6. Gross Profit using FIFO would be A. 190 B. $290 C. S390 D. $110 E. None are correct 7. Kentucky Supply Co., which had no beginning balance in its Accounts Receivable and Allowance for Doubtful Accounts, earned $80,000 of revenue on account during 2012. During 2015, the company collected $64,000 of cash from its receivables accounts. Kentucky estimates that it will be unable to collect 2% of revenue on account. The amount of net realizable value of receivables on the December 31, 2015 balance sheet would be: A. $16,640. B. $17,400. C. $16,000. D. $14,400. E. None are correct 8. Which of the following is not an accurate description of the Allowance for Doubtful Accounts? A. an estimate of the amount of accounts receivable that will not be collected B. an income statement account C. a contra account D. a balance sheet account 9. At the end of 2015, Duffau Company had outstanding accounts receivable of S109,760. Before recording the adjusting entry for uncollectible accounts, the balance in the Allowance for Doubtful Accounts was $350. If Duffau estimates that it will not collect 4 percent of its accounts receivable, what amount of uncollectible accounts expense should Duffau record? Round to the nearest dollar. A. $4,040 B. $4,740 C. $4,390 D. $5,090 E. None are correct 10. On June 1, 2015, Siebens Enterprises loaned S20,000 to Tyler Company for one year at 8 percent interest. Under the terms of the promissory note, Tyler will repay the principal and pay one year's interest on May 31, 2016. Related to this note receivable, what amount of interest income would Siebens report on its 2015 income statement? A. $1,000 B. 1,600 C. $800 D. S933 E. None are correct 11. In a period of rising prices, which inventory cost flow method will produce the lowest amount of cost of goods sold? A. FIFO B. Weighted average C. LIFO D. All methods will produce the same amount of cost of goods sold. E. None of the above are correct