Question 1

On January 1, 2009, Gott Corporation purchased for $114,000, equipment having a useful life of ten years and an estimated salvage value of $6,000. Mill has recorded monthly depreciation of the equipment on the straight-line method. On December 31, 2017, the equipment was sold for $21,000. As a result of this sale, Gott should recognize a gain of a. $0. b. $4,200. c. $10,200. d. $21,000.

Question 2

Before year-end adjusting entries, Bass Companys account balances at December 31, 2017, for accounts receivable and the related allowance for uncollectible accounts were $700,000 and $45,000, respectively. An aging of accounts receivable indicated that $62,000 of the December 31 receivables are expected to be uncollectible. The net realizable value of accounts receivable after adjustment is a. $682,500. b. $637,500. c. $592,500. d. $655,000.

Question 3

The following information is available for Reagan Company: Allowance for doubtful accounts at December 31, 2016 $ 8,000 Credit sales during 2017 $ $400,000 Accounts receivable deemed worthless and written off during 2017 $9,000 As a result of a review and aging of accounts receivable as of December 31, 2017, it has been determined that an allowance for doubtful accounts of $9,500 is needed at December 31, 2017. What amount should Murphy record as bad debt expense for the year ended December 31, 2017? a. $8,500 b. $9,500 c. $10,500 d. $17,500

Question 4

Addison Co. has the following data related to an item of inventory: Inventory, April 1 100 units @ $4.20 Purchase, April 7 350 units @ $4.40 Purchase, April 16 70 units @ $4.50 Inventory, April 31 130 units

The value assigned to ending inventory if Niles uses LIFO is a. $579. b. $552. c. $546. d. $585.

The value assigned to cost of goods sold if Niles uses FIFO is a. $579. b. $552. c. $1,723. d. $1,696

i need help solving the questions please