Question 11 (1 point) ABC Inc. uses the FIFO cost formula in a perpetual inventory system. Jul1 Beginning inventory20 units @ $19 per unit Jul 7 Purchases Jul 8 Sales Jul 19 Sales 170 units @ $20 per unit 150 units 25 units 150 units @ $22 per Junit 140 units Jul 10 Purchases Jul 22 Sales Ending inventory on July 31 is: A) $550 B) $2,330 C) $680 D) $720 Question 12 (1 point) A corporation had assets and liabilities as follows: Assets $134,000 Beginning of the year Liabilities $28,000 $34,000 End of the year $156,000 The company sold $10,000 of common shares and declared and paid $5,000 of dividends during the year. The net income must be: A) $28,000 B) $16,000 C) $21,000 D) $11,000 Question 13 (1 point) A company uses the percentage of receivables method to estimate uncollectible accounts. A partial aging of accounts receivable is presented below: Percentage Days Outstanding Amount Uncollectible 0-30 days $200,000 1% 31-60 days 250,000 5% 61-90 days 150,000 10% 91-120 days 145,000 25% Over 120 days 10,000 150% Assuming the Allowance for Doubtful Accounts has a starting debit balance of $5,500, the Allowance for Doubtful Accounts will be credited by: A) $40,070 B) $51,250 C) None of the above D) $45,570 Question 14 (1 point) On its ending 2021 balance sheet, SMT Inc. had property plant and equipment of $1,200,000 and accumulated depreciation of $500,000. In 2022, the company purchased additional equipment for $50,000. On the ending 2022 balance sheet, the company had a carrying value for its PPE of $600,000. What was the depreciation expense for 2022? A) $50,000 B) $150,000 C) $120,000 D) $450,000