Question 1 1 pts Which of the following assets never loses its ability to provide service and, as a result, does not need to be depreciated? A copyright Land Office equipment A patent Question 2 1 pts When preparing a bank reconciliation statement, deposits in transit would: increase the cash balance according to the company books. increase the cash balance according to the bank statement. deduct the cash balance according to the bank statement. deduct the cash balance according to the company books. Question 3 1 pts The bank statement of Jade Co. shows a balance of $4,555 as of December 31. The following reconciling items were identified: i) Deposit not recorded on bank statement, $50 ii) Total outstanding checks, $105 iii) Check of $100 returned because of not sufficient funds (NSF) What is the adjusted balance according to the bank statement? $4,400 $4,810 $4,500 $4,605 Question 4 1 pts Which of the following would be deducted from the cash balance per books on a bank reconciliation? Outstanding checks Notes collected by the bank Deposits in transit Service charges Question 5 1 pts The following information from the inventory records of Paper Company. Beginning inventory 10 units at $42/u. First purchase 15 units at $44/u Second purchase 13 units at $45/u. Third purchase 22 units at $48/u. Goods sold 26 units What will be Paper's cost of goods sold, using the FIFO method of inventory costing? $1,236 $1,596 $1.125 $1,485 Question 6 1 pts Use the following data to calculate the cost of ending inventory using the LIFO method. September 1 Beginning Inventory 15 units at $20 each September 10 Purchase 20 units at $25 each September 20 Purchase 25 units at $28 each Goods sold 30 units $825 $750 $675 $600