11: A company has inventory of 12 units at a cost of $11 each on November 1. On November 5, they purchased 7 units at $14 per unit. On November 12 they purchased 18 units at $16 per unit. On November 15, they sold 30 units. Using the FIFO periodic inventory method, what is the value of the inventory at November 15 after the sale?

12: A company's warehouse was destroyed by a tornado on March 15. The following information was the only information that was salvaged: Inventory, beginning: $25,000 Purchases for the period: $14,000 Sales for the period: $49,000 Sales returns for the period: $800 The company's average gross profit ratio is 40%. What is the estimated cost of the lost inventory?

13:Fluffy Pet Grooming deposits all cash receipts on the day when they are received and all cash payments are made by check. At the close of business on June 30, its Cash account shows a $14,811, debit balance. Fluffy Pet Grooming's June 30 bank statement shows $14,472 on deposit in the bank. The following information is available:

a.	Outstanding checks as of June 30 total $2,261.
b.	The June 30 bank statement included a $75 debit memorandum for bank services.
c.	Check No. 919, listed with the canceled checks, was correctly drawn for $789 in payment of a utility bill on June 15. Fluffy Pet grooming mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $798.
d.	The June 30 cash receipts of $2,534 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement.

What is the adjusted bank balance?

14: Triple Company's accountant made an entry that included the following items: debit postage expense $12.48, debit office supplies expense $27.39, debit cash over/short $2.25. If the original amount in petty cash is $320.00, how much is in petty cash before the reimbursement?

15: In comparing the canceled checks on the bank statement with the entries in the accounting records, it is found that check number 2889 for December's utilities was correctly written and drawn for $835, but was erroneously entered in the accounting records as $385. The journal entry to adjust the books for the bank reconciliation would include which of the following for this situation?

Top of Form

$450 decrease to Cash and a $450 decrease to Utility Expense

$450 increase to Cash and a $450 increase to Utility Expense

$450 decrease to Cash and a $450 increase to Utility Expense

$450 increase to Cash and a $130 decrease to Utility Expense

$835 increase to Cash and a $385 decrease to Utility Expense

16:Given the following information:

Petty cash balance	$450.00
Postage receipt	49.20
Business meal receipt	103.54
Courier receipt	83.70
Office supplies receipt	57.42
Cash on hand at the end of the month	77.41

What is the amount of cash over and short?

17:

Bolly purchased merchandise from ComTech on October 17 of the current year. ComTech accepted Bolly's $4,300, 90-day, 8% note as payment. What entry should ComTech make on January 15 of the next year when the note is paid? Use a 360-day year. (Assume December 31 as the closing period. Use a 360-day year. Round your answer to nearest whole dollar amount.)

18:

A company used the percent of sales method to determine its bad debts expense. At the end of the current year, the company's unadjusted trial balance reported the following selected amounts:

Accounts receivable	$248,000 debit
Allowance for uncollectible accounts	400 credit
Net Sales	830,000 credit

All sales are made on credit. Based on past experience, the company estimates .30% of credit sales to be uncollectible. What amount should be debited to Bad Debts Expense when the year-end adjusting entry is prepared?

19: Kallah Company agreed to accept $3,000 in cash along with an $8,500, 60-day, 14% note from customer Judith Klemper to settle her $11,500 past-due account. How should Kallah record this transaction?

20: A company used straight-line depreciation for an item of equipment that cost $13,000, had a salvage value of $1,600, and had a 6-year useful life. After depreciating the asset for 3 complete years, the salvage value was reduced to $1,000 and its total useful life was increased from 6 years to 10 years. Determine the amount of depreciation to be charged against the machine during each of the remaining years of its useful life (round depreciation per year to a whole number):

21: Ace company purchased a machine valued at $335,000 on August 1. The equipment has an estimated useful life of 4 years or 2.0 million units. The equipment is estimated to have a salvage value of $9,700. Assuming the double declining balance method of depreciation, what is the amount of depreciation expense that needs to be recorded at the end of the second year if 660,000 units were produced?