Case Corp. had accounts payable of $100,000 recorded in the general ledger as of December 31, 2012. The Accounts Payable balance included the following recorded purchases on credit: Picture In Case's December 31, 2012 balance sheet, the accounts payable should be reported in the amount of: Select one: a. $75,000 b. $92,000 c. $88,000 d. $78,000 e. $80,000 Question 20 Not yet answered Points out of 3.00 Flag question Question text Use the following information for the month of May: Picture Assuming that a perpetual inventory system is used, what is Cost of Goods Sold on a LIFO basis? Select one: a. $610 b. $680 c. $660 d. $570 e. $600 Question 21 Not yet answered Points out of 3.00 Flag question Question text Given the following data, by how much would taxable income change if periodic FIFO is used rather than periodic LIFO? Picture Select one: a. Decrease by $6,000 b. Increase by $8,500 c. Decrease by $8,500 d. Increase by $6,000 Question 22 Not yet answered Points out of 3.00 Flag question Question text During periods of rising prices, a perpetual inventory system would result in the same dollar amount of Cost of Goods Sold as a periodic inventory system under which of the following inventory cost flow methods? Select one: a. FIFO, but not LIFO b. LIFO, but not FIFO c. Both FIFO and LIFO d. Neither FIFO nor LIFO Question 23 Not yet answered Points out of 3.00 Flag question Question text The Blotto Company made the following two errors in counting ending inventory: Understated 12/31/12 inventory by $2,000 Understated 12/31/13 inventory by $1,000 The XYZ Co. records two sales. One customer pays within the discount period; one customer pays after the discount period has expired. Which line item on the income statement will be the same, regardless of whether the "Gross" method or the "Net" method is used to account for Sales? Select one: a. Sales b. Sales Discounts Forfeited c. Sales Discounts d. Net Income e. Gross Profit Question 13 Question text Case Corporation will deposit $10,000 at 10% every January 1st for five consecutive years (1/1/15 - 1/1/19). What will be in the investment fund on December 31, 2020? Select one: a. $66,000 b. $73,261 c. $73,872 d. $67,156 e. $61,051 Question 14 Question text Bill Gates plans to deposit into the bank a single amount on 9/1/15; he desires to withdraw $10,000 on 9/1/22 and $10,000 on 9/1/23. The Interest Rate is 8%. What single amount must be deposited on 9/1/15 to provide for the withdrawals? Select one: a. $10,805 b. $11,670 c. $17,833 d. $11,238 e. $13,108 Question 15 Not yet answered Points out of 3.00 Flag question Question text On January 1, 2015, Oxford Company finished consultation services and accepted in exchange a promissory note with a face value of $600,000 and a due date of December 31, 2017. The stated rate of interest is 5% with interest receivable at the end of each year through 12/31/17. Assume an effective interest rate of 10% is implicit in the agreed-upon price. The effective amortization method is used. Oxford's journal entry on 1/1/15 to record service revenue will include: Select one: a. A credit to Notes Receivable for $600,000 b. A credit to Service Revenue for $600,000 c. A debit to Discount on Notes Receivable for $74,602 d. A credit to Service Revenue for $525,398 e. A credit to Discount on Notes Receivable for $52,145 Question 16 Not yet answered Points out of 3.00 Flag question Question text THE DATA FOR THIS QUESTION ARE THE SAME AS THE DATA FOR THE PREVIOUS QUESTION. On January 1, 2015, Oxford Company finished consultation services and accepted in exchange a promissory note with a face value of $600,000 and a due date of December 31, 2017. The stated rate of interest is 5% with interest receivable at the end of each year through 12/31/17. Assume an effective interest rate of 10% is implicit in the agreed-upon price. The effective amortization method is used. Oxford's total interest revenue to be recorded on the income statements during the years 2015 through 2017 will be: Select one: a. $90,000 b. $30,000 c. $74,608 d. $164,602 e. $175,321