A company began the year with Property and Equipment costing $800,000 and accumulated depreciation of $100,000. The only change affecting the long-lived assets account during the year is the $75,000 of depreciation expense that must be recorded for the year. What is the amount of Property and Equipment, net, to be reported on the balance sheet at the end of the year? $505,000 $680,000 $560,000 $625,000 Question 2 (1 point) In the prior, a company recorded Sales Revenue of $50,000 from sales of goods to customers who agreed to pay later. In the next period, the company received payment from customers of $45,000. Which of the following statements is correct? Expenses for next period will increase by $5,000 (or $50,000 - $45,000). Revenue for this period is $45,000. Accounts Payable at the end of this period is $5,000 (or $50,000 - $45,000). Accounts Receivable at the end of this period is $5,000. During its first year of operations, Dankey Incorporated reported Sales Revenue of $803,000 but collected only $500,000 from customers. At the end of the year, Accounts Receivable equal: $500,000 $303,000 $300,000 $803,000 Question 4 (1 point) Donkey Corporation is a merchandising company. The year began with inventory of $27,000, Purchases for the year were $52,000, and the Ending Inventory was $46,000. What is the cost of Goods Sold that would be reported on the income statement? $11,000 $93,000 $33,000 $65,000 MacBook Air DOO Donkey Enterprises began the year owing its suppliers $7,000 far merchandise purchased last year. Donkey then sold half of this merchandise for $5,000 on account. Two weeks later, Donkey paid its suppliers $2,000 and bought another $6,000 of merchandise an account. Donkey now has an Accounts Payable balance of $1,000 $4,500. $11,000 $6,000. Question 6 (1 point) A company has $26,000 in its Land account, $22,000 in its Inventory account, and $6,000 in its Notes Payable (short-term) account. If its only other account is Common Stock, what is the balance of that account? $30,000 $42,000. 22,000. 10,000. MacBook A GOO When recording an adjustment for the use of equipment during the current accounting period, which two accounts are affected? Accumulated Depreciation and Equipment Revenue and Equipment Accumulated Depreciation and Depreciation Expense Equipment and Depreciation Expense Question 8 (1 point) A company issues 1 million shares of common stock with a par value of 0.01 for $15 a share. The entry to record this transaction includes a debit to Cash for: $15,000,000, a credit to Common Stock for $10,000, and a credit to Additional Paid-in Capital for $14,990,000. $15,000,000 and a credit to Common Stock for $15,000,000. $10,000 and a credit to Common Stock for $10,000 $10,000, a debit to Capital Receivable for $14,990,000, a credit to Common Stock for $10,000, and a credit to Additional Paid-in Capital for $14,990,000. MacBook Air
