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21. A company reports Accounts Receivable of $150,000. After adjustment, Allowance for Doubtful Accounts has a $9,000 credit balance. What is the net realizable value of the receivables? 1. $9,000 2. $141,000 3. $150,000 4. $159,000 Instructions to students: Type in the number of the answer of your choice (type in either 1, 2, 3, or 4). Do not type in a decimal after inputting the number.

Which muscle type does not exhibit a length-tension relationship?  ________

25. A company uses the allowance method for uncollectible accounts. Before a specific customer account is written off, both Accounts Receivable and Allowance for Doubtful Accounts include the amount related to that customer. When the account is written off, Accounts Receivable and Allowance for Doubtful Accounts decrease by the same amount. What happens immediately to the net realizable value of the company’s total receivables? 1. It increases 2. It decreases by the amount written off 3. It becomes zero 4. It remains unchanged Instructions to students: Type in the number of the answer of your choice (type in either 1, 2, 3, or 4). Do not type in a decimal after inputting the number.

42. A company is involved in a lawsuit. Based on the available evidence, the company’s attorney believes that the company will probably lose the lawsuit. The amount of the expected loss can be reasonably estimated. How should the company account for the expected loss? 1. Record an expense and a liability and provide appropriate disclosure 2. Disclose the lawsuit without recording an expense or liability 3. Ignore the lawsuit until the company pays cash 4. Record an asset and revenue Instructions to students: Type in the number of the answer of your choice (type in either 1, 2, 3, or 4). Do not type in a decimal after inputting the number.

Marissa is working on a group project. When the group gets off topic, she reminds them of the goals they are working toward to try and get them back on track. According to the Functional Perspective on Group Decision Making, this is an example of 

23. Pierce Company holds an $18,000, 90-day, 10% note dated December 1. Pierce Company’s accounting period ends December 31. For this question, calculate interest for 30 days. Use a 360-day year and the following formula: Interest = Principal × Annual interest rate × 30 ÷ 360 How much Interest Revenue should Pierce accrue on December 31? 1. $150 2. $450 3. $1,350 4. $1,800 Instructions to students: Type in the number of the answer of your choice (type in either 1, 2, 3, or 4). Do not type in a decimal after inputting the number.

22. On June 1, Green Company accepts a $12,000, 90-day, 8% note from a customer. Use a 360-day year. What is the maturity value of the note? 1. $12,160 2. $12,240 3. $12,720 4. $12,960 Instructions to students: Type in the number of the answer of your choice (type in either 1, 2, 3, or 4). Do not type in a decimal after inputting the number.

A coil is wrapped with 200 turns of wire on the perimeter of a square frame (side length = 25 cm).  Each turn has the same area as the frame, and the total resistance of the coil is 4.0 Ω.  A uniform magnetic field perpendicular to the plane of the coil, changes in magnitude at a constant rate from 0.3 T to 0.8 T in 2.0 seconds.  What is the magnitude of the induced emf in the coil while the field is changing?  In your work, explain the direction of the current in the loops.

20. Brooks Company uses an aging schedule to estimate uncollectible accounts. The aging schedule indicates that Allowance for Doubtful Accounts should have an ending credit balance of $12,000. Before adjustment, Allowance for Doubtful Accounts has a $1,500 debit balance.  How much Bad Debt Expense should Brooks record? 1. $10,500 2. $12,000 3. $12,500 4. $13,500 Instructions to students: Type in the number of the answer of your choice (type in either 1, 2, 3, or 4). Do not type in a decimal after inputting the number.

7. Jackson Company reports annual cost of goods sold of $240,000. Jackson’s beginning inventory was $40,000, and its ending inventory was $56,000. Use the following formulas: Average inventory = (Beginning inventory + Ending inventory) ÷ 2Inventory turnover = Cost of goods sold ÷ Average inventory What is Jackson Company’s inventory turnover ratio? 1. 4.3 times 2. 4.8 times 3. 5.0 times 4. 5.5 times Instructions to students: Type in the number of the answer of your choice (type in either 1, 2, 3, or 4). Do not type in a decimal after inputting the number.