54) Which of the following compoundings would give thesmallestfuture value of an amount? (Ch6)

Question 54 options:

All of the other answers would give the same future value amount

Annual

Quarterly

Daily

55) A company has two inventory transactions in-transit at December 31. One transaction is a purchase with termsFOB destinationfor $500, and the other transaction is a sale with termsFOB destinationwith inventory costing $2,100. What amount of these two transactions should the company report on their books forinventory? (Ch8)

Question 55 options:

$2,600

$2,100

$500

$0

56) A company sells to a customer 12 units of inventory for $14 per unit on account. Assuming that the company uses aperiodicinventory method and each unit of inventory costs $9, what journal entry should be recorded for the inventory sale? (Ch8)

Question 56 options:

Dr. Cash $168; Cr. Sales revenue $168; Dr. Cost of goods sold $108; Cr. Inventory $108

Dr. Cash $168; Cr. Sales revenue $168

Dr. Accounts receivable $168; Cr. Sales revenue $168

Dr. Accounts receivable $168; Cr. Sales revenue $168; Dr. Cost of goods sold $108; Cr. Inventory $108

57) At the start of March, a company has beginning inventory of 30 units that cost $9 each. The company purchases 80 units for $8 each on March 19. The company sells 15 units on March 8 and 50 units on March 24. If the company uses themoving-averagecost flow method, how muchcost of goods soldis generated in March? (Ch8)

Question 57 options:

$553

$560

$543

$538

58) A company has revenues of $263,000, dividends of $25,000, and expenses of $197,000 for the period. Which of the followingdebitswould be true within the4 steps of the closing entries? (Ch3)

Question 58 options:

Dr. Income summary $197,000

Dr. Income summary $25,000

Dr. Retained earnings $66,000

Dr. Income summary $263,000

59) A company exchanges old machinery with a book value of $62,500 for new machinery with a fair value of $53,600 and receiving $11,700 in cash. If the exchangehas commercial substance, what is theamount of gain or lossfrom the transaction? (Ch10)

Question 59 options:

$0

$2,800 gain

$502 gain

$20,600 loss

60) A retail company has the following amounts: Interest revenue $6,400; Sales returns and allowances $3,300; Gain on sale of investments $13,500; and Loss from fire $14,800. Based on these amounts, what would be the totalother revenues and gains? (Ch4)

Question 60 options:

$13,500

$5,100

$19,900

$23,200