Reference no: EM131762981
Q1) Primm Industrial Contractors purchased a new truck on January 1st for $35,000. The truck is expected to have a useful life of five years with a salvage value of $4,500. It is estimated that the truck will be able to operate for 200,000 miles. In year one, Primm Industrial Contractors put 46,000 miles on the truck. What amount should be recorded in year two for depreciation expense if the double-declining-balance method is used?
$ 8,400
$12,200
$14,000
$9,120
Q2) Warren Company had net credit sales of $95,000 and collections of $86,000 throughout the year. The allowance account had a balance of $3,000 at the beginning of the year. During the year, $1,500 of accounts receivables was written off. Warren Company uses the aging-of-accounts method to account for uncollectible accounts. Based on aged receivables, Warren Company determines that $2,000 of accounts receivables are uncollectible. Warren will record ________ as bad debt expense.
$5,000
$2,000
$3,500
$500
Q3) On May 8th, a customer hires Custom Landscaping to do some yard maintenance. Custom Landscaping arrives on May 10th and completes the job on May 12th. The customer pays the invoice from Custom Landscaping on May 25th. Based on the matching principle, revenue for this job is recorded on ________.
May 10th
May 25th
May 12th
May 8th
Q4) Table 3
Sales revenue $ 750,000
Cost of goods sold 406,000
Beginning inventory 75,000
Purchase discounts 20,000
Sales returns and allowances 44,000
Operating expenses 99,000
Ending inventory 72,000
Purchases of inventory 415,000
Sales discounts 25,000
William Browning, withdrawals 61,000
Purchase returns and allowances 36,000
Refer to Table 3. Gross profit is_______.
$275,000
$300,000
$319,000
$344,000
Q5) Please refer to the table below.
Sales Returns and Allowances $2,400
Sales Commissions $12,000
Cost of Goods Sold $45,000
Sales Revenue $127,000
Utilities $4,500
Rent $15,000
Sales Discounts $1,500
Salaries $25,000
Gain on sale of equipment $4,000
Freight Out $4,500
Depreciation Expense $3,000
Interest Revenue $300
What is net income?
$14,100
$21,400
$9,800
$18,400
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