Spears Co. had net sales of $52,404 million. Its average total assets for the period were $16,202 million. Spears' total asset turnover equals: Multiple Choice 3.23. 1.62. 0.52. 5.24. 0.31. A company purchased property for $100,000. The property included a building, a parking lot, and land. The building was appraised at $52,500; the land at $52,600, and the parking lot at $19,900. Land should be recorded in the accounting records with an allocated cost of: Multiple Choice $52,600. $100,000. $0. $42,080. Gideon Company uses the allowance method of accounting for uncollectible accounts. On May 3, the Gideon Company wrote off the $4,000 uncollectible account of its customer, A. Hopkins. The entry or entries Gideon makes to record the write off of the account on May 3 is: 4,000 Accounts Receivable-A. Hopkins Allowance for Doubtful Accounts 4,000 4,000 Allowance for Doubtful Accounts Bad debts expense 4,000 4,000 4,000 Accounts Receivable-A. Hopkins Bad debts expense Cash Accounts Receivable-A. Hopkins 4,000 4,000 4,000 Allowance for Doubtful Accounts Accounts Receivable-A. Hopkins 4,000 4,000 Cash Accounts Receivable-A. Hopkins 4,000 A company purchased a weaving machine for $264,970. The machine has a useful life of 8 years and a residual value of $14,500. It is estimated that the machine could produce 759,000 bolts of woven fabric over its useful life. In the first year, 109,500 bolts were produced. In the second year, production increased to 113,500 units. Using the units-of- production method, what is the amount of depreciation expense that should be recorded for the second year? Multiple Choice $39,623. $38,227 $36,135. O $73,590. $37,455. Marlow Company purchased a point of sale system on January 1 for $6,500. This system has a useful life of 5 years and a salvage value of $950. What would be the depreciation expense for the second year of its useful life using the double-declining-balance method? Multiple Choice $1,110. $1,496. $2,220. $1,560. $2,600