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MULTIPLE CHOICE-CIRCLE THE LETTER OE THE ONE CORRECT ANSWER, 1. At the Vista Company, 4 accounts are found. All have normal balances. Required: What is the amount of total assets? a. $16,000 b. $13,000 c. $10,000 d. $6,000 2. Required: What is the maturity value of a 90 -day, 12% note, for $10,000 ? a. $8,800 b. $10,000 c. $10,300 d. $11,200 3. Required: What is the exact due date of a $10,00090-day, 8% note receivable dated August 5 ? a. August 5 b. September 3 c. October 3 d. November 3 4. The Flip Company began operations on January 1, 2019. Here are selected transactions: February 7 Wrote off the $7,000 account of Jon Doe, who has no assets March 7 Reinstated the $7,000 account of Jon Doe, and collected $7,000 from Doe Required: What is the ending balance in the Allowance for Doubtful Accounts? a. $7,000 b. Zero c. $14,000 d. $21,000 Use the following information for questions 5-9: A machine that cost $40,000 has a four-year useful life, and an estimated $4,000 residual value. The machine was purchased at the beginning of year one. 5. What is depreciation expense for year 1 using the straight-line method? a. $8,000 b. $9,000 c. $10,000 d. $12,000 6. What is net book value at the end of year 2 using the straight-line method? a. $40,000 b. $24,000 c. $22,000 d. $20,000 7. What is depreciation expense for year 1 using the double-declining balance method? a. $16,000 b. $18,000 c. $20,000 d. $12,000 What is depreciation expense for year 2 using the units of activity method? a. $6,000 b. $12,000 c. $16,000 d. $20,000 9. Over the four years of the machine's life, which method will produce the highest amount of depreciation expense? a. Straight line b. Double declining balance c. Units of activity d. All methods of depreciation will produce the same amount of depreciation expense