Question

Savvy Sightseeing had beginning equity of $73,000; revenues of $93,000, expenses of $66,000, and dividends to stockholders of $9,100. There were no stockholder investments during the year. Calculate ending equity.

Multiple Choice

• $27,000.

• $90,900.

• $46,000.

• $36,900.

• $100,000.

On September 12, Vander Company sold merchandise in the amount of $7,400 to Jepson Company, with credit terms of 2/10, n/30. The cost of the items sold is $5,600. Vander uses the periodic inventory system and the gross method of accounting for sales. The journal entry or entries that Vander will make on September 12 is:

Multiple Choice

• Accounts receivable	7,400
  Sales		7,400
  Cost of goods sold	5,600
  Merchandise Inventory		5,600

• Accounts receivable	7,400
  Sales		7,400

• Sales	7,400
  Accounts receivable		7,400

• Sales	7,400
  Accounts receivable		7,400
  Cost of goods sold	5,600
  Merchandise Inventory		5,600

A company had revenues of $53,000 and expenses of $43,000 for the accounting period. Dividends of $5,850 were paid in cash during the same period. Which of the following entries could not be a closing entry?

Multiple Choice

• Debit Income Summary $10,000; credit Retained earnings $10,000.

• Debit Retained earnings $5,850, credit Dividends $5,850.

• Debit Income Summary $43,000, credit Expenses $43,000.

• Debit Income Summary $53,000; credit Revenues $53,000.

• Debit Revenues $53,000; credit Income Summary $53,000

Given the following information, determine the cost of the inventory at June 30 using the perpetual LIFO inventory method.

June 1	Beginning inventory	36 units at $20 each
June 15	Sale of 28 units for $50 each
June 29	Purchase	28 units at $25 each

The cost of the ending inventory is:

Multiple Choice

• $720

• $560

• $700

• $860

During the month of February, Victor Services had cash receipts of $8,100 and cash disbursements of $9,800. The February 28 cash balance was $3,000. What was the February 1 beginning cash balance?

Multiple Choice

• $7,300.

• $1,700.

• $0.

• $1,300.

• $4,700.

Answer as soon as possible..

Answer 1

Answer 1. $90900

Calculated as

Ending equity = $73000+93000-66000-9100= $90900

Answer 2

Accounts receivable	7,400
Sales		7,400
Cost of goods sold	5,600
Merchandise Inventory		5,600

Answer 3

Debit Income Summary $53,000; credit Revenues $53,000.

as

in closing entries we never debit income summary for revenue closing for this Income summary is credited and revenue is debited

all other options are closing entries

Answer 4. $860

Calculated as

Cost of ending inventory = (8x$20) +(28 x 25) = $860

Answer 5 : $4700

Calculated as

Ending cash balance = $3000+9800-8100 = $4700

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