can you explain how they got these answers.

Because of their special nature, nontrade receivables are generally

a$)$ reported as cash and cash equivalents.

b$)$ classified and reported as separate items under the noncurrent liabilities section

on the statement of financial position.

c$)$ have almost no liquidity.

d$)$ classified in a note that is cross referenced to the statement of financial

position.

During the year, Popsicle Inc., which uses the allowance method, made an entry

to write off a $$4,000$ uncollectible account. Before this entry was posted, the

balance in accounts receivable was $$80,000$ and the balance in the allowance

account was $$7,000.$ The net realizable value of accounts receivable after the write$-$

off entry was

a$)$ $$80,000.$

b$)$ $$77,000.$

c$)$ $$76,000.$

d$)$ $$73,000.$

Which of the following statements is NOT true regarding the receivables turnover

ratio?

a$)$ The higher the turnover number during the year, the better.

b$)$ It measures the number of times, on average, that receivables are collected

during the period.

c$)$ It is calculated by dividing average sales by gross receivables

outstanding during the year.

d$)$ It is used to assess receivables' liquidity.

When preparing a bank reconciliation, a deposit credited to the company account

by the bank in error is

a$)$ added to the bank statement balance.

b$)$ deducted from the bank statement balance.

c$)$ added to the balance per books.

d$)$ deducted from the balance per books.

The following information is available for Plymouth Ltd$.$ for last year:

Freight$-$in$.........................$ $$120,000$

Purchase returns.............. $183,000$

Selling expenses.................. $255,000$

Ending inventory................. $480,000$

The cost of goods sold is equal to $200\%$ of selling expenses. What is the cost of

goods available for sale?

a$)$ Cannot be determined from information given.

b$)$ $$447,000$

c$)$ $$990,000$

d$)$ $$927,000$

For calendar $2023,$ the gross profit of Seymour Corp. was $$135,000$; the cost of

goods manufactured was $$360,000$; the beginning inventories of goods in process

and finished goods were $$33,500$ and $$57,000,$ respectively; and the ending

inventories of goods in process and finished goods were $$44,000$ and $$71,000,$

respectively. Seymour Corp.$\text{'}$s sales for $2023$ must have been

a$)$ $$346,000.$

b$)$ $$552,000.$

c$)$ $$445,000.$

d$)$ $$481,000.$

For calendar $2023,$ Gomez Corporation reported pre$-$tax income of $$70,000.$ A

recount of the company's inventory revealed that $2023$ ending inventory was

overstated by $$10,000.$ What is Gomez's corrected pre$-$tax income for $2023?$

a$)$ $$60,000$

b$)$ $$80,000$

c$)$ $$70,000$

d$)$ $$75,000$

Sage Corp is a publicly traded company that has just purchased a new piece of

equipment for its production process. The equipment costs $$50,000$ with an $$8,000$

residual value, an estimated useful life of $7$ years and an expected life of $10$ years

with a $$2,000$ salvage value. Assuming that Sage has a December $31$ year end and

the equipment was purchased on January $1,$ how much depreciation expense should

the company record at the end of year one? The company uses the straight$-$line

method.

a$)$ $$6,000$

b$)$ $$4,800$

c$)$ $$5,000$

d$)$ $$4,200$