Hi, I have an accounting practice test I answered all of them but I'm not sure if there are any mistakes... plz take a look at the pictures and tell me if there are .. + tell me the formula ...( if you are not totally sure plz do not answer) thank you ! Anwer the 5 Questions please or don't answer

5. May Day Company showed the following information at the end of its first ye Cash received from customers $600 Revenue earned Expenses incurred, excluding depreciation 96 Proceeds from a bank loan to purchase computer Cash paid for computer to be used for 4 years(SL Dep) 200 Cash paid for expenses What is the company's net income for the year based on the accrual basis of accounting? A. 260 (B 6. Given the following information on the activity in May Day's office supplies asset account for 2011 Beginning Balance-$4,000, Purchases during year $1,600, Ending count of supplies on hand-s2,400 What is the amount that would be shown in the supplies expense account on the income statement for 2011 $2,400 C $3,200 D A.) $1,600 Lemon Pie Grocery purchased a used truck by paying a cash price of $16,000. In addition to the cash prioe, Lemon pie inne $400 of sales taxes and the cost of having the Lemon Pie logo painted on the truck was $1,200. The truck is estimated to have a 5 year life if maintenance of $80 per year is performed on the truck. The cost of the truck's license for one year was S and the cost of the yearly inspection was $50. Lemon Pie would record the truck on the books at a cost of $17,600 B. $16,400 $18,400 A. $16,000 Lemon Pie purchased a piece of machinery to prepare dough by the machine price of $8,000. In addition to the cash price, Lemon Pie $200 freight charges and the cost of having g balanced, and put into condition operate was $600. The cost of building a foundation and installing the equipment was $400. The machine is estimated to have a 5 year life if maintenance of SA0 per year is performed on the ie would record a cost of $8,800 B. $8,200 $9,200 $8,000 Lemon trying to decide how to allocate the cost of their tangible long-term assets. You tell them the three most widely used methods allocating the tangible long-term asset over its useful off, and units-of-production of average direct write A. FIFO, LIFO, and depletion Straight-line, units of activity, and declining-balance B. Depreciation, amortization, and 10. Which of the following is not as property, plant, and equipment? such as parking lots and fences A resale by an automobile Land improvement, business operations Building used as a Land in ordinary