1. Bennett Inc. has the following balances in their accounts at year end. What is their income for the period? Accounts Payable $ 90,000 Accounts Receivable $ 30,700 Retained Earnings $ 40,000 Utilities Expense $ 12,500 Sales Revenue $ 250,000 Buildings $ 150,000 Common stock (contributed capital) $ 200,000 Cash $ 70,000 Equipment $ 84,500 Income taxes payable $ 7,500 Travel expense $ 2,200 Land $ 25,000 Rent Expense $ 170,000 Furniture $ 112,900 Salaries expense $ 45,500 Enter the amount as a whole number, no commas, no dollar signs. Your Answer:

2. Maple Co. provides for bad debts expense at the rate of 5.33% of ending Accounts Receivable. On Jan 1, 20X1, the Allowance for Bad Debts was $16,000. There were $16,000 of accounts written off during the year. Credit sales for the year were $830,000. Ending Accounts Receivable was $105,000.

What is the balance in the Allowance for Bad Debts account?

Enter your response as a whole number, no commas, and no dollar signs.

3. Folder Inc. purchased equipment on the first day of the year for $180,000 with an estimated useful life of 9 years and no salvage (residual) value. Assuming straight-line depreciation, what is the amount to be reported as an expense related to this asset in the INCOME STATEMENT for the first year?

Enter your response as a whole number, no commas, no dollar signs.

Your Answer: