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1. Bank errors A) occur because of time lags. B) are in frequent in occurrence. C) must be corrected by debits. are corrected by making an adjusting entry on the depositor's books. 2. Which of the following represents the largest number of common shares? A) Issued shares B) Outstanding shares C) Authorized shares D) Treasury shares RED 3. Syfy Company on July 15 sells merchandise on account to Eureka Co. for $5,000, terms 2/10, 1/30. On July 20 Eureka Co. returns merchandise worth $2,000 to Syfy Company. On July 24 payment is received from Eureka Co. for the balance due. What is the amount of cash received? A) $2,900 B) $3,000 C) $2,940 D) $5,000 4. A factory machine was purchased for $375,000 on January 1, 2015. It was estimated that it would have a $75,000 salvage value at the end of its 5-year useful life. It was also estimated that the machine would be ru 40,000 hours in the 5 years. The company ran the machine for 4,000 actual hours in 2015. If the company w the units-of-activity method of depreciation, the amount of depreciation expense for 2015 would be A) $30,000. B) $75,000 C) $37,500. D) $60,000. 5. Treasury stock should be reported in the financial statements of a corporation as an) A) investment. B) liability C) deduction from total paid-in capital and retained earnings. D) deduction from total paid-in capital. 6. A company sells a plant asset which originally cost $360,000 for $120,000 on December 31, 2015. The Accumulated Depreciation account had a balance of $144,000 after the current year's depreciation of $ had been recorded. The company should recognize a A) $60,000 loss on disposal. B) $96,000 loss on disposal. C) $240,000 loss on disposal. D) $96,000 gain on disposal

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