Can I get help with these question? Ill thumbs up if correct :). Thanks so much beforehand.
The following information is provided for Eugene Inc. Cash Property, plant, and equipment Short-term investments Accounts payable Inventory - estimated returns Inventory Allowance for sales returns Prepaid insurance for one year Estimated warranty liability Patent Allowance for doubtful accounts Accounts receivable, gross $1,000 2,000 3,000 2,500 1,000 5,000 1,000 3,000 1,000 1,000 1,000 5,000 Determine the amount of current assets. $15.000 None of other answer choices is correct $17.000 $16.000 Dr. Cure who runs a family practice keeps her accounting records on a cash basis. During 2017, she collected $200,000 in fees from her patients. At December 31, 2016, Cure had accounts receivable of $15,000 and a liability for deferred fee revenue of $2,000, At December 31, 2017, she had accounts receivable of $25,000 and a liability for deferred fee revenue of $8,000. On an accrual basis, what was Dr. Cure's patient fee revenue for 2017? None of other answer choices is correct $210.000 $200,000 $204.000 Throughout this quarter, we discussed that under current GAAP, managers can exercise their discretion (1.e., judgements and estimates) to varying degree in preparation for financial statements. Which of the following accounting treatment least likely allows managers to exercise their discretion? Adjusting journal entries for accrued interest expense and interest payable at the year-end Adjusting journal entries for expected sales returns at the year end Determination of allowance for doubtful accounts at the year end Determination of loss contingency at the year-end December 19, 2019. Eugene Corporation sold merchandise at a price of $8,000 (term, 2/10; n/30). The customer makes a payment on December 15th, 2019 for sales originally billed at $5,500. Suppose the firm has two options (the net method and the gross method) to account for this transaction What is the impact on net income of 2019? Net income is the same between the net method and the gross method Net income is higher under the net method than the gross method None of other answer choices is correct Net income is lower under the net method than the gross method