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4. Using the allowance method, the uncollectible accounts for the year to be $40,000. If...

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4. Using the allowance method, the uncollectible accounts for the year to be $40,000. If the balance for the Allowance for Doubtful debit before adjustment, what is the amount of bad debt expense is estimated Accounts is a $9,000 or the period a. $9,000 b. $31,000 c. $40,000 d. $49,000 5. The practice of using the lower-of-cost-or-market to evaluate inventory reflects which of the following accounting principles? a. Matching principle b. Conservatism. c. Materiality d. Revenue recognition. 6. Peach Pink Inc. has the following inventory data: July 1 y Beginning inventory 20 units at $20 s 400 Purchases Purchases 70 units at $21 10 units at $22 1,470 220 $2,090 22 A physical count of merchandise inventory on July 30 reveals that there are 25 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is: a. $1,555 b. $1,585 c. $1,505. d. $1,540. of $300,000 and accounts receivable of $50,000 and $30,000 at the beginning c the year and end of year, respectively. What is the accounts receivable turnov for Nelson? a. 3.8 times b. 6 times c. 10.0 times d. 7.5 times 7. The financial statements of the Nelson Manufacturing Company reports net sales

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