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Qeestion 6 (6 Multiple-Choice 2.5 points each- fotal of 15 points). Inventories affect a only the balance sheet b....
please help Inventories affect a.) only the balance sheet b.) only the income statement \ both...
please help
Inventories affect a.) only the balance sheet b.) only the income statement \ both the balance sheet and the income statement d.) nether the balance sheet nor the income statement Beginning inventory plus the cost of goods purchased equals a.) cost of goods sold. b.) cost of goods available for sale net purchases d.) total goods purchased Inventory tumover is calculated by dividing cost of goods sold by a.) beginning inventory b.) ending inventory average inventory d.) 365...
Accounting questions Could Shoes Goud Shoe Store has beginning mechand o ty were $140,000, purchase returns...
Accounting questions
Could Shoes Goud Shoe Store has beginning mechand o ty were $140,000, purchase returns 54.000, freight-in 10 end of the period revealed that $20,000 was still on hand A) 516-4,000 B) 5156,000 C) 5176.000 D) SI 4.000 tory of 10.000. A e the period purch l conventory the ads availa still on h 17. The inventory account is A reported under the classification or Property. Plant, B) reported as a current asset on the balance sheet generally valued...
Tools Add ons Help All changes saved in Drive text. Arial 11. BI VA L I...
Tools Add ons Help All changes saved in Drive text. Arial 11. BI VA L I E E * 11. Inventories affect a only the balance sheet. b. Only the income statement. c. both the balance sheet and the income statement. d. neither the balance sheet nor the income statement. 12. The factor which determines whether or not goods should be included in a physical count of inventory is a. physical possession b. legal title C management's judgment. d whether...
11 A company buys footwear and clothing from manufacturers, which it resells to discount stores in...
11 A company buys footwear and clothing from manufacturers, which it resells to discount stores in a large urban area. This company is an example of a: A) wholesale merchandising company. B) service company. C) retail merchandising company. D) secondary service company. 12 Which line item would be found on a merchandiser's balance sheet and not on a service firm's? A) Supplies B) Cost of Goods Sold C) Inventory D) Sales Revenue 13 Inventory is reported as a(n) on the...
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
ACCOUNTING 1. Adjusting entries: A. Affect only income statement accounts. B. Affect only balance sheet accounts....
ACCOUNTING 1. Adjusting entries: A. Affect only income statement accounts. B. Affect only balance sheet accounts. C. Affect both income statement and balance sheet accounts D. Affect only cash flow statements. 2. The principle that requires expenses to be reported in the same period as the revenues that were earned as a result of those expenses is the: A. Recognition principle. B. Cost principle. C. Cash basis of accounting D. Matching principle. 3. A company made no adjusting entry for...
MULTIPLE CHOICE: Choose the best answer and place it on the line alongside each question. -...
MULTIPLE CHOICE: Choose the best answer and place it on the line alongside each question. - 1. According to the matching principle, warranty costs related to items sold should be reported as an According expense in the same accounting period as: the sales revenue is reported as income; B. the warranty repairs are made; the warranty period expires; cash is received from customers. C. Use the following to answer questions 2 and 3. Road Runner Company, which began operations in...
[3 points each = ber 31, 2010, before any year-end adjustments, J.Tucker's Insurance Expense acco ce...
[3 points each = ber 31, 2010, before any year-end adjustments, J.Tucker's Insurance Expense acco ce of $1,800 and its Prepaid Insurance account had a balance of $5,000. It was determine $2,000 of the Prepaid Insurance had expired. The adjusted balance for Insurance Expense for th would be: A) $1,800 B $2,000 $3,800 D) $5,000 2. When expenses for a reporting period exceed revenue for the period: A) Equity is reduced B) The company must borrow money to remain in...
Balance Sheet (B) or Income Statement (I) a. Equipment b. Fees Earned c. Retained Earnings d....
Balance Sheet (B) or Income Statement (I) a. Equipment b. Fees Earned c. Retained Earnings d. Wage Expense e. Patent f.Cost of Goods Sold g. Common Stock h. Dividend Payable i.Accumulated Depreciation Balance Sheet (B) or Income Statement (I) j. Prepaid Expense k. Gain on Sale of Short-term Investment 1. Rent Revenue m. Supplies Inventory n. Accounts Receivable o. Land p. Insurance Expense q. Interest Payable r. Deferred (Unearned) Revenue
Part I. Multiple Choice (4*10=40) 1. Which of the following best describes the balance sheet? A....
