Short Answers: 1. A company had the following information taken from various accounts at the end of the year Sales Discounts $. 41,000 Purchase Discounts S. 15,000 Deferred Revenues 32,000 Total Revenues 459.000 Sales Allowances 35,000 205,000 Accounts Receivable A. What is the company's net revenues for the year? Work: Answer (1) 2. At the end of the current year, a company has the following amounts: During the Estimated for Current Year Next Year Sales Returns $ 7.200 $ 8,300 Sales Allowance 12,500 9,100 Sales Discounts 2,400 2,600 For what amount would the company report sales returns in its current-year income statement? Work: Answer (2) 3. On July 1, 2018, a company loans one of its employees $20,000 and accepts a nine-month, 8% note receivable. Calculate the amount of interest revenue the company will recognize in 2018 (3A) and 2019 (3B). Work: Answer (3A - 2018) Answer (3B - 2019) 4. List the four primary accounting assumptions covered in class. 4A. 4C. 4B. 4D. 5. A company collects an account receivable previously written off. Indicate how this transaction would affect the following five financial statement items: Assets a. Increase b. Increase c. Increase d. No effect Liabilities Decrease No effect No effect No effect Equity Increase Increase Increase No effect Revenues Decrease Increase Increase No effect Answer (5): Expenses No effect Decrease No effect No effect