Please help me with these questions, thank you!

Question 1

Ten To One Gaming Corporation purchases poker chips from wholesalers and sells them to casinos in Las Vegas andAtlantic City. The company gets all of its merchandise from a supplier in Minnesota and always buys on credit withcredit terms of 2/10, n/30. Which statement below best explains the credit terms of 2/10, n/30?

The buyer will receive a 2% discount if they pay within ten days of the sale

The buyer will receive a 10% discount if they pay within two days of the sale

The buyer will receive a 10% discount if they pay within thirty days of the sale

The buyer will receive a 2% discount if they pay within thirty days of the sale

Flag this QuestionQuestion 2

When a specific customer's account receivable is written-off by a company, the effect of the write-off onnet incomeand theallowance for bad debtsis:

decrease net income and decrease the allowance for bad debts

no effect on net income and decrease the allowance for bad debts

no effect on net income and no effect on the allowance for bad debts

no effect on net income and increase the allowance for bad debts

decrease net income and increase the allowance for bad debts

Flag this QuestionQuestion 3

During a period of increasing inventory costs (i.e., assume a period of inflation), which inventory costing methodwill show cost of goods sold on the income statement at the most current acquisition costs?

LIFO

FIFO

weighted average

all methods will show the same amount of cost of goods sold

either (a) or (b) depending on the tax rate

Flag this QuestionQuestion 4

At January 1, 2014, XYZ Company reported an allowance for bad debts with a $17,000credit balance. During2014, XYZ Company wrote-off as uncollectible accounts receivable totaling $25,000. Based on an aging of itsaccounts receivable at December 31, XYZ Company determined that its bad debt expense for 2014 was equalto $48,000. Assuming XYZ Company had total accounts receivable of $280,000 at December 31, 2014, then itsnetrealizable valueat December 31, 2014 must be equal to:

$207,000

$232,000

$190,000

$224,000

$240,000

Flag this QuestionQuestion 5

The following selected account balances were taken from Buckeye Company's general ledgerat January 1, 2019 and December 31, 2019: 

 January 1, 2019 December 31, 2019Accounts receivable 101,000 142,000 Inventory 12,000 23,000 

The following information was taken from Buckeye Company's 2019 income statement: 

Sales revenue $354,780 Cost of goods sold 127,750 Salaries expense 85,000 Income tax expense 56,000 Net income $ 86,030 

Calculate the average number of days that elapse between Buckeye Company making sales tocustomers and collecting cash from those customers. Enter your answer as a number (i.e., 94).Do not use decimals or a $ in your answer. Additionally, do not type the word days afteryour answer.

Flag this QuestionQuestion 6

The cash account in the general ledger of XYZ Company shows a balance of $18,700 atJune 30. The June 30 bank statement; however, shows a balance of $19,800. The onlyreconciling items consist of: 

 NSF check from customer Outstanding checks totaling $5,630 Error in recording check #970 written by XYZ Company to pay for utilities; the check was written for $468 but was recorded in XYZ Company's accounting records as having been written for $588 A bank service charge totaling $50 A deposit in transit in the amount of $2,380 

Calculate the amount of the NSF check. Do not enter your answer with a minus signin front of the number or use decimals in your answer. 

Flag this QuestionQuestion 7

M.T. Glass, Inc. employs a periodic inventory system and sells its inventory to customersfor $12.75 per unit. At June 1, 2018, M.T. Glass had 8,000 units of inventory costing$5.50 per unit on hand. During June, M.T. Glass recorded the following purchases ofinventory:June 9 13,000 units purchased at $3.05 per unit June 17 9,000 units purchased at $4.25 per unit June 26 10,000 units purchased at $7.05 per unitDuring June, M.T. Glass sold 26,000 units, reported operating expenses of $140,000 andhad an income tax rate of 35%. 

Calculate the amount of gross profit reported on M.T. Glass, Inc.'s income statementfor June using the LIFO method. Do not use decimals in your answer.

Flag this QuestionQuestion 8

M.T. Glass, Inc. employs a periodic inventory system and sells its inventory to customersfor $12.75 per unit. At June 1, 2018, M.T. Glass had 8,000 units of inventory costing$5.50 per unit on hand. During June, M.T. Glass recorded the following purchases ofinventory:June 9 13,000 units purchased at $3.05 per unit June 17 9,000 units purchased at $4.25 per unit June 26 10,000 units purchased at $7.05 per unitDuring June, M.T. Glass sold 26,000 units, reported operating expenses of $140,000 andhad an income tax rate of 35%. 

Calculate the dollar amount of ending inventory shown on M.T. Glass, Inc.'s June 30balance sheet using the weighted average method. Do not use decimals in your answer.

Flag this QuestionQuestion 9

M.T. Glass, Inc. employs a periodic inventory system and sells its inventory to customersfor $12.75 per unit. At June 1, 2018, M.T. Glass had 8,000 units of inventory costing$5.50 per unit on hand. During June, M.T. Glass recorded the following purchases ofinventory:June 9 13,000 units purchased at $3.05 per unit June 17 9,000 units purchased at $4.25 per unit June 26 10,000 units purchased at $7.05 per unitDuring June, M.T. Glass sold 26,000 units, reported operating expenses of $140,000 andhad an income tax rate of 35%. 

Calculate the amount of net income reported on M.T. Glass, Inc.'s income statement forJune using the FIFO method. Do not use decimals in your answer.

Flag this QuestionQuestion 10

At January 1, 2019, Betty DeRose, Inc. reported an allowance for bad debts with a $9,000credit balance. During 2019, Betty DeRose wrote-off as uncollectible accounts receivabletotaling $16,000. At December 31, 2019, Betty DeRose prepared the following aging schedule: Accounts Receivable % Uncollectible not past due $150,000 3% 1-45 days past due 65,000 8% 46-90 days past due 45,000 12% 91-135 days past due 20,000 25% over 135 days past due 6,000 80% Calculate the amount of bad debt expense recorded by Betty DeRose, Inc. for 2019.