Answer the following as True or False, then select the correct multiple-choice answer: _____ The periodic...
Answer the following as True or False, then select the correct multiple-choice answer:
_____ The periodic inventory method requires an adjusting entry for a loss at the end of the period.
_____ In periods of declining prices, periodic FIFO will have a lower net income than periodic LIFO.
_____ The gross profit method of estimating inventory can be used as a substitute for a physical inventory count under the periodic inventory method.
A. True, True, True
B. False, False, False
C. True, True, False
D. False, True, False
E. True, False, False
Homework Answers
False (The periodic inventory method requires an adjusting entry for a COST OF GOODS SOLD at the end of the period)
False (In periods of declining prices, periodic FIFO will have a HIGHER net income than periodic LIFO)
False (The gross profit method of estimating inventory CANNOT be used as a substitute for a physical inventory count under the periodic inventory method)
The answer is B.
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Answer the following as True or False, then select the correct
multiple-choice answer:
_____ The periodic...
. Mark the following statements as True or False then select the corresponding multiple choice answer...
. Mark the following statements as True or False then select the corresponding multiple choice answer All intangible assets purchased by a company are amortized over the lesser of their useful or legal life with no salvage value. Capital expenditures are added to the book value of an asset and depreciated over the remaining life. T_Recording depreciation expense through an adjusting entry is an example of an accrual. A. True, True, True B. True, False, False rue D. False, True,...
For each of the following statements, indicate whether the correct answer is FIFO, LIFO, or neither....
For each of the following statements, indicate whether the
correct answer is FIFO, LIFO, or neither. **Pay special attention
to whether prices are rising or declining.
For each of the following statements, indicate whether the correct answer is FIFO, LIFO, or neither. ** Pay special attention to whether prices are rising or declining. When inventory costs are rising, this method yields the lowest income tax expense. Choose... When inventory costs are declining, this method yields the highest gross profit. Choose......
MULTIPLE CHOICE AND TRUE/FALSE QUESTIONS (100 POINTS records, does not 1 . F. As Inventory is...
MULTIPLE CHOICE AND TRUE/FALSE QUESTIONS (100 POINTS records, does not 1 . F. As Inventory is sold in many retail businesses, the largest expense is created A business using the perpetual Inventory system with detailed subsidiary records, does need to a physical Inventory count. 5. T.F. A detective internal control is designed to find error or misstatement after loss has occurred. 4. T. F. Purchased goods shipped FOB shipping point should be excluded from inventory of the purchaser. 5. T....
True or False Unsold consigned merchandise should be included in the consignee’s inventory. If ending inventory...
True or False Unsold consigned merchandise should be included in the consignee’s inventory. If ending inventory for the year is understated, net income for the year is overstated. In the inventory for the year is overstated, owner’s equity reported on the balance sheet at the end of the year is understated. The specific identification inventory method should be used when the inventory consists of identical. Low cost units that are purchased and sold frequently. Of the three widely used inventory...
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Determine whether the following statements are true or false, then mark the appropriate multiple choice answer. _Prepaid Insurance and Unearned Revenue are accounts that generally do not need to be adjusted at the end of the accounting period. All accounts must be adjusted at the end of the period. _Every adjusting entry will affect both the Income Statement and the Balance Sheet. On November 1, a company paid $6,000 for 6 months of insurance, to cover the period November 1...
I don't feel confident about my answer. can you help explain which is the correct answer...
I don't feel confident about my answer. can you help
explain which is the correct answer and WHY
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Please help! Multiple Choice Question 61 Your answer is incorrect. Try again. What is the difference...
Please help!
Multiple Choice Question 61 Your answer is incorrect. Try again. What is the difference between FIFO (first in, first out) and LIFO (last in, first out) accounting? FIFO refers to the practice of firms, when making sales, assuming that the inventory that came in first (at a higher price) is being sold first During a period of rising prices, LIFO implies that a firm is selling the higher cost, newer inventory first, leaving the lower cost, older inventory...
P 8-13 Required Answer the following multiple-choice questions: Which of the following is not considered to...
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E8-10 (L03) (FIFO and LIFO—Periodic and Perpetual) Inventory information for Part 311 of Monique Aaron Corp....
