1.Coronado Graphics accepted a 9%, 90-day note for $35000 from Cheyenne Plastics. What is the total cash to be received on maturity of this note receivable?

a. $31850.00

b. $35777.00

c. $38150.00

d. $37373.29

2. In 2021 Vaughan Co. had credit sales of $2260000 and sales returns and allowances related to these sales of $160000. Its comparative balance sheet at December 31, 2021 showed the following:

		2021		2020
Accounts receivable		$757000		$673000
Less: Allowance for doubtful accounts		65000		60000
Carrying amount		$692000		$613000

The companys average collection period for 2021 is (Round answers to 0 decimal places. Use 365 days for the calculation purpose.)

a. 109 days.

b. 113 days.

c. 115 days.

d. 124 days.

3. A company has the following assets:

Buildings and equipment, less accumulated depreciation of $252000		$12800000
Copyrights, less accumulated amortization of $248000		1220000
Goodwill		4530000

The total amount reported under property, plant, and equipment would be

a. $12800000.

b. $13052000.

c. $17330000.

d. $18550000.

4.Which of the following items should NOT be capitalized?

a. insurance paid while item is in transit

b. land surveying fees

c. building permits

d. truck licence

5. A company purchased factory equipment on June 1, 2021 for $47000. It is estimated that the equipment will have a $6800 residual value at the end of its 10-year useful life. Using the straight-line method of depreciation, the amount to be recorded as depreciation expense at December 31, 2021 is

a. $4700.

b. $4020.

c. $2345.

d. $6800.

6. On October 1, 2021, Bonita Wind Turbine Company places a new asset into service. The cost of the asset is $8600 with an estimated 5-year life and $2300 residual value at the end of its useful life. What is the carrying amount of the long-lived asset on the December 31, 2021, balance sheet assuming that Bonita Wind Turbine Company uses the double diminishing-balance method of depreciation?

a. $5160

b. $6300

c. $7760

d. $8180