For each of the following items indicate whether the transactions listed below increased (+), decreased (-) or had no effect (0) by inserting the appropriate symbol.

Net Income Assets Liab. Owners' Equity Cash Flows

a.Record depreciation expense

b.Sold equipment for cash at a loss

c.Recorded loss on impaired goodwill

d.Recorded depletion expense

e.Recorded a capital expenditure and issued a note payable

On the basis of the following data related to current assets for Mission Co. at December 2016, make a partial balance sheet in good form.

Cash and cash equivalents $100,000

Notes receivable 50,000

Accounts receivable 290,000

Allowance for doubtful accounts 20,000

Interest receivable 750

Merchandise inventory at lower-of-cost-(first-in, first-out method) or-market 120,000

Make a partial balance sheet in good form. Enter the assets in the order they are listed above.

Mission Co.

Partial Balance Sheet

December 31, 2016

Assets

Current assets:

$fill in the blank 2

fill in the blank 4

$fill in the blank 6

fill in the blank 8

fill in the blank 9

fill in the blank 11

fill in the blank 13

Total current assets $fill in the blank 14

Using the lower-of-cost-or-market method of inventory valuation, what should the total inventory value be for the following items:

Item Inventory

Quantity Unit cost

price Unit market

price Total cost

price Total market

price

A 200 $5 $4.50 $1,000 $900

B 100 4 5.00 400 500

C 50 7 6.50 350 325

Item Lower of Cost or Market

A $fill in the blank 1

B $fill in the blank 2

C $fill in the blank 3

Total $fill in the blank 4