QUESTION NUMBER | |
1 | FALSE |
2 | FALSE |
3 | FALSE |
4 | TRUE |
5 | FALSE |
6 | TRUE |
7 | TRUE |
8 | FALSE |
9 | TRUE |
10 | FALSE |
11 | FALSE |
12 | FALSE |
13 | FALSE |
14 | TRUE |
15 | TRUE |
16 | TRUE |
17 | FALSE |
18 | FALSE |
19 | TRUE |
20 | FALSE |
Ture or fause question UI TALSE. A company had net sales of $545,000 and cost of goods sold of S345,000. Its gross 1...
) Indicate whether the following are TRUE or FALSE. 1. A company had net sales of $545,000 and cost of goods sold of $345,000. Its gross margin equals $890,000. 2. An accelerated depreciation method creates a larger depreciation charge as the asset comes closer to the end of its useful life. 3. Units of Production is an accelerated depreciation method. _____ 4. The term “depletion” as applied to intangible assets follows the matching principle. _____5. Even if the end...
6. An estimated liability is a POSSIBLE obligation if a certain event occurs. The estimated realizable accounts receivable is what the company anticipates that it will collect The term 'capitalizing a cost' means charging it to stockholder's equity. _8. 19. The working capital (current) ratio is an indicator of a company's liquidity. 10. 12. 13. Accounts Receivable is an example of an intangible asset. Merchandise Inventory would be debited when goods are purchased by a company that uses a periodic...
Indicate whether the following are TRUE or FALSE. A company had net sales of $545,000 and cost of goods sold of $345,000. Its gross margin equals $890,000. An accelerated depreciation method creates a larger depreciation charge as the asset comes closer to the end of its useful life. Units of Production is an accelerated depreciation method. _____ The term “depletion” as applied to intangible assets follows the matching principle.
A company had net sales of $784,800 and cost of goods sold of $560,400. Its net income was $24,770. The company's gross margin ratio equals:
Skysong Corporation had the following 2020 income statement. Sales revenue Cost of goods sold Gross profit Operating expenses (includes depreciation of $22,000) Net Income $210,000 119,000 91,000 47.000 $44,000 The following accounts increased during 2020: Accounts Receivable $11,000, Inventory $12,000, and Accounts Payable $12,000. Prepare the cash flows from operating activities section of Skysong's 2020 statement of cash flows using the direct method. Skysong Corporation Statement of Cash Flows-Direct Method (Partial)
A company had net sales of $788,500 and cost of goods sold of $562,260. Its net income was $25,640. The company's gross margin ratio equals:
A company had net sales of $801,200 and cost of goods sold of $568,910. Its net income was $28,390. The company's gross margin ratio equals: Multiple Choice
1-A company had net sales of $760,200 and cost of goods sold of $547,400. Its net income was $19,340. The company's gross margin ratio equals: 18.2% 25.4% 28.0% 35.3% 38.9% 2-The monetary unit assumption means that all companies doing business in the United States must express transactions and events in US dollars. true or false 3-Paid-in capital is the total amount of cash and other assets the corporation receives from its stockholders in exchange for its stock. true or false
Wiley Company's income statement for Year 2 follows: Sales $2,500 Cost of goods sold 1,100 Gross margin 1,400 Selling and administrative expenses 500 Income before taxes 900 Income taxes Net income $ 540 360 The company's selling and administrative expense for Year 2 includes $76 of depreciation expense. Selected balance sheet accounts for Wiley at the end of Years 1 and 2 are as follows: Year 2 Year 1 $210 $154 $ 38 $250 $196 $ 26 Current Assets Accounts...
Wiley Company's income statement for Year 2 follows: Sales Cost of goods sold Gross margin Selling and administrative expenses Income before taxes Income taxes Net income $ 2,750 1,500 1,250 400 850 $ 510 The company's selling and administrative expense for Year 2 includes $76 of depreciation expense. Selected balance sheet accounts for Wiley at the end of Years 1 and 2 are as follows: Year 2 Year 1 $215 $154 $ 40 $245 $196 $ 30 Current Assets Accounts...