56. Which is true concerning the direct extension method of showing inventories in the worksheet? * A. Beginning inventory is extended to the credit side of the Balance Sheet and debit side of the income statement B. Ending inventory is extended to the Balance Sheet debit and Income Statement credit C. Beginning inventory is extended to Income Statement debit while Ending inventory is extended to Balance Sheet debit and Income Statement credit. D. Ending inventory is extended to the Balance Sheet debit while Beginning inventory is extended to Balance Sheet credit and Income Statement debit.
56. Which is true concerning the direct extension method of showing inventories in the worksheet? * A. Beginning inventory is extended to the credit side of the Balance Sheet and debit side of the income statement B. Ending inventory is extended to the Balance Sheet debit and Income Statement credit C. Beginning inventory is extended to Income Statement debit while Ending inventory is extended to Balance Sheet debit and Income Statement credit. D. Ending inventory is extended to the Balance Sheet debit while Beginning inventory is extended to Balance Sheet credit and Income Statement debit.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:56. Which is true concerning the
direct extension method of showing
inventories in the worksheet? *
A. Beginning inventory is extended to the
credit side of the Balance Sheet and debit
side of the income statement
B. Ending inventory is extended to the
Balance Sheet debit and Income Statement
credit
C. Beginning inventory is extended to
Income Statement debit while Ending
inventory is extended to Balance Sheet
debit and Income Statement credit.
D. Ending inventory is extended to the
Balance Sheet debit while Beginning
inventory is extended to Balance Sheet
credit and Income Statement debit.
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