Inventory records for Capetown, Incorporated revealed the following: DateTransactionNumber of UnitsUnit CostApril 1Beginning Inventory500$ 2.40April 20Purchase4002.50 Capetown sold 700 units of inventory during the month. Cost of goods sold assuming LIFO would be:

Kansas Enterprises purchased equipment for $75,500 on January 1, 2024. The equipment is expected to have a ten-year service life, with a residual value of $6,150 at the end of ten years.Using the straight-line method, depreciation expense for 2024 would be:

Property, plant, and equipment (PP&E) is a long-term asset reported on the balance sheet.

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: