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Vaughn Manufacturinghas cash in bank of $23300, restricted cash in a separate account of $4700, and a bank overdraft in an account at another bank of $2050.Vaughnshould report cash of

$23300.

$21250.

$26975.

$28000.

Sheridan Companyfactors $5400000of its accounts receivables without recourse for a finance charge of4%. The finance company retains an amount equal to9% of the accounts receivable for possible adjustments. What would be recorded as a gain (loss) on the transfer of receivables?

Loss of $223000.

Loss of $216000.

Loss of $925000.

Gain of $439000.

Marigold Corp.sells one product and uses a perpetual inventory system. The beginning inventory consisted of83units that cost $19per unit. During the current month, the company purchased476units at $19each. Sales during the month totaled355units for $43each. What is the cost of goods sold using the LIFO method?

$1577.

$6745.

$9044.

$15265.

Which of the following statements best describes the operating procedure for issuing a new Financial Accounting Standards Board (FASB) statement?

A new statement is issued only after a majority vote by the members of the FASB.

The exposure draft is modified per public opinion before issuing the discussion memorandum.

The emerging issues task force must approve a discussion memorandum before it is disseminated to the public.

A new FASB statement can be rescinded by a majority vote of the AICPA membership.