Homework Answers
| Inventory in reported on the Balance Sheet and Cost of goods sold on the income statement |
| Option 1 is correct |
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Question 14 4 pts Where do Inventory and Cost of goods sold appear? On the balance...
Question 3 4 pts A merchandising company has: no inventory account O an inventory account on...
Question 3 4 pts A merchandising company has: no inventory account O an inventory account on the balance sheet as a current asset O an inventory account on the balance sheet as equity an inventory account on the income statement as revenue Question 4 4 pts Which of the following would appear on the balance sheet of a merchandiser but not on the balance sheet of a service company? O cost of goods sold O merchandise inventory gross profit o...
Question 23 0.4 pts Which of these items is most likely to appear on a balance...
Question 23 0.4 pts Which of these items is most likely to appear on a balance sheet? Operating Profit Accounts Payable Cost of Goods Sold Earnings per Share 0.4 pts Question 24 Calculate the Gross Profit for a company which has $1 million in Sales; $640,000 in Cost of Goods Sold; Sales/General/Administrative (SG&A) expenses of $150,000; Interest expense of $50,000; and Taxes of $75,000. $85,000 $160,000 $210,000 $360,000 0.4 pts Question 25 A Balance Sheet is a statement of a...
Cost of goods sold is an asset reported in the balance sheet and inventory is an...
Cost of goods sold is an asset reported in the balance sheet and inventory is an expense reported in 运行时 the income statement. 17 O True O False 问题2 1分 If a company has beginning inventory of $15,000, purchases during the year of $75,000, and ending inventory of $20,000, cost of goods sold equals $70,000 True False 问题3 1分 For most companies, actual physical flow of their inventory follows LIFO.I True O False
this is all one question Balance Sheet Assets Cash Inventory Buildings Total assets Liabilities and Stockholders'...
this is all one question
Balance Sheet Assets Cash Inventory Buildings Total assets Liabilities and Stockholders' Equity Liabilities Accounts payable Stockholders' Equity $13,000 16,000 39,000 $68,000 $ 5,000 Common stock (a) Retained earnings (b) Total liabilities and stockholders' equity $68,000 CARLA VISTA CO. Income Statement Revenues $84,700 Cost of goods sold (c) Salaries and wages expense 10,180 Net income $ (d) CARLA VISTA CO. Income Statement Revenues $84,700 Cost of goods sold (c) Salaries and wages expense 10,180 Net income...
#1) If Cost of goods sold is $146,000 and the beginning and ending Inventory balances are...
#1) If Cost of goods sold is $146,000 and the beginning and ending Inventory balances are $18,500 and $13,500, respectively, inventory purchases equal: A $151,000 B $141,000 C $146,000 D $132,500 #2) If Sales are $850,000 and the beginning and ending balances of Accounts Receivable are $43,000 and $48,000, respectively, the cash collected from customers is: A - $850,000. B - $802,000. C - $845,000. D - $855,000. #3) The T-account approach: A - may be used with the direct...
Which of the following is true of cost of goods sold? a. It is an expense...
Which of the following is true of cost of goods sold? a. It is an expense that appears on the income statement. b. It includes all selling and administrative expenses. c. It represents the total conversion cost of the goods manufactured. d. The balance in this account is transferred to finished goods inventory. The ending inventories of materials, work-in-process, and finished goods appear: a. as non-operating expenses on the income statement. b. as current assets on the balance sheet. C....
B. The beginning inventory amount D. Equal to the cost of goods purchased 31. A company...
B. The beginning inventory amount D. Equal to the cost of goods purchased 31. A company that uses a perpetual inventory syste beginning inventory. a perpetual inventory system made the following cash purchases and sales. There was no January 1: Purchased 100 units at $10 per unit. February 5: Purchased 60 units at $12 per unit. March 16: Sold 40 Units for $16 per unit Prepare the general journal entries to record the March 16 sale using the LIFO inventory...
