please help me with all, I will thumb up!
Homework Answers
12.
Interest income is a revenue account.
Option b.
13.
While making adjusting entries cash account is never used.
True.
14.
Expenses paid immediately will have no effect on liabilities.
Option c.
15.
Gross profit is the difference between net sales and cost of goods sold.
Option a.
16.
Drawings made by the proprietor are considered as withdrawals and not expense.
Option d.
17.
When inventory is purchased merchandise inventory is debited.
Option c.
18.
Gross profit = Net sales - Cost of goods sold
= $300,000 - $120,000
= $180,000
Option a.
19.
Journal, ledger, trial balance, financial statements
Option b.
Add Answer to:
please help me with all, I will thumb up!
12. What type of account is interest...
17-19 17. A purchase of inventory on account would include a debit to: a. cost of...
17-19
17. A purchase of inventory on account would include a debit to: a. cost of goods sold. b.. sales. c. merchandise inventory. d. accounts payable. Sales- $300,000 Cost of Goods Sold- $120,000 Operating Expenses $30,000 Find gross profit. a. $180,000 b. $150,000 c. $390,000 d. None of the above 19. Which of the following lists gives the correct sequence of accourting procedures? a. financial statements, trial balance, ledger, journal b. journal, ledger, trial balance, financial statements c. ledger, trial...
12-16 12. What type of account is interest income? b. c. d. revenue expense Owner's equity...
12-16
12. What type of account is interest income? b. c. d. revenue expense Owner's equity 13. True-False (A-3) Cash is never used in preparing adjusting 14. Paida utilities bull immediately on receipt. What effect does this entry have on liabilities? increase decrease ne effect more information is needed 75. Gross profit equals the difference between: a. net sales and cost of goods sold. b. net sales and cost of goods sold plus operating expenses. c. net income and operating...
Can u help me on #12, 13, 15, 16, 23? Interest re 1,100 Other expenses...
Can u help me on #12, 13, 15, 16, 23?
Interest re 1,100 Other expenses and losses Interest expense 3,600 $ 29,500 Net income ercises, Exercises, Problems, and many additional resources are leyPLUS. and Problems relate to material in the appendices to the chapter. to record payment of the balance due within the discount period using a perpetual inventory system. 9. Celina Harris believes revenues from credit sales may be recorded before they are collected in cash. Do you...
please help me do all question , i need it by 5 PM 2. Given the...
please help me do all question , i need it by 5 PM
2. Given the following, what is the amount of Capital? Assets: Premises $20,000; Inventory $8,500; Cash $100. Liabilities: Accounts payable $3,000; Loan from A.Adams $4,000 $21,100 b. $21,600 c. $32,400 3. d. $21,400 A debit balance of $100 in a cash account shows that: 2. There was $100 cash in hand b. Cash has been overspent by $100 $100 was the total of cash paid out d....
I want to make sure that all of the work I have thus far is correct....
I want to make sure that all of the work I have thus far is
correct. And I need the answers to the analysis
On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Accounts Payable Notes Payable (9%, due in 3 years) Common Stock Retained Earnings Totals Debit Credit $ 23,900 41,500 $ 5,100 40,000 76,600 27,400 40,000 66,000 43,500 $182,000 $182,000 The...
Purchasing inventory on account would be classified as what type of activity on the Statement of...
Purchasing inventory on account would be classified as what type of activity on the Statement of Cash Flows? Would not be on the Statement of Cash Flows Operating Investing Financing Question 9 Beginning Inventory + Purchases Gross Margin Ending Inventory Cost of Goods Available for Sale Cost of Goods Sold Question 10 Calculate Gross Margin: Ending Inventory: $12,000 Sales Revenue: $86,000 Cost of Goods Available for Sale: $64,000 Selling. General and Administrative Expenses: $18,000 Cost of Goods Sold: $52,000 Interest...
1. 2. 3. 4. 5. A company that maintains a perpetual inventory system has an inventory...
1.
2.
3.
4.
5.
