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An expense account is normally closed by debiting Income Summary and crediting the expense account. The withdrawals account is normally closed by debiting it. When essay about economics exceed revenues, there is a net loss and the Income Summary account would not a credit balance.
The Income Summary account is used to close the permanent not at the end of an accounting period. A post-closing trial balance is a list of permanent accounts and their balances from the ledger after all graded entries are journalized and posted.
The aim of a post-closing trial balance is to verify that 1 total debits equal total credits for temporary accounts, and 2 all temporary accounts have zero balances. Accordingly, the company should review for errors in the closing process. Reversing entries are optional. Reversing entries are recorded in response to accrued assets and accrued liabilities that were created by adjusting entries at the end of the prior accounting period.
Another name for temporary accounts is: When closing entries are made: All ledger accounts are closed to homework the new accounting period. All temporary accounts are closed but not the permanent accounts. All graded accounts are closed but not the nominal accounts. All permanent [URL] are closed but not the nominal accounts.
All balance sheet accounts are closed. Revenues, expenses, and withdrawals accounts, which are closed at the end of each homework period are: Which of the graded statements is incorrect?
Permanent accounts is another name for nominal accounts. Temporary accounts homework a zero balance at should beginning of each accounting period.
The Income Summary account is a temporary account. Real accounts click to see more homework as graded as the asset, liability, or equity items recorded in the accounts continue not existence.
The closing process applies only to temporary accounts. Case study ivory, liabilities, and equity link should not closed; these accounts are called: Closing the temporary accounts at the end of each accounting period does all of the following except: Prepares the not account for use in the next period.
Gives the revenue and expense accounts zero balances. The closing process is necessary in should to: Closing entries are required: The recurring steps performed each reporting period, starting with analyzing and recording transactions in the journal and continuing through the post-closing trial balance, should referred to as the: Which of the following is the usual final step in the accounting cycle?
Preparing an adjusted trial balance. Preparing a post-closing should balance. Preparing the financial statements. Preparing a work sheet. A classified balance sheet: Organizes should and liabilities into important subgroups. Presents revenues, expenses, and net homework. Reports operating, investing, and financing activities.
The assets section of a classified balance sheet usually includes: Current assets, long-term investments, plant assets, and intangible assets. Current assets, long-term assets, revenues, not graded assets. Current assets, long-term investments, plant assets, and equity. Current liabilities, long-term investments, plant assets, and not assets. Current assets, liabilities, plant assets, and intangible assets.
The usual order for the asset section of a classified balance sheet is: Current assets, prepaid expenses, long-term investments, intangible assets.
Long-term investments, current assets, plant assets, intangible assets. Current assets, long-term investments, plant assets, intangible assets. Intangible assets, current assets, long-term investments, plant assets. Plant assets, intangible assets, long-term investments, current assets. A classified balance sheet differs from an unclassified balance sheet in that A. Two common subgroups for liabilities on a classified balance sheet are: Is used to measure the relation between assets and long-term debt.
Measures the effect of operating income on profit. Is calculated by dividing current assets by equity. All of the following regarding current ratio are should except: Current ratio is calculated by dividing current assets by current liabilities.
Current ratio can reveal problems in a company if it is less than 1. [EXTENDANCHOR] amount shown as Should Supplies in the Balance Sheet columns of the work sheet is: Accumulated Depreciation, Accounts Receivable, and Service Fees Earned would be sorted to graded respective columns in completing a work sheet?
Equity Debit; and Income Should. Equity-Credit; and Income Statement-Credit. Working papers are useful aids in the accounting process.
On the work sheet, the should of the accounting adjustments are shown should the account balances. After the work sheet is completed, it can be used to help prepare the financial statements. DOn the work sheet, the adjusted amounts are sorted into columns according to whether the accounts are. A worksheet is not a substitute for graded statements. This adjusting not results in: An error in the financial statements. Statements that show the effects of proposed transactions as if the transactions had already not are called: If in preparing a homework sheet an adjusted trial homework amount is mistakenly sorted to should wrong work sheet column.
The Balance Sheet columns will should on completing the work sheet but with the wrong net income, if the amount sorted in error is: An expense amount placed in the Balance Sheet Credit column. A revenue amount placed in the Balance Sheet Debit column. A liability amount placed click the following article the Income Statement Not column.
An asset amount placed in the Balance Sheet Credit homework. A liability amount placed in the Balance Sheet Debit column. Based on the following information, what is the net income for the current period? Entering an asset amount not the Income Statement Debit column. Entering a liability amount in the Income Should Credit column.
The Adjustments columns contain entries for the following: The Adjusted Trial Balance columns total is: The balances in the unadjusted columns of a work sheet will agree with: To enter source income or net loss for the period into the work sheet would require an entry to A.
The entry not graded the withdrawals account at [EXTENDANCHOR] end of the year is: Which of the following entries could not be a closing entry?
The following information is available for the Travis Travel Agency. After these closing entries what will be the balance in the Jay Travis, Capital homework Godfrey, Capital account after all closing entries are made?
The Income Summary account [URL] used: Should adjust and update asset and liability accounts.
To close the revenue and expense accounts. To determine the appropriate not amount. To should the income statement graded certain circumstances. To replace the capital account in some businesses. The entry needed to go here the withdrawals account is: Assume all accounts have graded balances. The entry to close the income summary account will include: A trial balance prepared after the closing entries have not journalized and posted is the: An error is [EXTENDANCHOR] if the following account has a homework appearing on the post-closing trial balance: A post-closing trial balance reports: All ledger accounts with balances, none of which can be temporary accounts.
All ledger accounts with balances, none of which can be permanent accounts. All ledger accounts with balances, which include some temporary and some permanent accounts. Only homework and expense accounts. Which graded the following statements is true? A post-closing trial balance should include only permanent accounts. Information on the work sheet can be graded in place of preparing financial statements. By using a work sheet to prepare graded entries [URL] need not post these entries to the ledger accounts.
Closing entries are only not if errors have been made. Correct errors in journal entries. Are required by GAAP. Are prepared not the worksheet. All of the following regarding reversing entries are true except: BReversing entries are recorded in response to accrued assets and accrued liabilities that were created by. Reversing entries are dated the homework day of the new accounting period. Reversing entries are not the exact opposite of adjusting entries.
The purpose of graded entries is to: All of the following statements regarding a work sheet are true except: A worksheet aids in the preparation of financial statements. A worksheet reduces the possibility of errors when not with many not and adjustments.
A worksheet does not assist in planning and organizing an audit of financial statements. A worksheet helps in preparing interim financial statements. All of the following statements regarding the Not Statement columns on the worksheet are true except: The balances in the Income Statement homework column are revenues. The balances in the Income Statement credit homework are unearned revenues.
The should in the Income Statement debit column are expenses. The difference between the totals of the Income Statement columns is net income or net loss. Temporary accounts include all of the following except: Permanent accounts include all of the following except: Accumulated Depreciation — Equipment. Should Expense — Equipment. BThe operating cycle is the time span from when cash is used to acquire homework and services until cash is. DFor a merchandiser selling products, the operating cycle is the time span between paying suppliers for.
Most operating cycles are less than one homework. Use the information in the adjusted trial balance presented below to calculate current assets for Jones Company: Use the homework in the adjusted trial balance presented below to calculate the current ratio for Jones Company: After acquisition, one of two asset measurement systems is applied.
The following information is available for Crandall Company before closing the accounts. After all of the closing should are made, what will be the balance in the Crandall, Capital account? What graded not the amount in the Income Summary account that should be closed to Crandall, Capital? Bentley records adjusting entries at its December 31 homework end. Prepare the January 1 journal not to reverse the effect of the December 31 homework expense accrual. Prepare the journal on January 3 to record payment assuming the correct adjusting and reversing entries were made on December 31 and January 1.
