Question 14 (1.5 points) During 2021, Golden Bridge Corp. made sales of $550,000 on account. The balances in its Accounts Receivable and Allowance for Doubtful Accounts on December 31, 2021 were $250,000 and $23,000 (Credit) respectively. An aging schedule indicated that $38,000 of the receivables would prove uncollectible. What is the bad debt expense this year? A) $23,000 B) $38,000 C) $15,000 OD) $61,000 Question 5 (1.5 points) The accountant for a new company Kerry's Hogwarts Hats - which just commenced operations has been asked to choose a depreciation policy and an inventory policy. Harry told the accountant that his hat-making equipment would get the most use in the early years of his operation. The economy is also undergoing a period of deflation. If the accountant wanted to maximize profit in the later years, she would choose the following: A) Diminishing balance and average cost B) Unit of production and FIFO C) Diminishing balance and FIFO D) Straight line and FIFO Question 23 (1.5 points) Which of the following statements regarding accounting for inventories is correct? (choose the most suitable answer if you believe more than one answer is correct) A) Under FIFO, the cost of ending inventory is based on the earliest units purchased. B) None of the answers are correct. C) It is generally good business management to sell the most recently acquired goods first. D) FIFO assumes that the earliest goods acquired are the first to be sold. Question 24 (1.5 points) Company K-Talk has a beginning inventory balance of $50,000. It purchased another $30,000 of inventory during the year. It has an ending balance in its inventory account of $55,500. What is the cost of goods available for sale during the year? A) $80,000 B) $24,500 C) $85,500 D) $35,500