1. Selected data for Corp. A for year 20x4 appears below. Beginning inventory $ 10,000 Ending inventory 14,000 Average inventory 12,000 Sales 200,000 Cost of goods sold 110,000 Gross margin 90,000 What is Corp. A's inventory turnover ratio? Final answers have been rounded to two decimal places. A. 6.43 B. C. 7.86 D. 11.0 E. None of the above 9.17 2. A corporation incurs a cost of $700 on account for engine repairs on one of its delivery vans. To record the event, the corporation should ... A. Debit Vehicles for $700 B. Credit Cash for $700 C. Debit Betterment for $700 D. Debt Accumulated Depreciation for $700 E. None of the above 3. Corp A sells a machine on December 31, 20x4 for $11,000 cash. Assume that the machine had an original cost of $31,000 and that the Accumulated Depreciation account (after recording depreciation expense for the year of sale) is $16,000. To record the sale, Corp. A should ..... A. Credit Accumulated Depreciation for $15,000 B. Debit Depreciation Expense for $15,000 C. Debit Loss on Sale of Machinery for $20,000 D. Credit Machinery for $15,000 E. None of the above 4. Assume that a corporation uses the direct write-off method of recording bad debts. It writes off Anne Able's $600 account receivable. To record the write off, the corporation will... A. B. C. D. E. Debit Allowance for Bad Debts for $600 Credit Bad Debts Expense for $600 Debit Bad Debts Expense for $600 Credit Allowance for Bad Debts for $600 None of the above