the outstanding receivables will be uncollectible. What adjusting entry will Tanning Company make if Allowance for Doubtful Accounts has a credit balance of $2,500 before adjustment?

A. Bad Debt Expense = 36,500

Allowance for Doubtful Accounts = 36,500

B. Bad Debt Expense = 19,500

Allowance for Doubtful Accounts = 19,500

C. Bad Debt Expense = 65,500

Allowance for Doubtful Accounts = 65,500

D. Bad Debt Expense = 22,00

Allowance for Doubtful Accounts = 22,000

3. Filly Inc has $30,000 of assets and $20,000 of liabilities. What’s the stockholder’s equity?

A. 10,000 B. 1000 C. 50,000 D. 30,000

4. Which of the following accounts should be closed to the capital account at the end of the year?

A. Equipment B. Service Revenue C. Prepaid Insurance D. Unearned Rent

5. Filly Inc has $60,000 of assets and $20,000 of stockholder’s equity. What’s the liability?

A. 40,000 B. 1000 C. 80,000 D. 20,000


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