85 Number of Date Transaction Units Unit Cost Apr. 1 Beginning inventory 500 $2.40 Apr. 20 Purchase 400 2.50 700 units of inventory were sold during the month. Ending inventory assuming FIFO would be: 0.7 points 8 01:43:27 Numeric Response Northern purchased the entire business of Southern including all its assets and liabilities for $600,000. Below is information related to the two companies: Northern Southern Fair value of assets $1,050,000 $800,000 Fair value of liabilities 575,000 300,000 Reported assets 800,000 650,000 Reported liabilities 500,000 250,000 Net Income for the year 60,000 50,000 How much goodwill did Northern pay for acquiring Southern? Numeric Response Help 3 Accounts Payable Salaries Expense $4,400 12,800 Cash 1,700 Common Stock 2,400 Service Revenue 8,300 2 Supplies 4,300 Retained Earnings 1,100 Utilities Expense 5,000 How many of these accounts would appear in a year-end income statement? Numeric Response Saved Help Save & Exit Submit On January 1, ABC sold $30,000 in products to a customer on account. Then on January 10, ABC collected the cash on that account. What is the impact on ABC's accounting equation from the collection of cash on January 10? Multiple Choice Assets increase and liabilities decrease. Assets increase and stockholders' equity increases. Assets decrease and liabilities decrease No net effect on the accounting equation