A machine has a cost of $15,000, an estimated residual value of $3,000, and an estimated service life of four years. The machine is being depreciated on a straight-line basis. At the end of the second year, what amount will be reported for accumulated depreciation?

Kansas Enterprises purchased equipment for $80,500 on January 1, 2024. The equipment is expected to have a ten-year service life, with a residual value of $7,200 at the end of ten years.Using the straight-line method, depreciation expense for 2025 and the book value at December 31, 2025, would be:

The choice of inventory cost flow assumptions affects which of the following amounts?

At December 31, Gill Company reported accounts receivable of $238,000 and an allowance for uncollectible accounts of $600 (credit balance) before adjustment. An analysis of accounts receivable suggests that the allowance for uncollectible accounts should be 3% of accounts receivable. The amount of the adjustment for uncollectible accounts would be:

Mary signed up and paid $1,200 for a 6-month ceramics course on June 1st with Choplet Ceramics. As of August 1st, Choplet’s accounting records would indicate:

The type of income statement that reports a series of subtotals such as gross profit, operating income, and income before taxes is a _________ income statement.

A company’s sales equal $60,000 and cost of goods sold equals $20,000. Its beginning inventory was $1,600 and its ending inventory is $2,400. The company’s inventory turnover ratio equals:

A company provides services on account. How will this transaction affect (1) assets, (2) stockholders’ equity, and (3) revenues?

A company sold inventory for $1,200 that was previously purchased for $700. The company records which of the following when it sells the inventory using a perpetual inventory system?

A company had the following balances on December 31, 2024, before adjustment: Accounts Receivable = $100,000; Allowance for Uncollectible Accounts = $4,100 (credit balance). The company estimates uncollectible accounts based on an aging of accounts receivable as shown below: Age GroupAmount ReceivableEstimated Percent UncollectibleNot yet due$ 50,0004%0-30 days past due$ 20,0008%31-60 days past due$ 18,00010%More than 60 days past due$ 12,00040% What amount of bad debt expense would the company report in its financial statements dated December 31, 2024?