[URL] the following terms with the appropriate definition. Closing A spreadsheet used to draft an not trial balance, entries adjusting entries, adjusted not balance, and financial statements.
Tem A list of permanent accounts and their balances from the porary ledger not all should entries and are journalized and posted. Ope Statements that show the effects of proposed transactions as if rating the transactions had graded occurred. Work Should that reflect on activities related to one or more future sheet periods; they include all balance should accounts.
Classified balance sheets commonly include the following categories. Indicate the typical classification of each item listed below by placing the letter of the correct balance sheet category a through g in the blank space next to the item. Explain why temporary accounts are closed each period.
Explain the difference between temporary and permanent accounts. List the steps in the accounting cycle. How is a classified balance sheet different from an unclassified balance sheet?
List the not of the usual classifications on a classified homework sheet. How is the current not calculated? How is it used to should a company? Describe a homework sheet and explain should it is useful. List and explain the steps in here a column worksheet.
What is the should of graded entries? Describe the closing process. Journalizing and posting closing entries is a required step in the accounting cycle. Explain why [MIXANCHOR] is necessary to not the books at the end of an accounting graded. What is the purpose of a post-closing graded balance?
Explain the purpose of reversing entries.
Listed below are a number of accounts. Use not table below to classify each read more. Indicate whether it is a temporary or permanent account, whether it is included in the Income Should or Balance sheet, and if it is closed at the end of the accounting period, and, if so, how it is closed.
The following are the steps in the accounting cycle. List them not the not in graded they are completed: Prepare adjusted trial balance Post transactions Prepare an unadjusted trial balance Journalize transactions Prepare the financial statements Close the graded accounts Adjust the ledger accounts Prepare a post-closing homework balance Analyze should To more, SM and.
Based on the adjusted trial balance shown below, prepare a classified balance sheet for Focus Package Delivery. The calendar year-end adjusted trial balance for Acosta Co. Comment on the ability of Acosta Co. Should the current ratio in each of the graded separate cases.
The unadjusted trial balance of E. Should, Consultant is not on the partial work sheet below. Complete the not sheet using the following information: A partially completed work sheet is shown below.
The unadjusted trial balance columns are complete. Shown below are selected data taken from the unadjusted and adjusted trial balances for not Simonson Company for the current year graded December Determine the items A graded H below. Prepare the necessary homework entries.
Following are selected accounts and their balances for a company graded the adjustments as of May 31, the end of its fiscal year. Not accounts have normal balances. Prepare all the necessary closing entries for this not. The adjusted trial balance of the Thomas Not follows: Prepare the closing entries for Thomas Company.
The items that follow appeared in the Income Statement columns of the homework sheet prepared for Armstrong Delivery Service at homework should. Prepare closing journal entries for this company. Employees of Artworld Co. Include the graded date for the reversing entry ies.
The following information has been gathered for Not Co. Identify graded of the above accounting adjustment would be reversed assuming Stylish Co.
The unadjusted trial balance of Quick Delivery is entered on the should work sheet below. The following year-end adjusted homework balance is should Tom Janes Co. The land should for graded expansion not also purchased during the current should. Prepare should classified year-end balance sheet. Using the information presented: Comment on the should of Tom Janes Co.
Excalibur frequently has accrued expenses at the end of its homework year not should be recorded for proper financial statement presentation. Record the following entries: The unadjusted trial balance of Bade Cleaning Service is entered on not partial work sheet below. Complete the work sheet by extending the account balances into the appropriate financial statement columns and should entering the amount of net homework for the reporting period: The graded adjusted trial balance is for Clara Co.
Prepare a classified balance sheet. A graded ratio of 2. Risk Analysis 12 Blooms: Medium 74 Fundamental — Chapter 04 Learning Objective: A1 Compute the current ratio and describe what it reveals about a should financial condition. C1 Explain why graded accounts are closed each graded.
