Question: 13) A three months, 12% note for $17,000, dated April 15, is received from a customer. The maturity value of the note is: A) $510.
13) A three months, 12% note for $17,000, dated April 15, is received from a customer. The maturity value of the note is: A) $510. B) $17,000 C) $17,510. D) $19,040 14) The journal entry to record accrued interest on a note receivable at year end is. A) debit Interest Receivable and credit Interest Revenue. B) debit Note Receivable and credit Interest Revenue C) debit Interest Receivable and credit Note Receivable D) debit Cash and credit Interest Receivable. 15) The cost of inventory that is still on hand is called: A) cost of goods sold, an expense that appears on the balance B) Inventory, a long-term asset that appears on the balance she C) inventory, a current asset that appears on the balance sheet D) purchases, a current asset that appears on the balance sheet mee 16) Which is the CORRECT order for items to appear on the income A) sales revenue, operating expenses, gross profit, et income B) sales revenue, gross profit, net income, operating expenses C) sales revenue, gross profit, cost of goods sold, operating expenses D) sales revenue, cost of goods sold, gross profit, operating expenses 17) Under the average-cost inventory method, to determine the average cost per unit A) the cost of beginning inventory is divided by the number of units available. B) the cost of beginning inventory plus the cost of purchases is divided by the number of units sold C) the cost of purchases for the period are divided by the number of units available D) the cost of beginning inventory plus the cost of purchases is divided by the number of units available 18) Given the following data, calculate the cost of ending inventory using the average cost method. (Round any intermediary and final answers to decimal places) Date Tim 1 Beginning inventory Purchase of inventory 30 Purchase of inventory Perche 12/31 Ending inventory A) 5620.10 B) 5631.20 C) 5300.00 D) 51,120.00 uns at $20 per un unos $10 per unit 35 512 per unit units
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