LFM Corporation reported cost of goods sold on its income statement of $15,000. The following account...
LFM Corporation reported cost of goods sold on its income statement of $15,000. The following account balances appeared on the company's comparative balance sheet for the same year: Ending Balance Beginning Balance Inventory $ 33,000 $ 30,000 Accounts Payable $ 23,000 $ 21,000 The company uses the direct method to determine the net cash provided by (used in) operating activities. The cost of goods sold, adjusted to a cash basis, on the company's statement of cash flows for the year...
A. On which two financial statements would the Retained Earnings account appear?
A. On which two financial statements would the Retained Earnings account appear?Income Statement and Balance SheetIncome Statement and Statement of EquityBalance Sheet and Statement of Cash FlowsBalance Sheet and Statement of EquityB. On which financial statement would the Supplies account appear?Income StatementStatement of EquityStatement of Cash FlowsBalance SheetC. Services or products provided would be classified asRevenueAssetEquityLiability
The Cost of Goods Sold can be found on which of the below company financial statements:...
The Cost of Goods Sold can be found on which of the below company financial statements: A. Balance Sheet B. Income Statement C. Consolidated Statement of Shareholders' Equity D. Statement of Goods Sold E. Statement of Cash Flows
Question 3 4 pts A merchandising company has: no inventory account O an inventory account on the balance sheet as a current asset O an inventory account on the balance sheet as equity an inventory account on the income statement as revenue Question 4 4 pts Which of the following would appear on the balance sheet of a merchandiser but not on the balance sheet of a service company? O cost of goods sold O merchandise inventory gross profit o...
Question 23 0.4 pts Which of these items is most likely to appear on a balance sheet? Operating Profit Accounts Payable Cost of Goods Sold Earnings per Share 0.4 pts Question 24 Calculate the Gross Profit for a company which has $1 million in Sales; $640,000 in Cost of Goods Sold; Sales/General/Administrative (SG&A) expenses of $150,000; Interest expense of $50,000; and Taxes of $75,000. $85,000 $160,000 $210,000 $360,000 0.4 pts Question 25 A Balance Sheet is a statement of a...
Cost of goods sold is an asset reported in the balance sheet and inventory is an expense reported in 运行时 the income statement. 17 O True O False 问题2 1分 If a company has beginning inventory of $15,000, purchases during the year of $75,000, and ending inventory of $20,000, cost of goods sold equals $70,000 True False 问题3 1分 For most companies, actual physical flow of their inventory follows LIFO.I True O False
this is all one question
Balance Sheet Assets Cash Inventory Buildings Total assets Liabilities and Stockholders' Equity Liabilities Accounts payable Stockholders' Equity $13,000 16,000 39,000 $68,000 $ 5,000 Common stock (a) Retained earnings (b) Total liabilities and stockholders' equity $68,000 CARLA VISTA CO. Income Statement Revenues $84,700 Cost of goods sold (c) Salaries and wages expense 10,180 Net income $ (d) CARLA VISTA CO. Income Statement Revenues $84,700 Cost of goods sold (c) Salaries and wages expense 10,180 Net income...
Which of the following is true of cost of goods sold? a. It is an expense that appears on the income statement. b. It includes all selling and administrative expenses. c. It represents the total conversion cost of the goods manufactured. d. The balance in this account is transferred to finished goods inventory. The ending inventories of materials, work-in-process, and finished goods appear: a. as non-operating expenses on the income statement. b. as current assets on the balance sheet. C....
B. The beginning inventory amount D. Equal to the cost of goods purchased 31. A company that uses a perpetual inventory syste beginning inventory. a perpetual inventory system made the following cash purchases and sales. There was no January 1: Purchased 100 units at $10 per unit. February 5: Purchased 60 units at $12 per unit. March 16: Sold 40 Units for $16 per unit Prepare the general journal entries to record the March 16 sale using the LIFO inventory...
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