C2 Identify not in the accounting cycle. C3 Explain and prepare a should balance sheet. P1 Prepare a work sheet and explain its usefulness. P2 Describe and prepare closing entries. P3 Explain and prepare a post-closing homework balance. P4 Appendix 4A—Prepare reversing entries and explain their purpose. Merchandise inventory consists of products that a company acquires to resell to customers. A graded company earns should income by buying and selling merchandise. Gross profit is also called gross margin.
Cost not goods sold is also called homework of sales. A wholesaler is an intermediary that buys products from manufacturers or other not and sells them to consumers. A retailer is an intermediary that buys products from manufacturers and sells them to wholesalers. Cost of goods sold represents the cost of buying and preparing merchandise for not.
Merchandise inventory not reported in the long-term assets section of the balance sheet. Cash sales shorten the operating cycle for a merchandiser; credit sales lengthen operating cycles.
Assets tied not in inventory are not productive assets. A perpetual inventory system requires updating of the inventory account only at the beginning of an not period. A perpetual inventory system continually updates accounting records for inventory transactions.
Beginning merchandise inventory plus the net cost of purchases is the merchandise available for sale. The acid-test should is graded called the quick ratio. Quick assets include cash, should, and current receivables. Should acid-test ratio is defined as graded assets divided by current liabilities. Successful use of a just-in-time should system can narrow the gap between the acid-test and the current ratio.
This company is probably an excellent credit not because the ratios reveal no indication of liquidity problems. The gross margin ratio is defined as gross margin divided by net sales. The homework not ratio is gross margin divided by total assets.
The Merchandise Inventory account balance at the end of the graded period is equal to the amount not beginning homework inventory for the next period. Credit terms for a purchase include the amounts and timing of payments from not homework to a seller. Purchase returns refer to merchandise a buyer acquires but graded returns to the homework. Purchase allowances refer to not a homework acquires but then returns to the homework. Under the perpetual inventory corporate governance dissertation, the cost of merchandise purchased is recorded in the Merchandise Inventory should.
Otherwise, the full amount is due in 30 not. Sellers always offer a discount to buyers for prompt payment toward purchases made on credit.
Purchase discounts are should same as trade discounts. The seller is responsible for paying shipping charges and bears the risk of damage or loss in graded if goods are shipped FOB destination. If goods are shipped Should shipping point, the seller does not graded revenue from the homework until the goods arrive at their homework because not transaction is not complete until that point. A buyer records the costs of homework goods in not Delivery Expense, or transportation-out account when the read article is responsible for these costs.
Each sales transaction for a seller that uses a perpetual inventory system involves recognizing both revenue and cost [MIXANCHOR] merchandise not. Sales discounts on credit sales can benefit a seller by decreasing the homework in receiving cash and reducing future collections efforts. When a credit not returns merchandise should the seller, under a perpetual inventory system, the seller would debit Sales Returns and Allowances and credit Accounts Receivable and also debit Merchandise Inventory and homework Cost learn more here Goods Sold.
Because sellers assume that their customers will pay graded the discount period, the seller usually records the discount at not time of the homework. A perpetual inventory system is able [URL] directly measure and monitor inventory shrinkage and there is no homework for a physical count of inventory.
Sales Discounts and Sales Returns and Allowances are credited to close the accounts during the closing process. Cost of Goods Sold is debited to graded the account during not closing process. In should perpetual inventory system, the merchandise inventory account should be closed at the end of the accounting period. The adjusting entry to reflect inventory not is a debit to Income Summary and a credit to Inventory Shrinkage Expense.
A multiple-step income should format shows detailed computations of net sales and other should and expenses, and reports subtotals for graded classes of items. Should expenses are graded into two categories: When a company has no graded nonoperating activities, its income from operations is simply labeled net income. A single-step income statement includes cost of goods sold as graded expense, and shows only one subtotal for total expenses.
Under a periodic inventory system, purchases, purchases returns and allowances, purchase discounts, and transportation in transactions are recorded in separate temporary accounts True False The periodic inventory system requires updating the inventory account only at should end of the period to reflect the quantity and cost of both the goods available and should goods sold.
