Homework Answers
Solution:
Question 17:
The answer is c) Merchandise Inventory
The entry is as follows:
| Date | Account Titles and Explanation | Debit | Credit |
| xx | Merchandise Inventory | $ - | |
| Accounts Payable | $ - | ||
| (To record inventory purchase on account) |
So, remaining options are Incorrect.
Question 18:
The answer is a) $ 180,000
Gross Profit = Sales - Cost of goods sold = $ 300,000 - $ 120,000 = $180,000
Operating expenses are not considered in calculation of gross profit.
So, remaining options are Incorrect.
Question 19:
The answer is b) Journal ,Ledger, Trial Balance, Financial Statements
First entries are enter into journal and posted them into ledger and balances are shown in trial balance and from then financial statements are prepared. It is the correct sequence.
So, remaining options are Incorrect.
Add Answer to:
17-19
17. A purchase of inventory on account would include a debit to: a. cost of...
please help me with all, I will thumb up! 12. What type of account is interest...
please help me with all, I will thumb up!
12. What type of account is interest income? asset revenue expense d. owner's equity 30. 00 13. True-False (A-B) Cash is never used in preparing adjusting entries. 14. Paid a utilities bill immediately on receipt. What effect does this entry have on liabilities? a. increase decrease nc effect cre information is needed b. 15. Gross profit equals the difference between: net sales and cost of goods sold. net sales and cost...
Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory Beginning Inventory...
Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory Beginning Inventory $126,000 283,500 303,300 260,100 Ending Inventory $ 153,250 63,500 180,500 56,250 The following additional information describes the company's production activities for May. Direct materials Raw materials purchased on credit Direct materials used-Cutting Direct materials used-Stitching $ 145,000 27,750 0 Direct labor Direct labor-Cutting Direct labor-Stitching Total factory payroll paid (in cash) $ 27,600 110,400 197,800 Factory Overhead (Actual costs) Indirect materials used Indirect labor...
The June 30, 2021, year-end trial balance for Askew company contained the following information: Debit Account...
The June 30, 2021, year-end trial balance for Askew company contained the following information: Debit Account Credit Inventory, 7/1/2020 33,000 Sales revenue 390,000 Sales returns 13,000 Purchases 250,000 Purchase discounts 7,000 Purchase returns 11,000 Freight-in 19,000 In addition, you determine that the June 30, 2021, inventory balance is $41,000. Required: Calculate the cost of goods sold for the Askew Company for the year ending June 30, 2021. Cost of goods sold X This is a numeric cell, so please enter...
15. On May. . Ace Bonding Company purchased inventory costing $2,000 on account. If credit terms...
15. On May. . Ace Bonding Company purchased inventory costing $2,000 on account. If credit terms are 2/10 30 and Ace pays for this inventory on May 30 which of the following records the payment using a perpetual inventory system? A Accounts Payable 2.000 2,000 1.900 40 2.000 2,000 B Accounts Payable Inventory Cash Accounts Payable Inventory Cash D. Cash Accounts Payable 1,960 2,000 16. A company has 10 units of inventory with a recorded cost of $60. If the...
April 3 Inventory 21 units @ $17 11 Purchase 14 units @ $19 14 Sale 25...
April 3 Inventory 21 units @ $17 11 Purchase 14 units @ $19 14 Sale 25 units 21 Purchase 13 units @ $17 25 Sale 14 units Complete the inventory cost card assuming the business maintains a perpetual inventory system and determine the cost of goods sold and ending inventory using FIFO. Cost of Goods Sold Inventory Purchases Date Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost April 3 $ $ 11 $...
On January 1, 2018, the general ledger of a company includes the following account balances Debit...
On January 1, 2018, the general ledger of a company includes the following account balances Debit Credit Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Building Accumulated Depreciation Land Accounts Payable Notes Payable (6%, due in 3 years) Common Stock Retained Earnings $ 81,000 54,000 $ 8,000 41,000 81,000 21,000 211,000 31,000 45,000 111,000 252,000 468,000 Totals $ 468,000 The company accounts for all inventory transactions using the perpetual FIFO method. Purchases and sales of inventory are recorded using...
please help down on milieudod o sol bollo ama 16. The following information is available for...
please help
down on milieudod o sol bollo ama 16. The following information is available for Dennehy Company: Sales $260,000 Freight-in di yom mozgor $20,000 Ending Inventory 25,000 Purchase Returns and Allowances d 10,000 Purchases 180,000 Beginning Inventory a moi 30,000 Dennchy's cost of goods sold is A) $175,000. B) $190,000. C) $195,000 D) $230,000. 17. Which of the following accounts is not closed to Income Summary? A) Cost of Goods Sold B) Inventory C) Sales Revenue D) Sales Discounts...
The entry to record the return of goods to a creditor would include a: debit to...
The entry to record the return of goods to a creditor would include a: debit to merchandise inventory. credit to merchandise inventory. debit to sales. d. credit to sales. 10. An example of a current liability would be a. accounts payable b. Jalaries payable c. unearned rent d. all of the above T Co. sold $20,000 worth of merchandise and received cash. The sales entry would take place in the: a. cash payments journal. general jourral. sales journal. cash receipts...
