Homework Answers
Answer: E ) Inventory
Inventory accounts are not closed with the income Summary. until the inventory sold inventory Treated as current assets, on the sale of the inventory is reported as a Cost of Goods sold.
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Which of the following accounts is NOT closed to Income Summary?: Select one: a. Cost of...
Which of the following accounts would be closed at the end of the accounting period with...
Which of the following accounts would be closed at the end of the accounting period with a debit? Multiple Choice 0:54:00 Ο Soles Discounts Ο Operating Expenses Ο Sales Returns and Allowances Ο Cost of Goods Sold. Cushman Company had $842,000 in sales, sales discounts of $12,630, sales returns and allowances of $18.945, cost of goods sold of $399,950, and $289,650 in operating expenses. Net income equals.
Which of the following accounts would not appear in a closing entry? Select one: A. Net...
Which of the following accounts would not appear in a closing entry? Select one: A. Net income B. Depreciation expense C. Cost of goods sold D. Inventory E. Both A and D Which of the following accounts would not appear in a closing entry? Select one: A. Net income B. Depreciation expense C. Cost of goods sold D. Inventory E. Both A and D
1. Which of the following accounts are used when recording a purchase using a periodic inventory...
1. Which of the following accounts are used when recording a purchase using a periodic inventory system? a. cash, purchases b. accounts payable, sales c. accounts payable, accounts receivable d. cash, merchandise inventory 2. A multi-step income statement ________. a. separates cost of goods sold from operating expenses b. considers interest revenue an operating activity c. is another name for a simple income statement d. combines cost of goods sold and operating expenses 3. A customer returns $870 worth of...
Identify the statements below that are correct regarding the closing entries for a merchandiser using the...
Identify the statements below that are correct regarding the closing entries for a merchandiser using the perpetual inventory system. (Check all that apply.) Check all that apply. The Dividends account is closed to Income Summary Merchandise Inventory is closed with the expense accounts. The Dividends account is closed to Retained earnings. Sales Discounts is closed with the revenue accounts. Cost of goods sold is closed with the revenue accounts. Sales Returns and Allowances is closed with the expense accounts. Cost...
Which of the following accounts would be closed out with a debit?
a.Salesb. Sales Returns and Allowancesc. Cost of Goods Soldd. Operating Expensese. Sales Discounts
6) Which of the following accounts is not a contra account? A. Inventory B. Accumulated Amortization...
6) Which of the following accounts is not a contra account? A. Inventory B. Accumulated Amortization C. Sales Returns and Allowances D. Sales Discounts 7) To calculate the gross margin percentage, A. Divide net sales by net income B. Divide current assets by current liabilities C. Divide total liabilities by total assets D. Divide gross margin by net sales 8) If a purchaser returns goods purchased on account to the supplier under a perpetual inventory system, the purchaser would debit:...
Which of the following would appear on a segmented contribution margin income statement? Select one: A....
Which of the following would appear on a segmented contribution margin income statement? Select one: A. Cost of Goods Sold B. Variable Overhead C. Directly traceable fixed costs D. Sales E. All of the above
Question 4 Which of the following statements is correct? The purchases account is used under both...
Question 4 Which of the following statements is correct? The purchases account is used under both the periodic and perpetual inventory systems. The perpetual inventory system continually updates the inventory, purchase discounts, and cost of goods sold accounts. Under the periodic inventory system, neither the cost of goods sold account nor the inventory account is computed on a daily basis. The perpetual inventory system requires a closing entry in order to determine cost of goods sold before cost of goods...
5) A purchase return or allowance under a perpetual inventory system is credited to: A) Accounts...
5) A purchase return or allowance under a perpetual inventory system is credited to: A) Accounts Payable B) Purchase Returns and Allowances C) Inventory D) Purchases 6) Which of the following accounts is not a contra account? A. Inventory B. Accumulated Amortization C. Sales Returns and Allowances D. Sales Discounts 7) To calculate the gross margin percentage, A. Divide net sales by net income B. Divide current assets by current liabilities C. Divide total liabilities by total assets D. Divide...
On the basis of the accounts listed below, calculate a. Net sales b. Cost of goods...
On the basis of the accounts listed below, calculate a. Net sales b. Cost of goods sold (after adjustment) c. Gross profit 1A-1. d. Net income Accounts Payable $6,000 Operating Expenses 2,000 J. Jensen, Capital 19,400 Cost of Goods Sold 4,137 Ending Inventory, December 31, 2019 1,250 Sales 10,210 Accounts Receivable 1,489 Cash 756 Sales Returns and Allowances 275 Physical Count of Inventory December 31, 2019 1,200 Sales Discount 394
Which of the following accounts would be closed at the end of the accounting period with a debit? Multiple Choice 0:54:00 Ο Soles Discounts Ο Operating Expenses Ο Sales Returns and Allowances Ο Cost of Goods Sold. Cushman Company had $842,000 in sales, sales discounts of $12,630, sales returns and allowances of $18.945, cost of goods sold of $399,950, and $289,650 in operating expenses. Net income equals.
Identify the statements below that are correct regarding the closing entries for a merchandiser using the perpetual inventory system. (Check all that apply.) Check all that apply. The Dividends account is closed to Income Summary Merchandise Inventory is closed with the expense accounts. The Dividends account is closed to Retained earnings. Sales Discounts is closed with the revenue accounts. Cost of goods sold is closed with the revenue accounts. Sales Returns and Allowances is closed with the expense accounts. Cost...
On the basis of the accounts listed below, calculate a. Net sales b. Cost of goods sold (after adjustment) c. Gross profit 1A-1. d. Net income Accounts Payable $6,000 Operating Expenses 2,000 J. Jensen, Capital 19,400 Cost of Goods Sold 4,137 Ending Inventory, December 31, 2019 1,250 Sales 10,210 Accounts Receivable 1,489 Cash 756 Sales Returns and Allowances 275 Physical Count of Inventory December 31, 2019 1,200 Sales Discount 394
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