A Moving to another question will save this response. Question 17 Michael Company uses a perpetual inventory system and has the following account balances at the end of July: Sales Sales Retums & Allowances Sales Discounts Cost of Goods Sold Dividends $4,000 80 120 1,520 240 What is Michael's gross profit for July? $2,040 $2,280 $2,400 $2,360 A Moving to another question will save this response MacBook Pro 6 8 10 130 14 110 12 42 43 34 350 36 370 38N 39 40 44 45 46 47 32 33 632 A Moving to another question will save this response. Question 6 Which of the following describes shipping terms of FOB shipping point? The purchaser is responsible for the shipping charges. The shipping charges are debited to Delivery Expense by the buyer. At the end of the year, any items in transit should be included as part of the seller's inventory The seller must absorb the cost of shipping the items Moving to another question will save this response. MacBook Pro esc F2 Bo F3 ODDF4 FS @ # $ $ % Question 8 5 points Save Answer Michael Corporation bought the beginning of Year 1 paying $25,000 cash and signing an interest bearing not for $50,000. The estimated useful life of the equipment is 5 years and the estimated salvage value is $7.500. How much depreciation expense would be recorded for Your Miches the double declining balance depreciation method $30,000 $18.000 O O O O $12.000 $16.200 Question 10 ABC Company showed the following information at the end of the first year. Cash received from customers $600 Revenue earned $700 Expenses accrued, including depreciation 146 Proceeds from a bank loan to purchase computer 160 Cash paid for computer to be used for 4 years 200 Cash paid for expenses 340 What is the company's net income for the year based on the accrual basis of accounting? $214 $604 $554 d $864 Moving to another question will save this response. 6 8 10 12 17 19 20 21 22 24 25 26 27 29 14 15 18 49 23 54 36 40 42 43 44 46 67 68 50 Close Window Moving to another question will save this response. Question 12 of 6 Question 12 5 points Save Answer Jennifer Company received a 3000, 12%, 90-day note on November 1, Year 1. Jennifer only makes adjusting entries at the end of the calendar year. Jennifer will record accrued interest receivable on this note December 31, Year 1 (the company's year-end of 572 518 512 Moving to another question will save this response. Question 12 of 63 Close Window MacBook Pro 30 $ 2 % 5 8 3 8 9 M