A company that maintains a perpetual inventory system has an inventory account balance of $50,000. The physical count of goods on hand totals $49,600. Which of the following adjusting entries is correct? O Debit Sales Discounts and credit Inventory O Debit Purchases and credit Inventory O Debit Cost of Goods Sold and credit Inventory. O Debit Inventory and credit Purchases Which of the following accounts will appear in the trial balance of a merchandising company...
I will make sure to thumbs up for all the help! thank you so much in...
I will make sure to thumbs up for all the help! thank you so
much in advange!
1. Assume Mario Company uses LIFO in an environment of increasing inventory cost. Which of the following is true? a) LIFO will result in higher net income than FIFO. b) LIFO will result in a higher inventory balance than FIFO c) LIFO will result in a lower cost of goods sold amount than FIFO. d) LIFO will result in a lower gross profit...
Exercise 2-12 Financial statements and closing entries [LO2-6, 2-7] The December 31, 2018, adjusted trial balance...
Exercise 2-12 Financial statements and closing entries [LO2-6,
2-7] The December 31, 2018, adjusted trial balance for the Blueboy
Cheese Corporation is presented below.
For some reason, my answer is incomplete (operating
expenses).
I know the issue lies within the expenses, but I cannot figure
out what accounts I'm missing.
Account Title Cash Accounts receivable Prepaid rent Inventory Office equipment Accumulated depreciation-office equipment Accounts payable Note payable (due in six months) Salaries payable Interest payable Common stock Retained earnings Sales...
kindly do this as soon as possible.. requirements are written in last picture CREDIT Rs. AZW...
kindly do this as soon as possible.. requirements are
written in last picture
CREDIT Rs. AZW & Company Unadjusted TRIAL BALANCE DECEMBER 31, 2018 TITLE OF ACCOUNT DEBIT Rs. Cash 210,350 Account receivable 54,600 Note receivable 83,000 Land 100,000 Inventory-opening 40,500 Supplies 1,650 Prepaid insurance 1,200 Equipment 83,200 Accumulated depreciation - Equipment Account payable Note payable (long-term) Capital-Salman Sales revenue Sales discount 2,400 Sales return and allowance 2,000 Other Income Purchases 89,300 Purchases discount Purchases return and allowances Freight in...
17-19
17. A purchase of inventory on account would include a debit to: a. cost of goods sold. b.. sales. c. merchandise inventory. d. accounts payable. Sales- $300,000 Cost of Goods Sold- $120,000 Operating Expenses $30,000 Find gross profit. a. $180,000 b. $150,000 c. $390,000 d. None of the above 19. Which of the following lists gives the correct sequence of accourting procedures? a. financial statements, trial balance, ledger, journal b. journal, ledger, trial balance, financial statements c. ledger, trial...
12-16
12. What type of account is interest income? b. c. d. revenue expense Owner's equity 13. True-False (A-3) Cash is never used in preparing adjusting 14. Paida utilities bull immediately on receipt. What effect does this entry have on liabilities? increase decrease ne effect more information is needed 75. Gross profit equals the difference between: a. net sales and cost of goods sold. b. net sales and cost of goods sold plus operating expenses. c. net income and operating...
Can u help me on #12, 13, 15, 16, 23?
Interest re 1,100 Other expenses and losses Interest expense 3,600 $ 29,500 Net income ercises, Exercises, Problems, and many additional resources are leyPLUS. and Problems relate to material in the appendices to the chapter. to record payment of the balance due within the discount period using a perpetual inventory system. 9. Celina Harris believes revenues from credit sales may be recorded before they are collected in cash. Do you...
please help me do all question , i need it by 5 PM
2. Given the following, what is the amount of Capital? Assets: Premises $20,000; Inventory $8,500; Cash $100. Liabilities: Accounts payable $3,000; Loan from A.Adams $4,000 $21,100 b. $21,600 c. $32,400 3. d. $21,400 A debit balance of $100 in a cash account shows that: 2. There was $100 cash in hand b. Cash has been overspent by $100 $100 was the total of cash paid out d....
I want to make sure that all of the work I have thus far is
correct. And I need the answers to the analysis
On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Accounts Payable Notes Payable (9%, due in 3 years) Common Stock Retained Earnings Totals Debit Credit $ 23,900 41,500 $ 5,100 40,000 76,600 27,400 40,000 66,000 43,500 $182,000 $182,000 The...
