creditor for this loan impairment? The present value of $ 1 two years hence at 6 % is. 89, and at 2 % is. 961.
Question 12
Hutch, Inc. uses the conventional retail inventory method to account for inventory. The following information relates to 2004 operations: What amount should be reported as cost of sales for 2004?
Question 13
Trans Co. uses a periodic inventory system. The following are inventory transactions for the month of January: Trans uses the average pricing method to determine the value of its inventory. What amount should Trans report as cost of goods sold on its income statement for the month of January?
Question 14
At December 31, 2004, Kale Co. had the following balances in the accounts it maintains at First State Bank: Kale classifies investments with original maturities of three months or less as cash equivalents. In its December 31, 2004 balance sheet, what amount should Kale report as cash and cash equivalents?
Question 15
Gar Co. factored its receivables without recourse with Ross Bank. Gar received cash as a result of this transaction, which is best described as a
Question 16