Homework Answers
11. c. Inventories affect both the balance sheet and income statement
12. b. Legal title
13. d. Work in progress
14. B. Buyer must bear the freight costs
15. B. (1) and (4)
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Tools Add ons Help All changes saved in Drive text. Arial 11. BI VA L I...
Accounting questions A) Cash os coating 53.000 or 55.000 with Using perpetual inventory, the entry to record a credit s...
Accounting questions
A) Cash os coating 53.000 or 55.000 with Using perpetual inventory, the entry to record a credit sale of S5000 Sales Revenue Inventory Cost of Goods Sold S3,000 B) Cash Service Revenue C) Accounts Receivable S5,000 $3.000 $5,000 $3.000 $3,000 D) Service Revenue S5,000 Accounts Receivable S5,000 Sales Revenue Cost of Goods Sold S3,000 Inventory $3,000 $5,000 29. Waggy Company identi Indicate whether each item should each item should be included or excluded from the inventory taking ems...
at Tools Add-ons Help All changes saved in Drive mal text Arial 11 BIUA EEE 2 5 For companies that use a perpetual i...
at Tools Add-ons Help All changes saved in Drive mal text Arial 11 BIUA EEE 2 5 For companies that use a perpetual inventory system, all of the following are purposes for taking a physical inventory except a. to check the accuracy of the records. b. to determine the amount of wasted raw materials. c. to determine losses due to employee theft. d. to determine ownership of the goods. 21. At May 1, 2012, Kibbee Company had beginning inventory consisting...
Match each of the following terms (a-h) with the correct definition below. Clear All Inventory system...
Match each of the following terms (a-h) with the correct definition below. Clear All Inventory system that updates the merchandise inventory account only at the end of the accounting period based on a physical count of merchandise on hand. Periodic inventory system Statement where net income is determined by deducting all expenses from all revenues. Multiple-step income statement Inventory system that updates the merchandise inventory account for every purchase and sale transaction. FOB shipping point Payment arrangements determined by the...
True-Pake F 1. FOB shipping point means the seller incurs the shipping costs. A company is...
True-Pake F 1. FOB shipping point means the seller incurs the shipping costs. A company is more likely to know the amount of inventory on hand at any time if it uses 2. the perpetual system than if it uses the periodic system. ue less cost of goods sold equals gross profit. of F 3. Net sales revenue T sales discounts and sales returns/allowances equals net sales. 5. A reduction given by the seller for sales discount by the seller....
(10 points) Merchandise can be shipped FOB (Free on Board) Shipping Point or FOB Destination. If...
(10 points) Merchandise can be shipped FOB (Free on Board) Shipping Point or FOB Destination. If FOB Shipping Point, Circle the appropriate response: Ownership transfers at: Goods in Transit owned by: Transportation Costs paid by: Insurance during transit paid by: Shipping Point Buyer Buyer Buyer Destination Seller Seller Seller If FOB Destination, Circle the appropriate response: Ownership transfers at: Goods in Transit owned by: Transportation Costs paid by: Insurance during transit paid by: Shipping Point Buyer Buyer Buyer Destination Seller...
Tools Add-ons Help Accessibility All changes saved in Drive text Times New.. 11 BI U A...
Tools Add-ons Help Accessibility All changes saved in Drive text Times New.. 11 BI U A G - E 15 Problems, 25 points @ 5 points each unless indicated otherwise. Show your work to get full or partial credit. 1. Examine each pedigree shown (a-c). The shaded square/circle shows an inherited phenotype. For each (a, b, c), write a sentence or two that indicates whether it is (or is not) consistent with X-linked recessive inheritance. If you decide the pedigree...
Which of the following items will require an adjusting journal entry on a company's books? O...
Which of the following items will require an adjusting journal entry on a company's books? O Outstanding checks O Deposits in transit O NSF check O Error made by the bank Which of the following costs should be added to the buyer's Inventory account? O Freight-in costs with terms FOB destination O Freight-in costs with terms FOB shipping point O Freight-out costs with terms FOB shipping point O Freight-out costs with terms FOB destination Which of the following is a...
6) Assume the Murtha Company reported the following adjusted account balances at year-end. 2016 2015 $1,560,200...
6) Assume the Murtha Company reported the following adjusted account balances at year-end. 2016 2015 $1,560,200 $1,210,92% (79.000) _(64.600) $1.481,200 $1,146,320 Accounts Receivable Allowance for Doubtful Accounts Accounts Receivable, Net D) $64,600 C) $79,000 w the company recorded no write-offs or recoveries during 2016. What was the amount of BI B) $14,400 Assume the company recorded no write-offs or Expense reported in 2016? A) $28,800 7) Your company has 100 units in in market value of $14. The en many...
Qeestion 6 (6 Multiple-Choice 2.5 points each- fotal of 15 points). Inventories affect a only the balance sheet b....
