QUESTION 9 During the year, ABC sold $9,210,000 of goods to its customers on credit. ABC received payments from its customers of $9,269,000 and at the end of the year the firm's Accounts Receivable balance was $41,000. What was the firm's Accounts Receivable balance at the beginning of the year? $96,000 $108,000 $100,000 $97,000 QUESTION 10 On the balance sheet, assets are normally reported using The appraised value of the asset The original purchase price paid for the assets The market value of the asset The replacement cost value of the asset QUESTION 11 Which of the following statements is CORRECT? O a. The difference between the total assets reported on the balance sheet and the debts reported on this statement tells us the current market value of the stockholders' equity, assuming the statements are prepared in accordance with generally accepted accounting principles (GAAP). b. A typical industrial company's balance sheet lists the firm's assets that will be converted to cash first, and then goes on down to list the firm's longest lived assets last. c. The balance sheet for a given year, say 2006, tells us how much money the company earned during that year. d. The balance sheet for a given year, say 2006, is designed to give us an idea of what happened to the firm during that year. QUESTION 12 On the balance sheet, total assets must always equal Total liabilities less retained earnings. Total liabilities plus equity. Long-term debt plus short-term debt plus retained earnings. O Net income plus depreciation