A company using the perpetual inventory method paid cash for a transportation-in cost. Which of the...
A company using the perpetual inventory method paid cash for a transportation-in cost. Which of the following choices reflects the effects of this event on the financial statements?
| Assets | = | Liab. | + | Equity | Rev. | − | Exp. | = | Net Inc. | Cash Flow | |
| A. | − | = | NA | + | − | NA | − | NA | = | NA | − OA |
| B. | +/− | = | NA | + | NA | NA | − | NA | = | NA | NA |
| C. | +/− | = | NA | + | NA | NA | − | + | = | − | − OA |
| D. | +/− | = | NA | + | NA | NA | − | NA | = | NA | − OA |
Multiple Choice
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Option A
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Option B
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Option C
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Option D
Homework Answers
Answer, Option D
Reason: The company uses perpetual inventory method, which means transportation cost is added to the inventory cost and is not a expense. Also, since it is a operating activity and reflects an outflow of cash. The inventory cost increases and cash decreases for assets.
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