Rosewood Company made a loan of $11,400 to one of the company’s employees on April 1, Year 1. The one-year note carried a 6% rate of interest. What is the amount of interest revenue that Rosewood would report in Year 1 and Year 2, respectively?

On January 1, Year 1, the Accounts Receivable balance was $37,000 and the balance in the Allowance for Doubtful Accounts was $2,800. On January 15, Year 1, an $800 uncollectible account was written-off. What is the net realizable value of accounts receivable immediately after the write-off?

At the time of liquidation, Owens Company reported assets of $360,000, liabilities of $220,000, common stock of $170,000 and retained earnings of $(30,000). What amount of the company’s assets are the shareholders entitled to receive?

Peterson Company’s petty cash fund was established on January 1 with $500. On January 31, a count of the fund revealed: $105 in cash remaining and vouchers for miscellaneous expenses totaling $400. If the company records both the disbursements and the replenishments to the fund, what is the overall effect on Peterson’s financial statements? Balance SheetIncome StatementStatement of Cash FlowsAssets=Liabilities+Stockholders’ EquityRevenue−Expense=Net IncomeA.(400)= +(400) −400=(400)(395) OAB.(400)= +(400) −400=(400)(400) OAC.(500)= +(500) −500=(500)(500) FAD.(395)= +(395)5−400=(395)(395) OA

Which of the following statements is a reason why a company would buy treasury stock?

On January 1, Year 1, Hardwick Company purchased a truck that cost $53,000. The company expected to drive the truck 200,000 miles over its 5-year useful life, and the truck had an estimated salvage value of $3,000. If the truck is driven 30,000 miles during Year 1, what would be the amount of depreciation expense for the year?

Curtain Company paid dividends of $6,000, $12,000, and $20,000 during Year 1, Year 2, and Year 3, respectively. The company had 1,000 shares of 5%, $200 par value preferred stock outstanding that paid a cumulative dividend. What is the total amount of dividends paid to common shareholders during Year 3?

Which of the following is a contra equity account?

Ogilvie Corporation issued 31,000 shares of no-par stock for $50 per share. Ogilvie was authorized to issue 54,000 shares. What effect will this event have on the company’s financial statements?

Montana Company was authorized to issue 200,000 shares of common stock. The company had issued 50,000 shares of stock when it purchased 10,000 shares of treasury stock. After the purchase of treasury stock, the number of outstanding shares of common stock was which of the following?