A company reported the following inventory transactions during the year:

01/01/15 Beginning Inventory 15 units @ $15 02/18/15 Purchase 10 units @ $20 03/07/15 Purchase 14 units @ $25 03/15/15 Sale 18 units @ $40 What is the cost of goods sold using the FIFO cost flow method?

Select one:

a. $358

b. $285

c. $430

d. $720

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Who typically receives first priority when resources are divided as part of a business's liquidation?

Select one:

a. Stockholders

b. Owners

c. Creditors

d. Managers

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Bonds payable are usually classified on the balance sheet as:

Select one:

a. current liabilities.

b. long-term liabilities.

c. investments and funds.

d. other assets.

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During its first year of operations, XYZ, Inc. experienced the following:

Sales on Accounts $300,000 Collection of Accounts Receivable $125,000 What is the ending balance of Allowance for Doubtful Accounts after recording uncollectible account expense using 1% of sales on account?

Select one:

a. $1750

b. $1250

c. $3000

d. $4250

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During its first year of operations, XYZ, Inc. experienced the following:

Sales on Accounts $300,000 Collection of Accounts Receivable $125,000 What is the net realizable value of Accounts Receivable after recording uncollectible account expense using 1% of sales on account?

Select one:

a. $170,750

b. $175,000

c. $172,000

d. $173,250