9. A note receivable due in five years is listed on the balance sheet under the caption: a investments. b. current assets c. fixed assets. d. stockholders' equity. Indicate whether the statement is true or false. 10. The balance in Accumulated Depreciation account is deducted from the cost of fixed assets on the balance sheet. a. True b. False 11. The inventory turnover measures how efficiently a company is using its operating assets to generate sales. a. True b. False 12. Which of the following accounts is a contra account to Sales? a. Accounts Payable b. Sales Returns and Allowances c. Accounts Receivable d. Interest Revenue 13. A company acquired some land for $75,000 to construct a new office complex. Legal fees paid were $2,750, delinquent taxes assumed were $3,250, and 56,350 was paid to remove an old building. Materials salvaged from the demolition of the building were sold for $2,300. Determine the cost of the land to be reported on the balance sheet. a. $85,050 b. $89,650 c. $84,100 d. $87,350 Indicate the answer choice that best completes the statement or answers the question. 14. The inventory costing method that assigns the most recent costs to cost of goods sold is: @FIFO. b. LIFO. c. average cost. d. specific identification