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2) The financial statements <strong>of</strong> the Melton Manufacturing Company reports<br />
net sales <strong>of</strong> $300,000 and accounts receivable <strong>of</strong> $50,000 and $30,000 at<br />
the beginning <strong>of</strong> the year and end <strong>of</strong> year, respectively. What is the average<br />
collection period for accounts receivable in days?<br />
60.8<br />
96.1<br />
36.5<br />
48.7<br />
3) Stine Company purchased machinery with a list price <strong>of</strong> $64,000. They were<br />
given a 10% discount by the manufacturer. They paid $400 for shipping and<br />
sales tax <strong>of</strong> $3,000. Stine estimates that the machinery will have a useful<br />
life <strong>of</strong> 10 years and a residual value <strong>of</strong> $20,000. If Stine uses straight-line<br />
depreciation, annual depreciation will be<br />
$3,760.<br />
$4,072.<br />
$6,100.<br />
$4,100.<br />
4) Given the following account balances at year end, compute the total<br />
intangible assets on the balance sheet <strong>of</strong> Janssen Enterprises.<br />
I. Cash $1,500,000<br />
II. Accounts Receivable 4,000,000<br />
III. Trademarks 1,000,000<br />
IV. Goodwill 2,500,000<br />
V. Research & Development Costs 2,000,000<br />
$7,500,000.
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