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The following information pertains to Lightning Inc., at the end of the year: Credit Sales Accounts Payable Accounts Receivable Allowance for Uncollectible Accounts Cash Sales $61,000 13,700 7,800 s800 credit 29,000 Lightning uses the percentage-of-credit-sales method and estimates 4% of sales are uncollectible. What is the ending balance of the allowance account after the year-end adjustment? Multiple Choice $3,240 $2,440 $1,640 $4,400 On May 31, Money Corporation's Cash account showed a balance of $15,500 before the bank reconciliation was prepared. After examining the May bank statement and items included with it, the company's accountant found the following items: Checks outstanding Deposits outstanding NSF check Service fees $2,150 3,800 160 125 eBook Error: Money Corp. wrote a check for $65 but recorded it incorrectly for $650. What is the amount of cash that should be reported in the company's balance sheet as of May 31? Multiple Choice $17,150. $15,215 $15,800 $14,500 The ending retained earnings balance of Juan's Mexican Restaurant chain increased by $8.1 million from the beginning of the year. The company declared a dividend of $1.9 million during the year. What was the amount of net income during the year? eBook Multiple Choice $1.9 million $10.0 million O $6.2 million $8.1 million On September 1, 2021, Middleton Corp. lends cash and accepts a $2,300 note receivable that offers 7% interest and is due in six months. How much interest revenue will Middleton Corp. report during 2021? (Do not round intermediate calculations. Round your answer to the nearest dollar amount.) 40 eBook Multiple Choice $368 $54 $161 $322 The following information was taken from a company's bank reconciliation at the end of the year Bank balance Checks outstanding Note collected by the bank Service fee Deposits outstanding NSF check $8,200 $7,300 $1,300 $ 29 $5,900 340 eBook What is the correct cash balance that should be reported in the company's balance sheet at the end of the year? Multiple Choice $6,771 o $7,860 $6,800. $9,160