1.

On January 1, 2015, Oxford Company finished consultation services and accepted in exchange a promissory note with a face value of $600,000 and a due date of December 31, 2017. The stated rate of interest is 5% with interest receivable at the end of each year through 12/31/17. Assume an effective interest rate of 10% is implicit in the agreed-upon price. The effective amortization method is used. The 12/31/16 balance of the Discount on Note Receivable account will be:

Select one:

a. $34,710

b. $27,269

c. $52,063

d. $22,063

e. $24,867

2.

The following information was taken from Cody Co.'s accounting records for the year ended December 31, 2016.

There was no work in process inventory at the beginning or end of the year. Cody's 2016 cost of goods manufactured is:

Select one:

a. $980,000

b. $910,000

c. $950,000

d. $945,000

e. $880,000

3.

Given: Net Income is:

Select one:

a. Understated 4

b. Understated 22

c. Overstated 6

d. Understated 28

e. Understated 10

4.

Case Corp. had accounts payable of $100,000 recorded in the general ledger as of December 31, 2012. The Accounts Payable balance included the following recorded purchases on credit: In Cases December 31, 2012 balance sheet, the accounts payable should be reported in the amount of:

Select one:

a. $125,000

b. $92,000

c. $121,000

d. $79,000

e. $75,000

5.

Use the following information for the month of May: Assuming that a perpetual inventory system is used, what is ending inventory on a LIFO basis?

Select one:

a. $600

b. $620

c. $585

d. $575

e. $610