accounting-Baines, Inc. had the following information available for itsinventory of Item #565

QUESTION

1. Baines, Inc. had the following information available for itsinventory of Item #565 during 2014:Beginning inventory10 units at $61First purchase25 units at $63Second purchase30 units at $64Third purchase15 units at $73Bainesuses the periodic system and reports that there are 20 units of Item #565 onhand at the end of the year. What is the amount of the inventory at the end ofthe year according to the average cost method?a. $1,300b. $1,305c. $1,415d. $1,23632. Troy, Inc. had the following information available for itsinventory of Item #XQ-211 during 2014:Beginning inventory10 units at $60First purchase25 units at $63Second purchase30 units at $64Third purchase10 units at $70Troy usesthe periodic system and reports that there are 20 units of Item #XQ-211 on handat the end of the year. What is the amount of inventory at the end of the yearaccording to the last-in, first-out method?a. $1,230b. $1,220c. $1,240d. $1,3403. Harris Industries had the following information available for itsinventory of Item #FX-112 during 2014:Beginning inventory10 units at $50First purchase25 units at $53Second purchase30 units at $54Third purchase15 units at $60Harrisuses the periodic system and reports that there are 20 units of Item #FX-112 onhand at the end of the year. What is the amount of inventory at the end of theyear according to the first-in, first-out method?a. $1,030b. $1,140c. $1,170d. $1,0604. JacksonCompany’s Allowance for Doubtful Accounts has a debit balance of $500 at theend of the year (before adjustment). Jackson estimates uncollectible accounts expense at 3% of net sales. Ifnet sales are $600,000, what is the amount of the adjusting entry to record baddebt expense for the year?a. $18,500b. $17,500c. $18,000d. none of the above5. Afterits accounts are adjusted and closed at the end of its fiscal year, LarkinCompany’s Accounts Receivable has a balance of $450,000 and its Allowance forDoubtful Accounts has a balance of $25,000. What is the net realizable value ofLarkin’s accounts receivable?a. $25,000b. $425,000c. $450,000d. $455,0006. Sarah Lucky is paid $25per hour, with time and a half for all hours worked in excess of 40 during aweek. The following is Sarah’s payrolldata for the current week: hours worked, 46; federal income tax withheld, $350; cumulativeearnings for year prior to current week, $99,700; social security tax rate,6.0% on maximum of $100,000; and Medicare tax rate, 1.5% on all earnings. Whatis Sarah’s net pay?a. $875.00b. $838.62c. $857.00d. $1133.147. On March 1, 2014, BaxterIndustries borrowed $40,000 by signing a 30 day, 6% interest bearing note. Whenthe note is paid on March 31, the entry to record the payment should include aa. debit to Interest Payable$200b. debit to Interest Expense$200c. credit to Cash for$40,000d. credit to Cash for $42400

ANSWER:

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