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1. A company purchased factory equipment on June 1, 2011, for $80,000. It is estimated that the equipment will have a $5,000 salvage value at the end of its 10-year useful life. Using the straight-line method of depreciation, the amount to be recorded as depreciation expense at December 31, 2011, is A) S3,125. B) $4,375. C) $3,750. D) $7,500. 2. If the unit price of inventory is increasing during a period, a company using the LIFO inventory method will show less gross profit for the period, than if it had used the FIFO inventory method. A) True B) False 3. The terms 2/10, n/30 state that a 2% discount is available if the invoice is paid within the first 10 days of the next month. A) True B) False 4. Management is responsible for establishing a system of internal control. A) True B) False 5. An aging of a company's accounts receivable indicates that $4,000 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $1,200 credit balance, the adjustment to record bad debts for the period will require a A) credit to Allowance for Doubtful Accounts for $4,000. B) debit to Allowance for Doubtful Accounts for $2,800. C) debit to Bad Debts Expense for $2,800. D) debit to Bad Debts Expense for $4,000. 6. If a company fails to record estimated bad debts expense, A) B) revenues are understated. expenses are understated. C) D) cash realizable value is understated. receivables are understated. 7. Under the direct write-off method, no attempt is made to match bad debts expense to sales revenues in the same accounting period. A) True B) False 8. On January 1, a machine with a useful life of five years and a residual value of $25,000 was purchased for $75,000. What is the depreciation expense for year 2 under the double-declining-balance method of depreciation? A) $30,000 B) $14,400 C) $18,000 D) $24,000