Barney Corporation reported the following figures for year ending December 31, 2019: Gross profit: 538,000 Cost...
Barney Corporation reported the following figures for year ending December 31, 2019:
- Gross profit: 538,000
- Cost of goods sold: 453,000
- Net income: 230,000
Barney Corporation accountants must determine which of these activities are credits (as in if you were doing a t-account, would you debit or credit the item)
- The impact on accounts receivable from a $10 million collection from a customer.
- The impact on treasury stock from a company repurchasing $32 million in shares.
- The impact on inventory from a company recognizing $15 million in cost of goods sold expense.
- The impact on debt from a $15 million principal paydown.
A. 1
B. 2 and 4
C. 2 and 3
D. 1 and 3
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