A factory machine was purchased for $375,000 on January 1, 2017. It was estimated that it would have a $75,000 salvage value at the end of its 5-year useful life. It was also estimated that the machine would be run 40,000 hours in the 5 years. The company ran the machine for 4,000 actual hours in 2017. If the company uses the units-of-activity method of depreciation, the amount of depreciation expense for 2017 would be on Select one: a. $30,000 b. 537,500 8. S60.000 d 575.000 Equipment was purchased for $85,000 on January 1, 2016. Freight charges amounted to $3,500 and there was a cost of $10,000 for building a foundation and installing the equipment. It is estimated that the equipment will have a $15,000 salvage value at the end of its 5-year useful life. What is the amount of accumulated depreciation at December 31, 2017, if the straight-line method of depreciation is used? on Select one: a. $16,700 b. $33,400 C. $14,300 d. $28,600 Net sales for the month are $800,000, and bad debts are expected to be 1.5% of net sales. The company uses the percentage-of-sales basis. If Allowance for Doubtful Accounts has a credit balance of $15,000 before adjustment, what is the balance after adjustment? Select one: a. $ 27,000. b. $ 15,000. C. $ 23,000. d. $ 31,000. Maine Corporation's unadjusted trial balance includes the following balances (assume normal balances): Accounts Receivable $850,000 Allowance for Doubtful Accounts 18,000 Bad debts are estimated to be 5% of outstanding receivables. What amount of bad debt expense will the company record? Select one: a. $24.500 b. $42,500 C. $18,000 d. $41,600 If the month-end bank statement shows a balance of $75,000, outstanding checks are $54,000, a deposit of $15,000 was in transit at month end, and a check for $4,000 was erroneously charged by the bank against the account, the correct balance in the bank account at month end is Select one: a. $37,000. b. $75,000 C. $118,000. d. $40,000 Using the percentage-of-receivables method for recording bad debts expense, estimated uncollectible accounts are $23,000. If the balance of the Allowance for Doubtful Accounts is $2,000 debit before adjustment, what is the amount of bad debt expense for that period? Select one: a. $25,000 b. $21,000 C. $2,000 d. $23,000 Using the percentage-of-receivables basis, the uncollectible accounts for the year is estimated to be $33,000. If the balance for the Allowance for Doubtful Accounts is a $5,000 credit before adjustment, what is the amount of bad debt expense for the period? Select one: a. $28,000 b. $5,000 C. $38,000 d. $33,000 Internal controls are concerned with Select one: 1. only manual systems of accounting 2. preparing income tax returns 3. safeguarding assets. 4. the extent of government regulations. Which one of the following is not an objective of a system of internal controls? Select one: 1. Overstate liabilities in order to be conservative o 2. Reduce the risks of errors 3. Safeguard company assets 4. Enhance the accuracy and reliability of accounting records Using the percentage-of-receivables basis, the uncollectible accounts for the year is estimated to be $33,000. If the balance for the Allowance for Doubtful Accounts is a $5,000 debit before adjustment, what is the amount of bad debt expense for the period? Select one: a. $5,000 b. $38,000 C. $28,000 d. $33,000