The inventory costing method that considers the ending inventory to be composed of units of the merchandise acquired earliest is called ____.

Explain the difference between a retail business and a manufacturing business.

Ariel Inc. uses the allowance method of accounting for uncollectible accounts receivable and estimates that 2% of the credit sales of $1,650,000 for the year ended will be uncollectible. Allowance for Doubtful Accounts has a negative unadjusted balance of $(1,600) at the end of the year. Determine the amount of the adjustment to record the provision for doubtful accounts.

Which of the following is a characteristic of fixed assets?

What type of account is Allowance for Doubtful Accounts?

A company acquired some land for $75,000 to construct a new office complex. Legal fees paid were $2,750, delinquent taxes assumed were $3,250, and $6,350 was paid to remove an old building. Materials salvaged from the demolition of the building were sold for $2,300. Determine the cost of the land to be reported on the balance sheet.

Days’ sales in receivables estimates the average number of days it takes to ____.

Cook Co. incurred the following costs related to the office building used in operating its sports supply company: (a) Replaced a broken window. (b) Replaced the roof that had been on the building for 23 years. (c) Serviced all the air conditioners before summer started. (d) Replaced the air conditioners with refrigerated air conditioners in the customer service areas. (e) Added a warehouse to the back of the building. (f) Repainted the interior walls. (g) Installed window shutters on all windows. Classify each of the costs as a capital expenditure, a revenue expenditure, or asset expenditure.

Which of the following should be added to net income in determining the net cash flows from operating activities using the indirect method?

Which of the following expenditures would be included in the cost of a fixed asset?