10 Which inventory valuation method would yield the highest net income in periods of rising prices? O None of the answers FIFO O Specific identification O Weighted average QUESTION 11 Brown Company's bank statement for September 30 showed Bank statement balance Book balance of cash i $4,210 $6,560 6 points The following information was also available as of September 30 a A customer's check for $950 marked NSF was returned to Brown Company by the bank. In addition, the bank charged the company's account a $30 processing fee b. The September 30 cash receipts, $6,000 were placed in the bank's night depository after banking hours on that date and this amount did not appear on the September 30 bank statement Outstanding checks amounted to $3,910 d. A check for rent expense was written for $2,198 but by mistake was recorded in the accounting records as $2.918 Required: Prepare bank reconciliation as of September 30 Your Answer should be in the following format: BROWN COMPANY Bank Reconciliation. September 30 Bank statement balance, XXXXXX QUESTION 12 The Sears company had the following business transactions during December Required: Match the appropriate special journals with the business transactions. Write the correct letter from the special journal in the table below Sold merchandise on credit for $12,000 to Jufair Company. A. Sales journal The cost of the goods sold is $4,000. Credit terms 2/10, n/30 Invoice No. 167. Purchased merchandise on credit for $3,500 from Juffair Company, terms 3/15, n/60 Sold merchandise for $1,000 cash to CAR corp, Invoice No. 145 The cost of the goods sold is $400 Paid the amount owed to ABC Company Check No. 187 B. Cash Payment journal C. Cash Receipt journal D. Purchases journal QUESTION 13 Sony Company had the following transactions in December Dec. 2 Sony purchased $150,000 merchandise inventory on account terms, 3/10, n/30, FOB shipping point Dec. 4 Sony returned $10,000 of the merchandise purchased on Dec. 2 because it was defective. Dec 10 Sony paid the invoice dated Dec 2 less returns and discount Required Prepare journal entries for these 3 transactions assuming Sony uses a perpetual inventory system For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIUS Paragraph Arial 10pt AM I. QUESTION 14 XYZ company provided the following information: Sales $134,500 Accounts payable 15,500 Selling expenses 37,000 Administrative expenses 13,000 Other revenues 27,000 Cost of goods sold 95,000 Cash 24,000 Other expenses 22,000 Required: Calculate the following: (SHOW YOUR CALCULATIONS) 1. Gross profit 2. Net income/ loss (note: specify whether the company had net income or net loss) For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIUS Paragraph Arial