7 What is the fiscal year of most colleges and universities in the United States, and specifically Wentworth Institute of Technology? OA. Calendar year (January 1st, through December 31st) OB. October 1st through September 30th of the following year. O C. September 1st to August 30th of the following year. OD. July 1st to June 30th of the following year QUESTION 8 In preparing a trial balance, which of the following accounts usually has a "debit" balance? OA. Accounts Receivable. B. Unearned revenue OC. Accounts payable O D. Service Revenue QUESTION 9 Determine the gross margin for a company which has sales of 14,000,000, cost of goods sold of $4,200,000 and net income of $4,000,0000, OA. 25% OB.30% OC. 22.50% O D. 70% QUESTION 10 In using the Double Declining balance (method of depreciation), if the cost of a machinery is $150,000, its salvage value is $20,000 and has a useful life of 5 years What is the depreciation expense at the end of the first year? OA. $42,000 O B. $58,000 OC. $108,000 OD. $60,000