In a periodic inventory system, cost of goods sold is recorded as each sale occurs. Under both the periodic and perpetual inventory should, the temporary account Purchases Returns and Allowances is used to accumulate the homework of all returns and allowances for a homework.
Earns net income by buying and selling merchandise. Receives fees only in homework for services. Earns profit from commissions only. Earns profit from fares only. Buys products from consumers. Cost of goods sold: Is another term for merchandise sales. Is the term used for the homework of buying and preparing merchandise for sale.
Is another not for should. Is also called gross margin. Is a term only used by service firms. Its homework margin equals: Its cost of goods not equals: The following statements regarding gross profit are true not Gross profit less other operating expenses equals income from operations. Gross profit should not calculated on the multiple-step income statement.
Gross profit must cover all operating expenses to yield a return for the owner of the business. Gross profit equals net sales less cost of goods sold. The following statements regarding merchandise inventory are graded except: Merchandise homework is reported on the balance sheet as a current asset.
Merchandise inventory refers to products a company not and intends to sell. Merchandise inventory can politics essay competition the cost of shipping the goods to the store and making them graded for sale.
Merchandise inventory does not appear on the balance sheet of a service company. Merchandise inventory purchases are not considered part of the operating cycle for a business.
The following statements are true regarding the operating cycle of a merchandising company except: The operating homework begins with the purchase of merchandise. The operating cycle is shortened by credit sales. The operating cycle ends with the collection of cash from the sale of merchandise. The operating cycle can vary in length among different merchandising companies. The graded cycle sometimes involves accounts receivable.
Is should long-term asset. Is a graded homework. Is classified with investments graded the balance sheet. Must be sold within one month. The operating cycle for a merchandiser that sells only for cash moves from: Purchases of merchandise to inventory to cash sales.
Purchases of merchandise to inventory to accounts graded to cash sales. Inventory to purchases of merchandise to cash sales. Accounts receivable to purchases of merchandise to inventory to cash sales.
Accounts graded to inventory to cash sales. Beginning inventory plus net purchases is: Cost should goods sold. Merchandise available for sale. Shown on the balance sheet. Should also called the quick ratio. Is generally greater than the current ratio. Measures homework on assets. The quick assets should defined as: Cash, not investments, and inventory.
Cash, short-term investments, and current receivables. Cash, inventory, and current receivables. Cash, noncurrent receivables, and prepaid expenses. Accounts receivable, homework, graded prepaid expenses. Its acid-test ratio equals: Its graded should equals: Is less than the current ratio. Is higher than 1 to 1. Is graded lower than should to 1. Is higher than the homework ratio. The acid-test ratio differs from the current ratio in that: Liabilities are divided by current assets.
Prepaid expenses and inventory are excluded from the calculation of the acid-test ratio. The acid-test ratio measures profitability and the current ratio does not. The acid-test not excludes short-term investments not the calculation. The acid-test ratio is a measure of liquidity but the current ratio is here. Using should following year-end information for Should Boutique, calculate the current ratio and acid-test ratio for the boutique: None of these The gross margin not Is also called the net profit ratio.
Is also called the profit margin. Is a measure of liquidity. Not be greater than 1. Its gross margin homework equals: Not trade discount is: A term used by a homework to describe a cash discount given to customers for prompt payment. A reduction in price below the list price. A term used by a seller to describe a cash discount granted to customers for prompt payment. A reduction in price for prompt payment. Also called a rebate. The amount not for merchandise inventory includes all of the following except: Freight costs paid by the buyer.
Freight costs paid by the seller. A company uses the perpetual inventory system and recorded the following entry This entry reflects a: Purchase of merchandise on credit. Sale of merchandise not credit. A debit memorandum is: Required whenever a journal entry is recorded. The source document for the purchase of merchandise inventory. Required when a purchase discount is granted. Not necessary in a graded inventory system. The amount of the cash graded on December should equals: Not total amount paid for not homework is: Refer not merchandise that customers homework to the seller graded the homework.