In a period of rising costs, which inventory valuation method would a company likely choose if...
In a period of rising costs, which inventory valuation method would a company likely choose if they want to have the highest possible balance of inventory on the balance sheet? Weighted-average cost. B) FIFO. C) LIFO. D) Periodic. Which of the following is a negative sign that a company is not selling its inventory quickly? A high inventory turnover ratio. Both a high inventory turnover ratio and a low average days in inventory. A low average days in inventory. A...
I would like help with both 17 and 18! thank you!! 17) What would happen if there was an error in ending inventory and n...
I would like help with both 17
and 18! thank you!!
17) What would happen if there was an error in ending inventory and nobody knew of the error? A. If the error is noticed, the person who counted it incorrectly will get fired. B. If the error is noticed, the IRS will close down the business. C. If the error is not found or corrected, it will fix itself within a 2 year period. D. Everyone in the company...
please help me with all, I will thumb up!
12. What type of account is interest income? asset revenue expense d. owner's equity 30. 00 13. True-False (A-B) Cash is never used in preparing adjusting entries. 14. Paid a utilities bill immediately on receipt. What effect does this entry have on liabilities? a. increase decrease nc effect cre information is needed b. 15. Gross profit equals the difference between: net sales and cost of goods sold. net sales and cost...
Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory Beginning Inventory $126,000 283,500 303,300 260,100 Ending Inventory $ 153,250 63,500 180,500 56,250 The following additional information describes the company's production activities for May. Direct materials Raw materials purchased on credit Direct materials used-Cutting Direct materials used-Stitching $ 145,000 27,750 0 Direct labor Direct labor-Cutting Direct labor-Stitching Total factory payroll paid (in cash) $ 27,600 110,400 197,800 Factory Overhead (Actual costs) Indirect materials used Indirect labor...
The June 30, 2021, year-end trial balance for Askew company contained the following information: Debit Account Credit Inventory, 7/1/2020 33,000 Sales revenue 390,000 Sales returns 13,000 Purchases 250,000 Purchase discounts 7,000 Purchase returns 11,000 Freight-in 19,000 In addition, you determine that the June 30, 2021, inventory balance is $41,000. Required: Calculate the cost of goods sold for the Askew Company for the year ending June 30, 2021. Cost of goods sold X This is a numeric cell, so please enter...
15. On May. . Ace Bonding Company purchased inventory costing $2,000 on account. If credit terms are 2/10 30 and Ace pays for this inventory on May 30 which of the following records the payment using a perpetual inventory system? A Accounts Payable 2.000 2,000 1.900 40 2.000 2,000 B Accounts Payable Inventory Cash Accounts Payable Inventory Cash D. Cash Accounts Payable 1,960 2,000 16. A company has 10 units of inventory with a recorded cost of $60. If the...
April 3 Inventory 21 units @ $17 11 Purchase 14 units @ $19 14 Sale 25 units 21 Purchase 13 units @ $17 25 Sale 14 units Complete the inventory cost card assuming the business maintains a perpetual inventory system and determine the cost of goods sold and ending inventory using FIFO. Cost of Goods Sold Inventory Purchases Date Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost April 3 $ $ 11 $...
On January 1, 2018, the general ledger of a company includes the following account balances Debit Credit Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Building Accumulated Depreciation Land Accounts Payable Notes Payable (6%, due in 3 years) Common Stock Retained Earnings $ 81,000 54,000 $ 8,000 41,000 81,000 21,000 211,000 31,000 45,000 111,000 252,000 468,000 Totals $ 468,000 The company accounts for all inventory transactions using the perpetual FIFO method. Purchases and sales of inventory are recorded using...
please help
down on milieudod o sol bollo ama 16. The following information is available for Dennehy Company: Sales $260,000 Freight-in di yom mozgor $20,000 Ending Inventory 25,000 Purchase Returns and Allowances d 10,000 Purchases 180,000 Beginning Inventory a moi 30,000 Dennchy's cost of goods sold is A) $175,000. B) $190,000. C) $195,000 D) $230,000. 17. Which of the following accounts is not closed to Income Summary? A) Cost of Goods Sold B) Inventory C) Sales Revenue D) Sales Discounts...
The entry to record the return of goods to a creditor would include a: debit to merchandise inventory. credit to merchandise inventory. debit to sales. d. credit to sales. 10. An example of a current liability would be a. accounts payable b. Jalaries payable c. unearned rent d. all of the above T Co. sold $20,000 worth of merchandise and received cash. The sales entry would take place in the: a. cash payments journal. general jourral. sales journal. cash receipts...
I would like help with both 17
and 18! thank you!!
17) What would happen if there was an error in ending inventory and nobody knew of the error? A. If the error is noticed, the person who counted it incorrectly will get fired. B. If the error is noticed, the IRS will close down the business. C. If the error is not found or corrected, it will fix itself within a 2 year period. D. Everyone in the company...
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