Purchasing inventory on account would be classified as what type of activity on the Statement of Cash Flows? Would not be on the Statement of Cash Flows Operating Investing Financing Question 9 Beginning Inventory + Purchases Gross Margin Ending Inventory Cost of Goods Available for Sale Cost of Goods Sold Question 10 Calculate Gross Margin: Ending Inventory: $12,000 Sales Revenue: $86,000 Cost of Goods Available for Sale: $64,000 Selling. General and Administrative Expenses: $18,000 Cost of Goods Sold: $52,000 Interest...
1.
2.
3.
4.
5.
A company that maintains a perpetual inventory system has an inventory account balance of $50,000. The physical count of goods on hand totals $49,600. Which of the following adjusting entries is correct? O Debit Sales Discounts and credit Inventory O Debit Purchases and credit Inventory O Debit Cost of Goods Sold and credit Inventory. O Debit Inventory and credit Purchases Which of the following accounts will appear in the trial balance of a merchandising company...
I will make sure to thumbs up for all the help! thank you so
much in advange!
1. Assume Mario Company uses LIFO in an environment of increasing inventory cost. Which of the following is true? a) LIFO will result in higher net income than FIFO. b) LIFO will result in a higher inventory balance than FIFO c) LIFO will result in a lower cost of goods sold amount than FIFO. d) LIFO will result in a lower gross profit...
Exercise 2-12 Financial statements and closing entries [LO2-6,
2-7] The December 31, 2018, adjusted trial balance for the Blueboy
Cheese Corporation is presented below.
For some reason, my answer is incomplete (operating
expenses).
I know the issue lies within the expenses, but I cannot figure
out what accounts I'm missing.
Account Title Cash Accounts receivable Prepaid rent Inventory Office equipment Accumulated depreciation-office equipment Accounts payable Note payable (due in six months) Salaries payable Interest payable Common stock Retained earnings Sales...
kindly do this as soon as possible.. requirements are
written in last picture
CREDIT Rs. AZW & Company Unadjusted TRIAL BALANCE DECEMBER 31, 2018 TITLE OF ACCOUNT DEBIT Rs. Cash 210,350 Account receivable 54,600 Note receivable 83,000 Land 100,000 Inventory-opening 40,500 Supplies 1,650 Prepaid insurance 1,200 Equipment 83,200 Accumulated depreciation - Equipment Account payable Note payable (long-term) Capital-Salman Sales revenue Sales discount 2,400 Sales return and allowance 2,000 Other Income Purchases 89,300 Purchases discount Purchases return and allowances Freight in...
Most questions answered within 3 hours.
-
Where is the error in this code sequence?
String s1 = "Hello";
String s2 = "ello";...
asked 10 months ago -
Financial data for Joel de Paris, Inc., for last year
follow:
Joel de Paris, Inc.
Balance...
asked 10 months ago -
Consider this reaction:
Al2(SO4)3 (aq)+ BaCl3
(aq) Al2Cl6 (aq)- +
3BaSO4(s) . What is the...
asked 10 months ago -
Suppose that Savneet is considering increasing her
recent random sample from 20 car rentals to 40...
asked 10 months ago -
Trucks arrive at an unloading terminal at an average rate of 120
per hour.
Trucks arrive...
asked 10 months ago -
Why are methanol and ethanol completely soluble in water while
octanol is not very little soluble....
asked 10 months ago -
A facilities manager at a university reads in a research report
that the mean amount of...
asked 10 months ago -
When the CuSO4 is rehydrated by adding water to the anhydrous
compound, is this an endothermic...
asked 10 months ago -
A ray of sunlight is passing from diamond into crown glass; the
angle of incidence is...
asked 10 months ago -
A block of mass 0.249 kg is placed on top of a light, vertical
spring of...
asked 10 months ago -
how do the kidneys compensate in the presences of acidosis
a) trigger hyperventilate
b) reserve acid...
asked 10 months ago -
Question 501 pts
The rental rate of capital to the firm increases. Which of the
following...
asked 10 months ago