1.Given:

Net Income is:

Select one:

a. Understated $16

b. Understated $24

c. Overstated $6

d. Understated $26

e. Understated $10

2.

Case Corp. had accounts payable of $100,000 recorded in the general ledger as of December 31, 2012. The Accounts Payable balance included the following recorded purchases on credit: In Cases December 31, 2012 balance sheet, the accounts payable should be reported in the amount of:

Select one:

a. $125,000

b. $92,000

c. $121,000

d. $79,000

e. $75,000

3.

Use the following information for the month of May:

Assuming that a perpetual inventory system is used, what is Cost of Goods Sold on a LIFO basis?

Select one:

a. $2,880

b. $680

c. $1,280

d. $1,380

e. $1,400

Overstated Understated Purchases Sales Returns Beginning Inventory Freight Out Purchase Discounts R 15 Amount Date Shipped Date Received $ 8,000 12-22-12 12-24-12 17,000 12-28-12 1-2-13 12,000 1-2-13 1-3-13 9,000 12-31-12 1-5-13 $42,000 FOB Terms Destination Shipping point Shipping point Destination May 1 Beginning inventory 7 Purchases 18 Sales 22 Purchases 29 Sales 20 units @ $19 70 units @ $20 25 units 50 units @ $22 40 units