Question

*just the answers are fine*

12)A company purchased a computer for $5,400 with a salvage value of $400. It has an estimated life of 10 years. What would be the depreciation expense for the second year of its useful life using the double-declining balance method?

		$1,080
		$800
		$864
		$500

13)

A company sold $20,000 of equipment, accepting a 30-day note bearing interest at 12% per year (assume a 360 day year) for the $20,000. The entry to record the receipt of the amount collected at maturity will include which of the following, assuming $120 of interest had previously been accrued?

		a debit to notes receivable
		a credit to interest receivable
		a debit to interest receivable
		a debit to interest revenue

14)

Which of the following is not true?

		Handling cash should be separate from recordkeeping of cash.
		Cash receipts should be promptly deposited in a bank
		Cash does not need any security if it is counted by a manager.
		Cash is the most liquid of all assets

15)

1. A company's current inventory consists of 250 units purchased at $15 per unit. Replacement cost has now fallen to $12 per unit. Calculate the value of this company's inventory at the lower of cost or market.

   		$3,000
   		$2,700
   		$2,550
   		$2,600

Answer 1