1) As of January 1 of the current year, the Gunner Company had accounts receivables of $50,000. The sales for January, February, and March were as follows: $120,000, $140,000, and $150,000, respectively. Of each month's sales, 20% are for cash. Of the remaining 80% (the credit sales), 60% are collected in the month of sale, with the remaining 40% collected in the following month. What is the accounts receivable balance as of March 31?

a.$60,000

b.$48,000

c.$72,000

d.$58,720

2) Soledad and Winston are partners who share income in the ratio of 1:3 and have capital balances of $100,000 and $140,000 at the time they decide to terminate the partnership. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $130,000. What amount of loss on realization should be allocated to Soledad?

a.$60,000

b.$92,500

c.$32,500

d.$27,500

3) The balance in Premium on Bonds Payable

should be allocated to the remaining periods for the life of the bonds by the straight-line method, if the results obtained by that method materially differ from the results that would be obtained by the effective interest rate method

should be reported in the paid-in capital section of the balance sheet

should be reported on the balance sheet as a deduction from the related bonds payable

would be added to the related bonds payable on the balance sheet