Bren Company sold a car for $17,100. The cost of the car was $37,000 and depreciation expense was recorded at 10% for five and a half years. What was the gain or loss on disposal?

a. Loss of $16,650

b. Gain of $17,100

c. Loss of $19,100

d. Gain of $450

2.

As shown in the attachment, Metro Computer Company had the following balances and transactions during 2009.

What would the company's inventory amount be on the December 31, 2009 balance sheet if the perpetual Last-in, First-out costing method is used? (Answers are rounded to the nearest dollar.)

3.

Which of the following should be classified as an intangible asset?

a. Land held for future use

b. Accounts receivable

c. Buildings

d. Trademark

4.

Which of the following appears on the balance sheet?

a. Interest income

b. Income taxes

c. Net sales

d. Merchandise inventory

Beginning inventory March 10 June 10 October 30 100 units at $75 sold 50 units for $200 purchased 200 units at $80 sold 150 units for $ 220