Homework Answers
Correct answer---B. Total current assets
.
Ending inventory is a part of current assets, so if ending inventory is overrated then current assets in balance sheet is also overrated.
Cost of goods sold is not a part of balance sheet.
Cash and long term assets has nothing to do with inventory.
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11. If the ending inventory is overstated on a balance sheet, which of the following items...
1. Arrange the following items into an income statement and balance sheet in the normal order....
1. Arrange the following items into an income statement and balance sheet in the normal order. Retained Earnings Interest Expense- Long Term Debt Accounts Payable Depreciation Accumulated Depreciation Current Assets Taxable Income Accounts Receivable Cash Gross Fixed Assets Inventory Cost of Goods Sold - Labor Expense - Common Stock Taxes Sales - Overhead Total Assets After Tax Income Net Fixed Assets Short Term Debt Current Liabilities Total Liabilities and Net Worth EBIT Gross Profit
27.Which of the following is NOT a formal part of the accounting system? a. balance sheet...
27.Which of the following is NOT a formal part of the accounting system? a. balance sheet b. income statement c. statement of owner's equity d. the work sheet 28. The following information was taken from the financial statements of Sunshine City: Total current assets Property, plant, and equipment Current liabilities Long-term liabilities Owner's equity Beginning inventory Ending inventory Cost of goods sold Net income 53,000 6,000 21,000 4,000 34,000 31,000 33,000 152,000 42,000 The inventory turnover (rounded to one decimal...
Below is a random list of items that belong on either an agribusinesses balance sheet or...
Below is a random list of items that belong on either an agribusinesses balance sheet or income statement. Using this information, construct a balance sheet dated December 31, 2018 and an income statement from January 1, 2018 to December 31, 2018. NOTE: You need to create both a balance sheet and income statement from everything below that is formatted so that a manager can easily read the information. Every item will only be used once. I would first figure out...
77) Given the following data: Ending inventory at cost $24,000 Ending inventory at current net realizable...
77) Given the following data: Ending inventory at cost $24,000 Ending inventory at current net realizable value 23,600 Cost of goods sold (before consideration of the lower-of-cost-and-net-realizable-value rule) 37,000 Which of the following depicts the proper account balance after the application of the lower-of-cost-and-net realizable value rule? A) Cost of goods sold will be $37,400. B) Cost of goods sold will be $36,400. C) Cost of goods sold will be $37,000. D) Ending inventory will be $24,000. 78) Inventory at...
Below is a random list of items that belong on either an agribusinesses balance sheet or...
Below is a random list of items that belong on either an agribusinesses balance sheet or income statement. Using this information, construct a balance sheet dated December 31, 2018 and an income statement from January 1, 2018 to December 31, 2018. NOTE: You need to create both a balance sheet and income statement from everything below that is formatted so that a manager can easily read the information. Every item will only be used once. I would first figure out...
10. Dandy Dan's Variety Store had an error in its December 31, 20x4, balance sheet. The...
10. Dandy Dan's Variety Store had an error in its December 31, 20x4, balance sheet. The ending inventory was listed at a value of $40,000 instead of $38,000. Assuming that there are no other errors, which of the following is a true statement concerning the following year's financial statements prepared on December 31, 20xs? A. The cost of goods sold for the year will be overstated. B. The ending inventory on the balance sheet will be overstated. C. The net...
Understating the ending inventory balance has the following impact on the current year's income statement: U...
Understating the ending inventory balance has the following impact on the current year's income statement: U A Cost of goods sold is overstated and net income is understated. B) Cost of goods sold is understated and net income is understated. Cost of goods sold is overstated and net income is overstated. D Cost of goods sold is understated and net income is overstated. OE) Cost of goods sold is overstated and net income is correct.
If the ending inventory on December 31, 2011, is overstated by $6,000, which of the following...
If the ending inventory on December 31, 2011, is overstated by $6,000, which of the following would result? O Net income for 2012 would be overstated O Cost of goods sold for 2011 would be understated O Net income for 2011 would be understated O Expenses for 2012 would be understated,
The following information pertains to Unique Company. Assume that all balance sheet ent both average and ending balance...
The following information pertains to Unique Company. Assume that all balance sheet ent both average and ending balance figures. Assume that all sales were on amounts repres credit. Assets Cash and short-term investments S 40,000 25,000 Accounts receivable (net) 20,000 Inventory Property, plant and equipment Total Assets Liabilities and Stockholders Equity Current liabilities 60,000 85,000 Long-term liabilities Stockholders' equity-common Total Liabilities and Stockholders Equity $295.000 Income Statement S 85,000 45.000 Sales revenue Cost of goods sold 40,000 Gross margin Operating...
