Archie Company purchased a framing machine for $54,000 at the beginning of the year. The machine is expected to have a four-year life, with a residual value of $2,000 at the end of four years. Using the sum-of-the-years’-digits method, depreciation for the first year and book value at the end of the first year would be: Note: Do not round intermediate calculations.

As of January 1, 2027, Barley Company had a credit balance of $524,000 in its allowance for uncollectible accounts. Based on experience, 1% of Barley’s gross accounts receivable have been uncollectible. During 2027, Barley wrote off $654,000 of accounts receivable. Barley’s gross accounts receivable as December 31, 2027 is $18,200,000. In its December 31, 2027, balance sheet, what amount should Barley report as allowance for uncollectible accounts?

At the end of Larry’s Used Cars’ first year of operations, the accounts receivable was $53,000. The company estimates that $1,600 of the year-end receivables will not be collected. Accounts receivable in the balance sheet will be reported for:

Fulbright Corporation uses the periodic inventory system. During its first year of operations, Fulbright made the following purchases (listed in chronological order of acquisition): 42 units at $97 per unit 72 units at $86 per unit 171 units at $69 per unit Sales for the year totaled 268 units, leaving 17 units on hand at the end of the year. Ending inventory using the FIFO method is:

Below is information relative to an exchange of similar assets by a company. Assume the exchange has commercial substance. Old Equipment Cash Book Value Fair Value Paid $ 39,900 $ 35,500 $ 8,500 The company would record a gain(loss) on exchange of assets in the amount of:

Inventory records for Herb’s Chemicals revealed the following: March 1 inventory: 1,450 gallons @ $8.10 per gallon = $11,745 Purchases: Sales: March 10 690 gallons @ $8.15 March 5 490 gallons March 16 890 gallons @ $8.20 March 14 790 gallons March 23 690 gallons @ $8.25 March 20 590 gallons March 26 790 gallons Ending inventory assuming LIFO in a periodic inventory system would be:

Arizona Desert Homes (ADH) constructed a new subdivision during 2026 and 2027 under contract with Cactus Development Company. Relevant data are summarized below: Contract amount $ 3,405,000 Cost: 2026 1,290,000 2027 690,000 Gross profit: 2026 935,000 2027 490,000 Contract billings: 2026 1,702,500 2027 1,702,500 ADH recognizes revenue upon completion of the contract. What is the journal entry in 2027 to record revenue?

Texas Petrochemical reported the following April activity for its VC-30 lubricant, which had a balance of 340 quarts @ $3.20 per quart on April 1. Purchases: Sales: April 10 540 quarts @ $3.30 April 3 280 quarts April 14 440 quarts @ $3.40 April 12 540 quarts April 20 440 quarts @ $3.45 April 26 340 quarts The ending inventory assuming LIFO and a periodic inventory system is: Note: Round your final answer to two decimal places.

Compared to dollar-value LIFO, unit LIFO is:

Calistoga Produce estimates bad debt expense at 0.40% of credit sales. The company reported accounts receivable and allowance for uncollectible accounts of $483,000 and $1,490, respectively, at December 31, 2026. During 2027, Calistoga’s credit sales and collections were $328,000 and $300,000, respectively, and $1,520 in accounts receivable were written off. Calistoga’s accounts receivable at December 31, 2027, are: