George Jones is planning on a cruise for his 70th birthday party. He wants to know how much he should set aside at the beginning of each month at 6% interest to accumulate the sum of $4, 800 in five years. He should use a table for the: A) Present value of an ordinary annuity of 1. B) Future value of an annuity due of 1. C) Future value of 1. D) Present value of an annuity due of 1. E) None of these Nontrade receivables do not include: A) sales to customers on a deferred payment plan. B) Loans to employees. C) Income tax refund receivable. D) Advances to affiliated companies. E) All of the above are nontrade receivables. Ending inventory is equal to the cost of items on hand plus: A) Items in transit sold f.o.b. shipping point. B) Purchases in transit f.o.b. destination. C) Items in transit sold f.o.b. destination. E) Both C and D. In calculating the cost-to-retail percentage for the retail method, the retail column will not include: A) Purchases. B) Purchase returns. C) Abnormal shortages. D) Freight-in. E) The retail column includes all of these items. Assuming the market interest rate is 10% per annum, how much would Green Co. record as a note payable if the terms of the loan with a bank are that it would have to make one $60,000 payment in two years? A) $60,000. B) $54, 422. C) $54, 545. D) $49, 587. E) None of the above