Qeestion 6 (6 Multiple-Choice 2.5 points each- fotal of 15 points). Inventories affect a only the balance sheet b. only the income statement C both the balance sheet and the income statement. d. neither the balance sheet nor the income statement a reported under the classification of Property, Plant, and Equipment on the balance sheet 2. Inventory is b. often reported as a miscellaneous expense on the income statement. C. reported as a current asset on the balance sheet. d....
The inventory on hand of Hayes Company at the end of 2020 determined by physical count...
The inventory on hand of Hayes Company at the end of 2020 determined by physical count is $105,400. The following items were not included in this inventory amount. a. Purchased goods in transit with the terms FOB shipping point, invoice $4100 plus freight $240. b.Goods on out on consignment to Marlman Company, retail sales price $4200. c. Goods sold to Grina Inc. with terms FOB destination invoiced for $1900. Freight to deliver the goods was $150 and the goods were...
Accounting questions
A) Cash os coating 53.000 or 55.000 with Using perpetual inventory, the entry to record a credit sale of S5000 Sales Revenue Inventory Cost of Goods Sold S3,000 B) Cash Service Revenue C) Accounts Receivable S5,000 $3.000 $5,000 $3.000 $3,000 D) Service Revenue S5,000 Accounts Receivable S5,000 Sales Revenue Cost of Goods Sold S3,000 Inventory $3,000 $5,000 29. Waggy Company identi Indicate whether each item should each item should be included or excluded from the inventory taking ems...
at Tools Add-ons Help All changes saved in Drive mal text Arial 11 BIUA EEE 2 5 For companies that use a perpetual inventory system, all of the following are purposes for taking a physical inventory except a. to check the accuracy of the records. b. to determine the amount of wasted raw materials. c. to determine losses due to employee theft. d. to determine ownership of the goods. 21. At May 1, 2012, Kibbee Company had beginning inventory consisting...
Match each of the following terms (a-h) with the correct definition below. Clear All Inventory system that updates the merchandise inventory account only at the end of the accounting period based on a physical count of merchandise on hand. Periodic inventory system Statement where net income is determined by deducting all expenses from all revenues. Multiple-step income statement Inventory system that updates the merchandise inventory account for every purchase and sale transaction. FOB shipping point Payment arrangements determined by the...
True-Pake F 1. FOB shipping point means the seller incurs the shipping costs. A company is more likely to know the amount of inventory on hand at any time if it uses 2. the perpetual system than if it uses the periodic system. ue less cost of goods sold equals gross profit. of F 3. Net sales revenue T sales discounts and sales returns/allowances equals net sales. 5. A reduction given by the seller for sales discount by the seller....
(10 points) Merchandise can be shipped FOB (Free on Board) Shipping Point or FOB Destination. If FOB Shipping Point, Circle the appropriate response: Ownership transfers at: Goods in Transit owned by: Transportation Costs paid by: Insurance during transit paid by: Shipping Point Buyer Buyer Buyer Destination Seller Seller Seller If FOB Destination, Circle the appropriate response: Ownership transfers at: Goods in Transit owned by: Transportation Costs paid by: Insurance during transit paid by: Shipping Point Buyer Buyer Buyer Destination Seller...
Tools Add-ons Help Accessibility All changes saved in Drive text Times New.. 11 BI U A G - E 15 Problems, 25 points @ 5 points each unless indicated otherwise. Show your work to get full or partial credit. 1. Examine each pedigree shown (a-c). The shaded square/circle shows an inherited phenotype. For each (a, b, c), write a sentence or two that indicates whether it is (or is not) consistent with X-linked recessive inheritance. If you decide the pedigree...
Which of the following items will require an adjusting journal entry on a company's books? O Outstanding checks O Deposits in transit O NSF check O Error made by the bank Which of the following costs should be added to the buyer's Inventory account? O Freight-in costs with terms FOB destination O Freight-in costs with terms FOB shipping point O Freight-out costs with terms FOB shipping point O Freight-out costs with terms FOB destination Which of the following is a...
6) Assume the Murtha Company reported the following adjusted account balances at year-end. 2016 2015 $1,560,200 $1,210,92% (79.000) _(64.600) $1.481,200 $1,146,320 Accounts Receivable Allowance for Doubtful Accounts Accounts Receivable, Net D) $64,600 C) $79,000 w the company recorded no write-offs or recoveries during 2016. What was the amount of BI B) $14,400 Assume the company recorded no write-offs or Expense reported in 2016? A) $28,800 7) Your company has 100 units in in market value of $14. The en many...
Qeestion 6 (6 Multiple-Choice 2.5 points each- fotal of 15 points). Inventories affect a only the balance sheet b. only the income statement C both the balance sheet and the income statement. d. neither the balance sheet nor the income statement a reported under the classification of Property, Plant, and Equipment on the balance sheet 2. Inventory is b. often reported as a miscellaneous expense on the income statement. C. reported as a current asset on the balance sheet. d....
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