Question

6. On a worksheet, the unearned consulting revenue account has a $3,000 normal balance When preparing the income statement columns on the worksheet, the unearned consulting revenue amount would be put into which column? a. Debit Income Statement b. Credit Income Statement c. Debit Balance Sheet d. Credit Balance Sheet 7. As you look at the bottom totals of the following worksheet, you see that it has not been completed. Does this company have a net income or a net loss and for how much? Income Statement Debit $56,000 Balance Sheet &Statement of Owners Equity Debit S450,000 Account Credit Credit $400,000 Totals $106,000 a. Net Income $50,000 b. Net Income $162,000 c. Net Loss $50,000 d. Net Loss $162,000 8. The correct sequence order in which to prepare financial statements is: a. Income statement, Balance sheet, Statement of Owners Equity b. Balance Sheet, Statement of Owners Equity, Income Statement c. Statement of Owners Equity, Income Statement, Balance Sheet d. Income Statement, Statement of Owners Equity, Balance Sheet e. Balance Sheet, Income Statement, Statement of Owners Equity f. Statement of Owners Equity, Balance Sheet, Income Statement 9. When recording the sale of inventory that cost $700 in a perpetual inventory system, which of the following is needed? a. Debit Inventory $700 b. Credit Inventory $700 c. Debit Inventory Purchases $700 d. Credit Cost of Goods Sold $700 10. Howe Coipany has the following inventory transactions during the month. Beginning Inventory 05/15 Purchase 05/20 Sold 05/22 Purchase 05/30 Sold 50 units @ $10-unit cost 100 units @ S12-unit cost 60 units 50 units @$13-unit cost 80 units What is the value of the ending inventory using First In First out for a periodic Inventory System?

Answer 1