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1. A coal mine cost $1,001,000 and is estimated to hold 58,000 tons of coal. There is no residual value. During the first year of operations, 5,000 tons are extracted and sold. Calculate depletion per unit. (Round your answer to the nearest cent.)

A. 8.63

B. 4.32

C. 12.94

D. 17.26

2. Industrial Equipment Supply is a new business. During its first year of operations, credit sales were $ 45,000 and collections of credit sales were $36,000. One account, $700, was written off. Management uses the agingminusofminusreceivables method to account for bad debts expense and estimated $575 as uncollectible at year end. The ending balance of the Allowance for Bad Debts is ________.

A. 1275

B. 575

C. 650

D. 1350

3. On October 1, 2019, Fashion Jewelers accepted a 5 month, 13% note for $6,500 in settlement of an overdue account receivable. The accounting period ends on December 31. Calculate the accrued interest on the note at December 31, 2019. (Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.)

A. 423

B. 211

C. 845

D. 352

4. Masonry Construction Group paid $9,000 for a plant asset that had a market value of $15,500. At which of the following amounts should the plant asset be recorded?

A. 18000

B. 4500

C. 9000

D. 15500

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