Hi, I need help with this please! Question 1 All receivables that are expected to be realized in cash within a year are presented in the current assets section of the balance sheet. Select one: True False Question 2 Receivables NOT currently collectible are reported in the investments section of the balance sheet. Select one: True False Question 3 The maturity value of a 12%, 60-day note for $5,000 is $5,600. Select one: True False Question 4 The selling of a company's receivables is called factoring. Select one: True False Question 5 Uncollectible Accounts Expense is a contra asset account. Select one: True False Question 6 At the end of a period before the accounts are adjusted Allowance for Doubtful Accounts has a balance of $250, and net sales on account for the period total $500,000. If uncollectible accounts expense is estimated at 1% of net sales on account, the current provision to be made for uncollectible accounts expense is $5,000. Select one: True False Question 7 Allowance for Doubtful Accounts is a contra asset account. Select one: True False Question 8 The difference between the total receivables and the balance in Allowance for Doubtful Accounts at the end of a period is referred to as the net realizable value of the accounts receivable. Select one: True False Question 9 Allowance for Doubtful Accounts has an unadjusted balance of $500 at the end of the year, and uncollectible accounts expense is estimated at 1% of net sales. If net sales are $900,000, the amount of the adjustment to record the provision for doubtful accounts is: Select one: $9,500 $500 $8,500 $9,000 Question 10 Allowance for Doubtful Accounts has an unadjusted balance of $400 at the end of the year, and uncollectible accounts expense is estimated at 1% of net sales. If net sales are $300,000, the amount of the adjustment to record the provision for doubtful accounts is: Select one: $3,000 $3,400 $400 $2,600 Question 11 Which of the following inventories would appear on the balance sheet of a manufacturing business? Select one: Work in process Merchandise inventory Direct labor Factory overhead Question 12 The inventory method that considers the inventory to be composed of the units of merchandise acquired earliest is called: Select one: first-in, first-out last-in, first-out average cost retail method Question 13 Which inventory cost flow assumption allows management to identify which costs are included in cost of merchandise sold? Select one: LIFO FIFO Average Specific Identification Question 14 The inventory data for an item for November are: Nov. 1 Inventory 20 units at $20 10 Purchased 30 units at $21 30 Purchased 10 units at $22 Sold 30 units Using the first-in, first-out method, what is the cost of the merchandise inventory of 30 units on November 30? Select one: $640 $610 $620 $630 Question 15 Use the following data to calculate cost of merchandise sold under FIFO method. September 1 Beginning Inventory 15 units @ $20 September 10 Purchases 20 units @ $25 September 20 Purchases 25 units @ $28 September 30 Ending Inventory 30 units Select one: $825 $750 $675 $600 Question 16 Use the following data to calculate the cost of ending inventory under LIFO using the method. September 1 Beginning Inventory 15 units @ $20 September 10 Purchases 20 units @ $25 September 20 Purchases 25 units @ $28 September 30 Ending Inventory 30 units Select one: $825 $750 $675 $600 Question 17 Use the following data to calculate the cost of ending inventory under Average Cost method. September 1 Beginning Inventory 15 units @ $20 September 10 Purchases 20 units @ $25 September 20 Purchases 25 units @ $28 September 30 Ending Inventory 30 units Select one: $825 $750 $675 $600 Question 18 Calculate the cost of ending inventory using FIFO inventory cost method. 1/1 Beginning inventory 10 units @ $10 per unit 2/28 Purchases 40 units @ $12 per unit 5/10 Purchases 50 units @ $14 per unit 9/20 Purchases 30 units @ $16 per unit 12/31 Ending inventory 50 units Select one: $800 $760 $580 $500 Question 19 During a period of consistently rising prices, the method of inventory that will result in reporting the greatest cost of merchandise sold is: Select one: FIFO LIFO average cost all methods will generate the same cost of merchandise sold Question 20 If merchandise inventory is being valued at cost and the price level is steadily rising, the method of costing that will yield the highest net income is: Select one: average LIFO FIFO all methods will generate the same net income Question 21 If merchandise inventory is being valued at cost and the price level is consistently rising, which method of costing will yield the largest gross profit? Select one: average cost LIFO FIFO all methods will generate the same gross profit Question 22 "LIFO Reserve" is calculated as __________. Select one: LIFO end of year minus LIFO beginning of the year FIFO inventory plus LIFO inventory FIFO inventory minus LIFO inventory None of the above Question 23 If the cost of an item of inventory is $60 and the current replacement cost is $65, the amount included in inventory according to the lower of cost or market is: Select one: $5 $60 $65 $125 Question 24 If the cost of an item of inventory is $70, the current replacement cost is $65, and the sales price is $85, the amount included in inventory according to the lower of cost or market is: Select one: $85 $70 $65 $160