1. Martin Co. has a preliminary December 31 year-end INV of $200K. The following items were not included in the preliminary number: goods purchased f.o.b. destination ($40K) on December 28 (still in transit at year-end), goods sold ($30K) f.o.b. shipping on December 29 (still in transit at year-end). What is Martins correct INV balance?

2. Martin Co. has a preliminary December 31 year-end INV of $300K. The following items were not included in the preliminary number: goods purchased f.o.b. shipping ($50K) on December 28 (still in transit at year-end), goods sold ($40K) f.o.b. destination on December 29 (still in transit at year-end). What is Martins correct INV balance?

3. Martin Co. has a preliminary December 31 year-end INV of $500K. The following items were not included in the preliminary number: goods purchased f.o.b. destination ($50K) on December 28 (still in transit at year-end), goods sold ($40K) f.o.b. destination on December 29 (still in transit at year-end). What is Martins correct INV balance?

4. Martin Co. has a preliminary December 31 year-end INV of $600K. The following items were not included in the preliminary number: goods purchased f.o.b. shipping ($50K) on December 28 (still in transit at year-end), goods sold ($40K) f.o.b. shipping on December 29 (still in transit at year-end). What is Martins correct INV balance?

5. Martin Co. has a preliminary December 31 year-end INV of $350K. The following items were not included in the preliminary number: goods on hand that were consigned by White Co. ($25K), goods that Martin consigned to Green Co. ($15K). What is Martins correct INV balance?

6. Thompson Co. factors $250K of its receivables to Brown Financing. Brown charges Thompson a 4% financing fee and holds back an additional 5% for probably adjustments. The receivables are factored without recourse. For #s 6-9, examine the debits in the journal entry that Thompson would make for this transaction. What is the largest dollar amount of Thompsons debits? (Put the dollar amount, not the name of the account.)

7. What is the 2nd largest dollar amount of Thompsons debits? (Put the dollar amount, not the name of the account.)

8. What is the 3rd largest dollar amount of Thompsons debits? (Put the dollar amount, not the name of the account.)

9. For #8, which account will be debited?

10. Martin Co. sells merchandise to a customer. The merchandise retails for $50K, but Martin gives the customer a 10% trade discount and also offers 2/10, n/30 terms. If the customer pays in full within the discount period, how much cash will Martin receive?