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1、Chapter5Short-TermInvestmentsandReceivablesCheckPoints(5min.)CP5-11.Tradinginvestmentsarereportedattheircurrentmarketvalue.2.Atradinginvestmentisalwaysacurrentassetbecausetheinvestorintendstosellthetradinginvestmentintheverynearfuture—days,weeks,oronlyafewmo
2、nths.Acurrentassetistobesoldwithinoneyearorwithinthecompany’soperatingcycleiflongerthanayear.(10min.)CP5-2BALANCESHEETCurrentassets:Short-termtradinginvestments,atmarketvalue..$74,000INCOMESTATEMENTOtherrevenueandgains(losses):Unrealizedlossoninvestment……………
3、………...$(6,000)67Chapter5ReceivablesandShort-TermInvestments67Chapter5ReceivablesandShort-TermInvestments(10min.)CP5-31.Paid$100,0002.UnrealizedLossonInvestment($100,000–$98,000)…2,000Short-TermInvestment………………………………..2,000Adjustedinvestmenttomarketvalue.BALA
4、NCESHEETCurrentassets:Short-termtradinginvestment,atmarketvalue……….$98,000INCOMESTATEMENTOtherrevenue(loss):Unrealizedlossoninvestment……………………………$(2,000)(5min.)CP5-4Jennings,theaccountant,shouldnothandlethecompany’scash.Withcash-handlingduties,theaccountantc
5、anstealcashandhidethetheftbywritingoffacustomer’saccountreceivableasuncollectible.67Chapter5ReceivablesandShort-TermInvestments(5min.)CP5-51.Uncollectible-AccountExpense($900,000´.01)…..9,000AllowanceforUncollectibleAccounts……………9,0002.BalancesheetAccountsre
6、ceivable…………………………………$90,000LessAllowanceforuncollectibleaccounts……..(9,000)Accountsreceivable,net……………………………$81,000(5-10min.)CP5-61.AccountsReceivable………………………………….800,000SalesRevenue………………………………………800,0002.Cash………………………………………………………780,000AccountsReceivable
7、………………………………780,0003.AllowanceforUncollectibleAccounts……………..5,000AccountsReceivable……………………………….5,0004.Uncollectible-AccountExpense($800,000´.01)…8,000AllowanceforUncollectibleAccounts………….8,00067Chapter5ReceivablesandShort-TermInvestments(10min.)CP5-71.Acc
8、ountsReceivableBeg.bal.90,000Netcreditsales800,000Collections780,000Write-offs5,000End.bal.105,000Amountcustomersowethecompany2.AllowanceforUncollectibleAccountsBeg.bal.9,000Write-offs5,000Uncol
