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1、Chapter5Short-TermInvestmentsandReceivablesCheckPoints(5min.)CP5-11.Tradinginvestmentsarereportedattheircurrentmarketvalue.2.Atradinginvestmentisalwaysacurrentassetbecausetheinvestorintendstosellthetradinginvestmentintheverynearfuture—days,weeks,oronlyafewmonths.Acurren
2、tassetistobesoldwithinoneyearorwithinthecompany’soperatingcycleiflongerthanayear.(10min.)CP5-2BALANCESHEETCurrentassets:Short-termtradinginvestments,atmarketvalue..$74,000INCOMESTATEMENTOtherrevenueandgains(losses):Unrealizedlossoninvestment……………………...$(6,000)67Chapter5
3、ReceivablesandShort-TermInvestments67Chapter5ReceivablesandShort-TermInvestments(10min.)CP5-31.Paid$100,0002.UnrealizedLossonInvestment($100,000–$98,000)…2,000Short-TermInvestment………………………………..2,000Adjustedinvestmenttomarketvalue.BALANCESHEETCurrentassets:Short-termtrad
4、inginvestment,atmarketvalue……….$98,000INCOMESTATEMENTOtherrevenue(loss):Unrealizedlossoninvestment……………………………$(2,000)(5min.)CP5-4Jennings,theaccountant,shouldnothandlethecompany’scash.Withcash-handlingduties,theaccountantcanstealcashandhidethetheftbywritingoffacustomer’
5、saccountreceivableasuncollectible.67Chapter5ReceivablesandShort-TermInvestments(5min.)CP5-51.Uncollectible-AccountExpense($900,000´.01)…..9,000AllowanceforUncollectibleAccounts……………9,0002.BalancesheetAccountsreceivable…………………………………$90,000LessAllowanceforuncollectibleacc
6、ounts……..(9,000)Accountsreceivable,net……………………………$81,000(5-10min.)CP5-61.AccountsReceivable………………………………….800,000SalesRevenue………………………………………800,0002.Cash………………………………………………………780,000AccountsReceivable………………………………780,0003.AllowanceforUncollectibleAccounts……………..5,000Accoun
7、tsReceivable……………………………….5,0004.Uncollectible-AccountExpense($800,000´.01)…8,000AllowanceforUncollectibleAccounts………….8,00067Chapter5ReceivablesandShort-TermInvestments(10min.)CP5-71.AccountsReceivableBeg.bal.90,000Netcreditsales800,000Collections780,000Write-offs5,000E
8、nd.bal.105,000Amountcustomersowethecompany2.AllowanceforUncollectibleAccountsBeg.bal.9,000Write-offs5,000Uncol
