A business owner earned $4,225 for services he provided to a client, and received $2,000 in cash and the balance was put on account. Among the accounts effected, select the correct answer below. a. Cash was credited by $2,000; Accounts receivable was debited by $4,225 O b. Revenue was debited by $4,225; Accounts receivable was credited by $2,225 O c. Revenue was credited by $4,225; Cash was debited by $2,000 O d. Cash was debited by $4,225; Revenue was credited by $4,225The account removed from current assets to calculate the quick ratio is: O a. prepaid expenses b. inventory c. accounts receivable O d. cash O e. intangible assets A company buys a capital asset for $60,000 on January 1, and the company's year end is December 31. The company estimated that the asset would last ten years. The company also estimated that the asset could be sold for $5,000 at the end of the 10 year period. Based on the straight-line depreciation method, what would the annual depreciation be? O a. $6,500 O b. $6,000 O c. $7,000 O d. $5,500 During the last year, the inventory turnover has gone from 5 times to 7 times. Which of the following statements is TRUE? O a. the inventory turnover improved because operating expenses went up faster than inventory O b. the inventory turnover improved because cost of sales increased faster than inventory O c. the inventory turnover became worse because inventory increased faster than cost of sales d. the inventory turnover became worse because interest charges went up faster than inventory O e. the inventory turnover improved because cost of inventory increased faster than the gross profit A Moving to another question will save this response. Job WR53 at NW Fab, Inc. required $600 of direct materials and 30 direct labour hours at $22 per hour. Overhead allocation rate is based on direct labour hours. Estimated total overhead for the year was $650,000 and estimated direct labour hours were 25,000. What would be recorded as the cost of job WR53? O a. $2,160. O b. none of the above. O c. $2,040 O d. $1,260. Save Answer