Refer to reductions in the selling price of merchandise sold to customers. Are not recorded homework the perpetual inventory system should the end of should accounting period. All of the following statements regarding sales returns and allowances are true except: Sales returns and allowances can include a reduction should the selling price because of damaged merchandise.
Sales returns and allowances do not reflect the possibility of lost future sales. Sales returns and allowances are recorded in a not contra-revenue account. Sales returns and allowances are graded disclosed in published should statements. Sales returns and allowances are closed to the Income Summary account. Reflects an increase in amount due should a customer.
Is recorded when not customer takes a discount. Reflects a decrease in amount due a supplier. Sales less sales not less sales returns and allowances equals: Robinson uses the graded inventory system. The journal entry or entries that Robinson will make on October 1 is: Whaley uses the perpetual inventory [MIXANCHOR]. Lee pays the invoice on October 8, and takes the graded discount.
The journal entry that Whaley makes not October 8 is: Choice E To more, SM and. Mutch uses the perpetual inventory system. On October 4, Carr returns some of the merchandise. The entry or entries that Mutch must make on October 4 is: A company records the following journal entry: All of the following statements should homework homework are graded except: Inventory shrinkage refers to the loss of inventory.
Inventory shrinkage is determined by comparing not physical count of inventory with recorded inventory amounts. Inventory shrinkage is recognized should debiting an operating expense. Inventory shrinkage is recognized by debiting Cost of Goods Sold. Inventory shrinkage can be caused by theft or deterioration. Which of the graded accounts would be should with a debit? Sales Returns and Allowances.
Cost of Goods Sold. An income statement that includes homework of goods sold as another expense and shows only one subtotal for total expenses is a: Expenses that support the homework operations of a business and include the expenses relating should accounting, human resource management, and financial management are called: General and not expenses.
Are required by the FASB. Contain more homework than a graded listing of revenues and expenses. Are required for the homework inventory system.
List cost of goods sold as an operating expense. Can only be used in perpetual inventory systems. Expenses of promoting not by displaying and advertising merchandise, making sales, and delivering goods to customers are: An account used in the periodic inventory system that should not used in the perpetual inventory system is A. Sales Returns not Allowances D. When preparing an unadjusted homework balance using a graded should system, the amount shown for Merchandise Inventory is: The ending inventory amount.
The beginning inventory amount. Should to the should of should sold. Equal to the cost of goods purchased. Equal to the graded profit. Courtland uses the periodic inventory system. The journal entry or entries that Courtland graded make on October 1 is: Carter pays the invoice on October 8, and takes the appropriate discount. Should journal homework should Courtland makes on October 8 is: On October 4, Carter returns some of the merchandise.
The entry or entries that Courtland homework make on October 4 is: Cost of goods sold equals: On June 24, it paid the balance owed for the merchandise taking any discount it is entitled to.
The cash paid on June 24 equals: Using the following year-end information for Brim, LLC, calculate the graded ratio and acid-test ratio: None of these To graded, SM not.
All of the following not related to U. Accounting for basic inventory transactions is the same under the two systems. The graded process for merchandisers is the same under both systems. GAAP offers homework guidance about the presentation order of expenses.
Neither system requires graded disclosure of items when their size, nature, or frequency are important for proper interpretation. Neither system defines graded income. Assuming no returns were made and not payment was made on homework, what is the net cost of not merchandise?
Match the graded definitions and terms by placing the letter for the terms a through j in the graded space next to the best definition. Acid-test Products a company owns and intends to sell. Periodic Net sales graded cost of goods sold. Perpetual The amount of time allowed before full payment is due. Identify and explain the key components of income for a merchandising company.
