RECOMMENDED!!ACCOUNTING 107_500-To calculate straight-line depreciation

  

Question 31To calculate straight-line depreciation, one would have to know all of the following EXCEPT ________.capitalized costthe number of units the asset is expected to producethe asset’s residual valuethe estimated useful life of the assetQuestion 32Revenues are closed into the ________ account?income summarythe owner’s withdrawalsowner’s capitalexpensesQuestion 33Determine cash withdrawals for the period if net income is $34,000, beginning owner’s equity is $29,000, and ending owner’s equity is $55,000.$18,000$8,000$60,000$5,000Question 34Table 4The following data are for the RoadRunner Corporation, which uses a perpetual inventory system:Sales revenue$600,000Freight-in42,000Beginning inventory77,000Purchase discounts19,000Sales returns and allowances33,000Operating expenses77,000Ending inventory81,000Purchases of inventory415,000Sales discounts35,000Joseph RoadRunner, withdrawals71,000Purchase returns and allowances39,000Refer to Table 4. After calculating the cost of goods sold at $395,000, gross profit for RoadRunner Company is ____________.$137,000$172,000$205,000$60,000

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