The Littleton Company has provided the following information after year-end adjustments: 44 5.5 points Allowance for doubtful accounts increased $27.000 Accounts receivable increased $490,000 during the year. Accounts written off as uncollectible totaled $30,000 Sales totaled $2,700,000 Sales discounts were $120,000 02:42:56 What was the amount of Littleton's net sales? eBook Multiple Choice $2,060,000 $2,550,000 $2,580,000 $2,610,000 When a company uses the periodic inventory system, which of the following is true? 45 Multiple Choice 5.5 points 8 02:42:46 Purchases are recorded in the cost of goods sold account eBook The inventory account is updated after each sale. Cost of goods sold is computed at the end of the accounting period rather than at each sate dote. The inventory account is updated throughout the year as purchases are made. Which of the following describes an accrued liability? 46 Multiple Choice 5.5 points 8 02:42:36 It is an expense that has been both incurred and paid, eBook It is an expense that has been incurred but not yet paid It is an expense that has been prepaid but not yet consumed. It is a liability where the cash flow has taken place but the revenue has yet to be earned