2. A company reports the following information as of December 31st: Sales revenue Cost of goods sold Operating expenses Foreign currency translation adjustment $350,000 $150,000 $110,000 25,000 Ignoring income taxes, what amount should the company report as net income as of December 31st? a) $90,000 b) $125,000 c) S150,000 d) $115,000 10. Inventory is reported at: a) Lower of cost or fair value (where fair value is determined by the current market price using PV factors) b) Lower of cost or net realizable value (where NRV is Selling price- Costs to sell) c) Lower of cost or net realizable value (where NRV is Replacement cost) d) Lower of Cost or retail price Spring 2018 15. Harvey's Wholesale Company sol suplics of $46,000 to Northeast Company on April 12 of the current year, with terms 1/15, n/60. Harvey uses the net method of accounting for cash discounts. What entry would Harvey's make on April 20, assuming the customer made the required payment on that date? A. Cash 45,54 Sales 460 Accounts receivable 46,000 B. Cash 46 Sales discounts 460 Accounts receivable 46,000 Interest revenue 460 C. Cash 45,540 Sales discounts 460 Accounts receivable 46,000 D. Cash 45,540 45,540 Accounts receivable