Balance Sheet Analysis Complete the balance sheet and sales information using the following financial data: Total...
Balance Sheet Analysis Complete the balance sheet and sales information using the following financial data: Total assets turnover: 1.2x Days sales outstanding: 35.5 daysa Inventory turnover ratio: 5x Fixed assets turnover: 3x Current ratio: 1.8x Gross profit margin on sales: (Sales-Cost of goods sold)/Sales-2596 Calculation is based on a 365-day year. Round your answer to the nearest cent. Balance Sheet Cash Accounts receivable Inventories Fixed assets Current liabilities $ Long-term debt 33,750 Common stock Retained earnings Total liabilities and equity...
1. Arrange the following items into an income statement and balance sheet in the normal order. Retained Earnings Interest Expense- Long Term Debt Accounts Payable Depreciation Accumulated Depreciation Current Assets Taxable Income Accounts Receivable Cash Gross Fixed Assets Inventory Cost of Goods Sold - Labor Expense - Common Stock Taxes Sales - Overhead Total Assets After Tax Income Net Fixed Assets Short Term Debt Current Liabilities Total Liabilities and Net Worth EBIT Gross Profit
27.Which of the following is NOT a formal part of the accounting system? a. balance sheet b. income statement c. statement of owner's equity d. the work sheet 28. The following information was taken from the financial statements of Sunshine City: Total current assets Property, plant, and equipment Current liabilities Long-term liabilities Owner's equity Beginning inventory Ending inventory Cost of goods sold Net income 53,000 6,000 21,000 4,000 34,000 31,000 33,000 152,000 42,000 The inventory turnover (rounded to one decimal...
Below is a random list of items that belong on either an agribusinesses balance sheet or income statement. Using this information, construct a balance sheet dated December 31, 2018 and an income statement from January 1, 2018 to December 31, 2018. NOTE: You need to create both a balance sheet and income statement from everything below that is formatted so that a manager can easily read the information. Every item will only be used once. I would first figure out...
Below is a random list of items that belong on either an agribusinesses balance sheet or income statement. Using this information, construct a balance sheet dated December 31, 2018 and an income statement from January 1, 2018 to December 31, 2018. NOTE: You need to create both a balance sheet and income statement from everything below that is formatted so that a manager can easily read the information. Every item will only be used once. I would first figure out...
10. Dandy Dan's Variety Store had an error in its December 31, 20x4, balance sheet. The ending inventory was listed at a value of $40,000 instead of $38,000. Assuming that there are no other errors, which of the following is a true statement concerning the following year's financial statements prepared on December 31, 20xs? A. The cost of goods sold for the year will be overstated. B. The ending inventory on the balance sheet will be overstated. C. The net...
Understating the ending inventory balance has the following impact on the current year's income statement: U A Cost of goods sold is overstated and net income is understated. B) Cost of goods sold is understated and net income is understated. Cost of goods sold is overstated and net income is overstated. D Cost of goods sold is understated and net income is overstated. OE) Cost of goods sold is overstated and net income is correct.
If the ending inventory on December 31, 2011, is overstated by $6,000, which of the following would result? O Net income for 2012 would be overstated O Cost of goods sold for 2011 would be understated O Net income for 2011 would be understated O Expenses for 2012 would be understated,
The following information pertains to Unique Company. Assume that all balance sheet ent both average and ending balance figures. Assume that all sales were on amounts repres credit. Assets Cash and short-term investments S 40,000 25,000 Accounts receivable (net) 20,000 Inventory Property, plant and equipment Total Assets Liabilities and Stockholders Equity Current liabilities 60,000 85,000 Long-term liabilities Stockholders' equity-common Total Liabilities and Stockholders Equity $295.000 Income Statement S 85,000 45.000 Sales revenue Cost of goods sold 40,000 Gross margin Operating...
Balance Sheet Analysis Complete the balance sheet and sales information using the following financial data: Total assets turnover: 1.2x Days sales outstanding: 35.5 daysa Inventory turnover ratio: 5x Fixed assets turnover: 3x Current ratio: 1.8x Gross profit margin on sales: (Sales-Cost of goods sold)/Sales-2596 Calculation is based on a 365-day year. Round your answer to the nearest cent. Balance Sheet Cash Accounts receivable Inventories Fixed assets Current liabilities $ Long-term debt 33,750 Common stock Retained earnings Total liabilities and equity...
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