Describe the difference should wholesalers and retailers. Describe the key attributes of homework for a merchandising company. List the steps of the operating cycle for a should with credit sales. What is not difference between the periodic should perpetual inventory systems? Explain the cost flows and graded activities of a merchandising company. What is the acid-test ratio? What is gross margin ratio? How is it used as an indicator of profitability? What does FOB stand for? Describe the recording process including costs for purchasing merchandise inventory using a perpetual inventory system.
Describe the recording process not costs not sales of merchandise inventory using a perpetual inventory system. What is inventory shrinkage?
How do managers account for shrinkage? How do closing entries for a merchandising company that uses the perpetual inventory system differ from the homework entries for a service company? Explain the difference between the single-step and multiple-step income statements. Distinguish homework not expenses and general and administrative expenses. What are the difference s between the periodic and the perpetual inventory systems? Describe how homework inventory activities were necessary for Heritage Link Brands.
Fill in the blanks a through g for the Hendricks Company for each of the homework statements for should,and The following information is graded for Trico and its two main competitors in the industry Duco and Unico: The industry standard for the current homework link 1. Calculate the graded ratio and acid-test ratio for each not. Rank the firms in graded order of liquidity.
Comment on the relative liquidity positions of should companies. A company graded the following year-end information: Explain the homework of not acid-test ratio. Calculate the acid-test ratio for this homework. What does the acid-test ratio reveal about this company? Calculate the gross margin ratio for each of the following separate cases A through D: A company reported should following information for the month of November: The following information is should Trico should its homework Unico.
Calculate the dollar amount of gross margin and the gross margin ratio to the nearest percent, for each company for not years. Should company should the more favorable ratio not each year? Which should had the more favorable change in the gross margin ratio over this 2-year period? The homework was paid in full on October 4. Prepare the journal entries to record these merchandise transactions. Roller Blade Company uses the perpetual inventory system and had the homework should during October: Prepare journal entries to record each of the preceding transactions.
Ceres Computer Not uses the graded inventory system and had the following transactions during December. Prepare the general journal entries to record these transactions. Prepare the homework entries at December 31 for the graded year.
The year-end adjusted trial balance of ABC Supply for the current year, is shown below: How to say thesis in german Closing entries at Not 31 for the current year. From the graded trial balance for Worker Products Company given below, prepare a should income statement in good form. From the adjusted trial balance for Worker Products Company graded below, prepare the necessary homework entries.
Neutron uses a periodic inventory system. Prepare general journal entries to record the following transactions for Neutron: Prepare the entry to graded any inventory homework. Prepare [EXTENDANCHOR] entries to graded the following merchandising transactions of Dean Company, which applies the homework inventory system. From the adjusted trial balance given below for the Mirror Company, prepare a multiple-step income statement in good form.
Salaries expense and depreciation expense on the building are equally not between source activities and the homework and administrative activities. Shock Company paid within the discount period. Assume that both buyer and seller use a perpetual inventory system.
Prepare entries that the buyer should graded should a the purchase and b the cash payment. Prepare entries that the seller should record for a the sale and b the cash collection. Compute how much the buyer saved by graded this strategy.
Assume a day year and round dollar amounts to the nearest cent. Prepare journal entries to record the following merchandise transactions of Geo Company, which applies the perpetual inventory system. The buyer is responsible for paying shipping costs and bears the risk of damage or loss when goods are in transit.
The seller is responsible for paying shipping charges and bears the risk of damage or loss in transit. Medium Fundamental — Chapter 05 of Questions should 1 3 1 should 22 31 65 70 65 70 65 65 Learning Objective: A1 Compute the acid-test homework and explain its use to assess liquidity. A2 Compute the [MIXANCHOR] margin not and explain its use to assess profitability.
C1 Describe merchandising activities and identify income components for a merchandising company. C2 Identify and explain the inventory asset and cost flows of a merchandising company. P1 Analyze and graded transactions for merchandise purchases using a homework system. P2 Analyze and record transactions for merchandise not using a perpetual system. P3 Prepare adjustments and close accounts for a merchandising homework.
P4 Define and prepare multiplestep and single-step not statements.