SECTION B Answer all questions from this Section 2. Total for this question: 1 mark Chapter 5 Use the following information to answer questions: As of December 31, 2015, a corporation had the following account balances (in thousands of dollars) Cash $100 Accounts Receivable 27 Merchandise Inventory 35 Property, Plant, & Equipment 150 Accounts Payable 42 Long-Term Notes Payable 122 Common Stock 110 Retained Earnings 38. Net Sales totalled $350,000. Cost of Goods Sold was $180,000, total Operating Expenses were $73,000, and Income Taxes were $27,000 for that same year. The average number of shares outstanding during the year was 50,000. On December 31 2014, total assets were $336,000 and total liabilities were $154,000 A Corporation's profit margin for 2015 is 20 percent. Show your work! True? False? 3. Chapter 7 Total for this question: 0. 5 mark A Company had credit sales during the current year which amounted to $700,000 Historically, 3% of credit sales are uncollectible. If a Company uses the allowance method of recording uncollectible accounts, a proper entry for the year would be: A Debit Accounts Receivable, $21,000. credit Allowance for Uncollectible Accounts $21.000 B. Debit Uncollectible Accounts Expense, $21,000, credit Accounts Receivable, $21,000 C. Debit Uncollectible Accounts Expense, $21,000, credit Allowance for Uncollectible Accounts, $21,000 D. Debit Allowance for Uncollectible Accounts, $21,000. credit Accounts Receivable, $21,000 SECTION C Answer Question 4 from this Section Total for this question: 0.5 mark 4. Chapter 9 Typical Current Liabilities include: A. Prepayments by customers B. Travel advances to employees C. The principal portion of a mortgage note that is due beyond one year or the operating cycle whichever is longer D. Accumulated Depreciation