Present and future value tables of $1 at 11% are presented below. PV of $1 FV of $1 PVOA of $1 FVOA of $1 1.11000 1.23210 1.36763 1.51807 1.68506 1.87041 0.9009 0.81162 0.73119 0.65873 0.59345 0.53464 0.90090 1.71252 2.44371 3.10245 3.69590 4.23054 1.0000 2.1100 3.3421 4.7097 6.2278 7.9129 4 5 6 Spielberg Inc. signed a $300,000 noninterest-bearing note payable, due at the end of five years. Comparable borrowings have carried an 11% interest rate, what is the approximate value of this debt at its inception (the time of signing) Select one: A. $118,690. B. $200,000. C. $222,000. D. $178,000. Madison Co. has determined its year-end inventory on a LIFO basis to be $630,000. Information pertaining to that inventory is as follows: Selling price Costs to sell Normal profit margin Replacement cost $720,000 $30,000 $80,000 $620,000o What should be the reported value of Madison's inventory? Select one A. $600,000. B. $690,00o. C. $610,000. D. $620,000. Which of the following does not reduce the balance in accounts receivable when using the direct write-off method? Select one: O A. Collections from customers OB. Recording sales. O C. Returns on credit sales. O D. Recognizing bad debts expense. Reported Cash may not include: Select one: A. Unrestricted cash. B. Undeposited checks, C. Customers' orders. D. Foreign currency balances. Which of the following is false regarding the LIFO inventory method? Select one: O A. A grocery store cannot choose to account for the flow of inventory using the LIFO method because this doesn't match the actual flow of its inventory. O B. Companies selling non-perishable products must use the LIFO method O C. LIFO under a perpetual inventory system results in the same cost of goods sold as LIFO under a periodic inventory system. O D. All of the above choices are correct answers to this question. A company uses the allowance method to account for bad debts. What is the effect on each of the following accounts of a receivable write off and subsequent recovery of it in cash? [Hint: Look at the journal entries used] Allowance for Uncollectible Accounts Increase Decrease Increase No effect Gross Accounts Receivable Decrease Decrease No effect No effect a. b. c. Select one A. Option a B. Option b. C. Option c D. Option d