Part I. Multiple Choice (4*10=40) 1. Which of the following best describes the balance sheet? A. It includes a listing of assets at their market values. B. It includes a listing of assets, liabilities, and stockholders' equity at their market values. C. It provides information pertaining to a company's assets and the providers of the assets. D. It provides information pertaining to a company's liabilities for a period of time. 2. Which of the following correctly describes the various financial...
please help
Inventories affect a.) only the balance sheet b.) only the income statement \ both the balance sheet and the income statement d.) nether the balance sheet nor the income statement Beginning inventory plus the cost of goods purchased equals a.) cost of goods sold. b.) cost of goods available for sale net purchases d.) total goods purchased Inventory tumover is calculated by dividing cost of goods sold by a.) beginning inventory b.) ending inventory average inventory d.) 365...
Accounting questions
Could Shoes Goud Shoe Store has beginning mechand o ty were $140,000, purchase returns 54.000, freight-in 10 end of the period revealed that $20,000 was still on hand A) 516-4,000 B) 5156,000 C) 5176.000 D) SI 4.000 tory of 10.000. A e the period purch l conventory the ads availa still on h 17. The inventory account is A reported under the classification or Property. Plant, B) reported as a current asset on the balance sheet generally valued...
Tools Add ons Help All changes saved in Drive text. Arial 11. BI VA L I E E * 11. Inventories affect a only the balance sheet. b. Only the income statement. c. both the balance sheet and the income statement. d. neither the balance sheet nor the income statement. 12. The factor which determines whether or not goods should be included in a physical count of inventory is a. physical possession b. legal title C management's judgment. d whether...
11 A company buys footwear and clothing from manufacturers, which it resells to discount stores in a large urban area. This company is an example of a: A) wholesale merchandising company. B) service company. C) retail merchandising company. D) secondary service company. 12 Which line item would be found on a merchandiser's balance sheet and not on a service firm's? A) Supplies B) Cost of Goods Sold C) Inventory D) Sales Revenue 13 Inventory is reported as a(n) on the...
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
ACCOUNTING 1. Adjusting entries: A. Affect only income statement accounts. B. Affect only balance sheet accounts. C. Affect both income statement and balance sheet accounts D. Affect only cash flow statements. 2. The principle that requires expenses to be reported in the same period as the revenues that were earned as a result of those expenses is the: A. Recognition principle. B. Cost principle. C. Cash basis of accounting D. Matching principle. 3. A company made no adjusting entry for...
MULTIPLE CHOICE: Choose the best answer and place it on the line alongside each question. - 1. According to the matching principle, warranty costs related to items sold should be reported as an According expense in the same accounting period as: the sales revenue is reported as income; B. the warranty repairs are made; the warranty period expires; cash is received from customers. C. Use the following to answer questions 2 and 3. Road Runner Company, which began operations in...
[3 points each = ber 31, 2010, before any year-end adjustments, J.Tucker's Insurance Expense acco ce of $1,800 and its Prepaid Insurance account had a balance of $5,000. It was determine $2,000 of the Prepaid Insurance had expired. The adjusted balance for Insurance Expense for th would be: A) $1,800 B $2,000 $3,800 D) $5,000 2. When expenses for a reporting period exceed revenue for the period: A) Equity is reduced B) The company must borrow money to remain in...
Balance Sheet (B) or Income Statement (I) a. Equipment b. Fees Earned c. Retained Earnings d. Wage Expense e. Patent f.Cost of Goods Sold g. Common Stock h. Dividend Payable i.Accumulated Depreciation Balance Sheet (B) or Income Statement (I) j. Prepaid Expense k. Gain on Sale of Short-term Investment 1. Rent Revenue m. Supplies Inventory n. Accounts Receivable o. Land p. Insurance Expense q. Interest Payable r. Deferred (Unearned) Revenue
Part I. Multiple Choice (4*10=40) 1. Which of the following best describes the balance sheet? A. It includes a listing of assets at their market values. B. It includes a listing of assets, liabilities, and stockholders' equity at their market values. C. It provides information pertaining to a company's assets and the providers of the assets. D. It provides information pertaining to a company's liabilities for a period of time. 2. Which of the following correctly describes the various financial...
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