ASE Company sold goods, receiving $35,000 in cash and $15,000 on credit. How much revenue should it record under the accrual basis of accounting?

a. $50,000

b. $60,000

c. $35,000

d. $15,000

Which of the following should be added to net income in reconciling net income to net cash flows from (used for) operating activities?

a. A decrease in accounts receivable

b. A decrease in accounts payable

c. Preferred dividends declared and paid

d. An increase in supplies

Which of the following transactions would be recorded in a cash basis system of accounting?

a. Purchase of supplies on credit

b. Purchase of equipment by signing a note

c. Sale of goods for cash

d. Sale of goods against a note

Use the following data to determine the cost of ending inventory using the LIFO method: Sept. 1 Beginning inventory 15 units at $20 each 10 Purchase 20 units at $25 each 20 Purchase 25 units at $28 each 30Ending inventory 30 units

a. $825

b. $750

c. $600

d. $675

Use the following data to determine the cost of ending inventory using the FIFO method: Sept. 1 Beginning inventory 15 units at $20 each 10 Purchase 20 units at $25 each 20 Purchase 25 units at $28 each 30Ending inventory 30 units

a. $825

b. $750

c. $600

d. $675