If the cost of an item of inventory is $60 and the current replacement cost is $70, the amount included in inventory according to the lower of cost or market is

a.$60

b.$70

c.$130

d.$10

Gunnar Company gathered the following reconciling information in preparing its September bank reconciliation:

Cash balance per books, 9/30	$2,108
Deposits in transit	390
Notes receivable and interest collected by bank	893
Bank charge for check printing	21
Outstanding checks	1,219
NSF check	132

Calculate the adjusted cash balance per books on September 30.

a.$2,151.

b.$2,848.

c.$1,279.

d.$2,019.

A $188 petty cash fund has cash of $24 and receipts of $161. The journal entry to replenish the account would include a

a.debit to Cash for $24.

b.credit to Petty Cash for $161.

c.debit to Cash Short and Over for $3.

d.credit to Cash for $188.

After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $654,456 and Allowance for Doubtful Accounts has a balance of $18,750. What is the net realizable value of the accounts receivable?

a.$673,206

b.$635,706

c.$18,750

d.$654,456