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16. Morte price applicable to all nson Corporation sells its product, a rare metal, in a controled market with a quoted 000, The total selling price is $560,000, and estimated costs of disposal are $20,000. A what amount should the inventory of 5,000 pounds be reported in the balance sheet a. $180,000. b. $200,000. C. $540,000. d. $560,000. Posn 2% o The amount recorded in the Sales Revenue account during May was $754,350. 17. The amount of sales taxes (to the nearest dollar) for May is or Co. is a retail store operating in a state with a 7% retail sales tax. The retailer may keep the sales tax collected. Posner Co. records the sales tax in the Sales Revenue account. a. $62,286 b. $49,350 c. $67,893. d. $52,806. Posner Co. is a retail store operating in a state with a 7% retail sales tax. The retailer may keep 2% of the sales tax collected. Posner Co. records the sales tax in the Sales Revenue acount. The amount recorded in the Sales Revenue account during May was $754,350. 18. The amount of sales taxes payable (to the nearest dollar) to the state for the month of May is a. $37,719. b. $48,363. c. $62,286. d. $51,750. Under the effective-interest method of bond discount or premium amortization, the periodic interest expense is equal to a. the stated (nominal) rate of interest multiplied by the face value of the bonds. b. the market rate of interest multiplied by the face value of the bonds. c. the stated rate multiplied by the beginning-of-period carrying amount of the bonds. d. the market rate multiplied by the beginning-of-period carrying amount of the bonds 19. When the effective-interest method is used to amortize bond premium or discount, the periodic amortization will a. increase only if the bonds were issued at a discount. 20. b. decrease only if the bonds were issued at a premium. c. increase only if the bonds were issued at a premium. d. increase if the bonds were issued at either a discount or a premium

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