11. Jacobs Co. owns a fleet of vehicles that are used by its salespersons and administrators for business travel. The company does not plan to sell any of the vehicles for at least three years. On Jacobs' Balance Sheet, the vehicles would be included in which of the following asset classifications?

		a. investments
		b. current assets
		c. intangible assets
		d. property, plant, & equipment

12.

Which of the following accounts would not be found in closing entries?

		a. Service Revenue
		b. Wages Expense
		c. Accounts Payable
		d. Dividends

13.

Freight paid on goods shipped to customers ('Freight Out') would be included on the Income Statement in which of the following cost categories?

		a. Cost of Goods Sold
		b. Selling Expense
		c. Administrative Expense
		d. 'Other' (non-operating) Expense

14.

James Co. is a brand new corporation that has not yet issued any stock. The corporation has approved the issuance of 2,500 shares of stock with a $2 par value to Tom Mills in exchange for land appraised at $45,000. Upon acquiring the land, James Co.'s land account should be debited for:

		a. $40,000
		b. $45,000
		c. $35,000
		d. $5,000