2 points A company sells a plant asset which originally cost $150000 for $50000 on December 31, 2006. The accumulated depreciation had a balance of $60000 after the current year's depreciation. The company should recognize a $100000 loss on disposal $40000 gain on disposal $40000 loss on disposal $25000 loss on disposal None of the above 3 points Young & Crazy Company shows the following inventory information for the month of March: March 1 Inventory 200 units@$4; March 10 Purchased 500 units@$4.50: March 20 Purchased 400 units@ $4.75: March 30 Purchased 300 units@$5: Total sales in March were 900 units at a price of $10 per unit. What would be the COGS under periodic LIFO method? $4000 $4300 $4145 None of the above 3 points Cash balance per book $3500, deposit in transit $150, notes receivable and interest collected by the bank $850. check printing charge $20. outstanding checks $2000, NSF check $170. Calculate the adjusted cash balance per book. $4160 $4010 $2310 $2460 Can't calculate from this information If a plant asset is retired before it is fully depreciated and no salvage value 1 point is received. again on disposal occurs a loss on disposal occurs either gain or loss can occur neither gain or loss can occur If the average age of inventory (inventory holding period) is 50 days, what 2 points would be the inventory turnover? 6.64 7.30 3.65 None of the above Which of the following would be deducted from the balance per books on 1 point a bank reconciliation? Outstanding checks deposit in transit NSF check Collection of note by bank On a bank reconciliation, deposits in transit are 1 point added to the bank balance deducted from the bank balance added to the book balance deducted from the book balance A gain or loss on sale of plant asset is determined by comparing the 1 point replace cost of the asset with the asset's original cost NBV of the asset with asset's original cost original cost of the assets with the proceed received from the it's sale NBV of the asset with the selling price