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Assume that Jump Coffee Shop completed the following periodic inventory transactions for a line of merchandise...
Assume that Jump Coffee Shop completed the following periodic inventory transactions for a line of merchandise inventory (Click the icon to view the transactions.) Read the requirements Requirements 1., 2., and 3. Compute ending merchandise inventory, cost of goods sold, and gross profit using the (1) FIFO Inventory costing method, (2) LIFO inventory costing method, and (3) weighted average inventory costing method. (Round weighted average cost per unit to the nearest cent and all other amounts to the nearest dollar)...
. Mark the following statements as True or False then select the corresponding multiple choice answer All intangible assets purchased by a company are amortized over the lesser of their useful or legal life with no salvage value. Capital expenditures are added to the book value of an asset and depreciated over the remaining life. T_Recording depreciation expense through an adjusting entry is an example of an accrual. A. True, True, True B. True, False, False rue D. False, True,...
For each of the following statements, indicate whether the
correct answer is FIFO, LIFO, or neither. **Pay special attention
to whether prices are rising or declining.
For each of the following statements, indicate whether the correct answer is FIFO, LIFO, or neither. ** Pay special attention to whether prices are rising or declining. When inventory costs are rising, this method yields the lowest income tax expense. Choose... When inventory costs are declining, this method yields the highest gross profit. Choose......
MULTIPLE CHOICE AND TRUE/FALSE QUESTIONS (100 POINTS records, does not 1 . F. As Inventory is sold in many retail businesses, the largest expense is created A business using the perpetual Inventory system with detailed subsidiary records, does need to a physical Inventory count. 5. T.F. A detective internal control is designed to find error or misstatement after loss has occurred. 4. T. F. Purchased goods shipped FOB shipping point should be excluded from inventory of the purchaser. 5. T....
Determine whether the following statements are true or false, then mark the appropriate multiple choice answer. _Prepaid Insurance and Unearned Revenue are accounts that generally do not need to be adjusted at the end of the accounting period. All accounts must be adjusted at the end of the period. _Every adjusting entry will affect both the Income Statement and the Balance Sheet. On November 1, a company paid $6,000 for 6 months of insurance, to cover the period November 1...
I don't feel confident about my answer. can you help
explain which is the correct answer and WHY
Assessment 1: The gross margin method... The gross margin method of estimating ending inventory is frequently used Multiple Choice to avoid having to take a physical count of the inventory on hand, to check the accuracy of a physical count of inventory on hand O to determine the balance of the inventory shown on the balance sheet to determine the amount of...
Please help!
Multiple Choice Question 61 Your answer is incorrect. Try again. What is the difference between FIFO (first in, first out) and LIFO (last in, first out) accounting? FIFO refers to the practice of firms, when making sales, assuming that the inventory that came in first (at a higher price) is being sold first During a period of rising prices, LIFO implies that a firm is selling the higher cost, newer inventory first, leaving the lower cost, older inventory...
P 8-13 Required Answer the following multiple-choice questions: Which of the following is not considered to be a nonrecurring itema 1. Discontinued operations 2. Extraordinary items 3. Cumulative effect of change in accounting principle 4. Interest expense 5. None of the above. a. b. Ideally, which of these ratios will indicate the highest return for an indi 1. Return on assets 2. Return on assets variation 3. Return on investments 4. Return on total equity 5. Return on common equity...
E8-10 (L03) (FIFO and LIFO—Periodic and Perpetual) Inventory information for Part 311 of Monique Aaron Corp. dis- closes the following information for the month of June. June 1 11 20 Balance Purchased Purchased 300 units @ $10 800 units @ $12 500 units @ $13 June 10 15 27 Sold Sold Sold 200 units 500 units 300 units $24 $25 $27 Instructions (a) Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory...
Assume that Jump Coffee Shop completed the following periodic inventory transactions for a line of merchandise inventory (Click the icon to view the transactions.) Read the requirements Requirements 1., 2., and 3. Compute ending merchandise inventory, cost of goods sold, and gross profit using the (1) FIFO Inventory costing method, (2) LIFO inventory costing method, and (3) weighted average inventory costing method. (Round weighted average cost per unit to the nearest cent and all other amounts to the nearest dollar)...
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