Accounts receivable, in last years balance sheet, was $325,000, as opposed to $341,000 in the current years financial statements. The net sales for the current year was $1,150,000. Calculate the account receivables average collection period for the current year.

Select one:

a.107 days

b.104 days

c.108 days

d.105 days

e.106 days

Production equipment is purchased at the cost of $85,600. In addition, the company paid $2,460 in shipping costs, $1,590 to install the equipment, and a $589.00 insurance cost due to the new equipment. What will be the cost of the equipment on the balance sheet?

Select one:

a.$90,239

b.$87,779

c.$85,600

d.$89,650

e.$87,500

Which one of the following statements is correct?

Select one:

a.When the cost of natural resource assets is depreciated, the cost is immediately recognized as depletion expense

b.Long-lived intangible assets are typically listed as Property, Plant, and Equipment

c.All intangible assets are amortized over their useful lives

d.The research costs for a new drug can be capitalized on the balance sheet as an intangible asset

e.Development costs for new products are expensed unless associated with a feasible product

The costs associated with a copyright are expensed

Select one:

a.in the same periods when the costs were incurred

b.over the useful life of the asset

c.over its legal or useful life, the shorter of the two lives

d.over the legal life of the asset

e.over its legal or useful life, the longer of the two lives

In the month of February, 2021, Mason Co. had the following items recorded in their payroll log:

Gross salaries			25,186
CPP (withheld)			1,550
Employee Income Taxes (withheld)			5,872
Pension Plan Deductions			890
Employment Insurance withheld			429
Union dues withheld			403

The journal entry required to record the payment of "net payroll" would include a:

Select one:

a.Debit to salaries payable for 16,042

b.Debit to salaries payable for 17,335

c.Debit to salaries payable for 19,314

d.Credit to cash for 25,186