10G Corporation began the year with retained earnings of 5465. During the year, the company mo sack recorded expenses of $1.500 and paid dividends of $120. Ir key sending red $195, what was the company's revenue for the year ) 51.830 h) .950 c) 52.460 d) 52.580 11. The acronym GAAP stands for a) government audited accounting pronouncements b) generally accepted accounting principles c) government authorized accountant principles d) generally acceptable authorized pronouncements 12. The primary difference between accrual-basis and cash-basis accounting is a) The timing of when revenues and expenses are recorded. b) Cash-basis accounting is allowed for financial reporting purposes but not accrual basis accounting c) Accrual-basis accounting violates both the revenue recognition and matching principles d) Adjusting entries are only a necessary part of cash-basis accounting 13. The Vintage Laundry Company purchased 56,500 worth of laundry supplies on June 2 and recorded the purchase an asset. On June 30, an inventory of the laundry supplies indicated only $1,000 on hand. The adjusting entry that should be made by the company on June 30 is: a) debit Supplies Expense, $1,000 credit Supplies, $1,000 b) debit Supplies, 5,500, credit Supplies Expense, $5.500 c) debit Supplies, $1,000, credit Supplies Expense, $1,000 d) debit Supplies Expense,55,500: credit Supplies. $5.500 14. Alpha First Company just began business and made the following four inventory purchases in June. June 150 units $780 June 10 200 units 1,170 June 15 200 units 1,260 June 28 750 units 990 Total 700 units $4,200 A physical count of merchandise inventory on June 30 reveals that there are 210 units on hand. Assume that the company uses the LIFO periodic inventory method, the value of the ending inventory on June 30 is a) $1,098 b) $1,131 c) $1,152 d) $1,368