trail balance not includeO revenue.O cost of goods sold.O Ending inventory.O fright-in account.Dividend occur in theO single step income ststement.multiple step statement.O retained earning.Balance sheet. on 3, May ,2021, AI Noor company sold merchandise worth $20,000 received halfof the amount and the residual on account , the company record this transactionas bellowdebit cash for $ 20000 and credit sales for $20000.debit cash for $10000,and A/R for $10000,and credit sales for $20000.debit A/R for 20000 and credit sales for $20000.Debit cash for $10000 and A/P for $10000 , and credit sales for $20000paid rent for $700 has been posted twice to rent expense , to rectify thistransaction using short methoddebit rent expenses for $700,and credit cash for $750.debit cash for $700, and credit rent expense for $700.debit rent expense for $1400,and credit cash for $1400.Debit cash for $1400, and credit rent expense for $1400.

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Description: trail balance not includeO revenue.O cost of goods sold.O Ending inventory.O fright-in account.Dividend occur in theO single step income ststement.multiple step statement.O retained earning.Balance sheet. on 3, May ,2021, AI Noor company sold mercha

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Business

Accounting

trail balance not include O revenue. cost of goods sold. O Ending inventory. fright-in account.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following are several figures reported for Poyer and Sutter as of December 31, 2024: Sutter $ 280,000 760,000 Items Inventory Sales Investment income Cost of goods sold Operating expenses Poyer $ 480,000 960,000 480,000 220,000 380,000 290,000 Poyer acquired 90 percent of Sutter in January 2023. In allocating the newly acquired subsidiary's fair value at the acquisition date, Poyer noted that Sutter had developed a unpatented technology worth $74,000 that was unrecorded on its accounting records and had a five-year remaining life. Any-temaining excess fair value over Sutter's book value was attributed to an indefinite-lived trademark. During 2024, Sutter sells inventory costing $128,000 to Poyer for $176,000. Of this amount, 15 percent remains unsold in Poyer's warehouse at year-end. Required: Determine balances for the following items that would appear on Poyer's consolidated financial statements for 2024: Note: Input all amounts as positive values.
True or false 1. Purchased goods in transit should be included in the ending inventory if the goods were shipped FOB shipping point 2. Purchased goods in transit, shipped FOB destination, should be excluded from ending inventory
Multiple choice
The sale of merchandise increases the Blank Space A. assets B. revenue C. expenses of a business.
Which type of inventory might a service provider report? Select one: O O O O a. raw materials b. work-in-process c. finished goods d. two or more of a, b, and c. e. a service provider never reports inventory Check
Which of the following is not affected by an error related to ending inventory? Multiple Choice O O O O O Sales. Net income. Current assets. Gross profit. Cost of goods sold.
Shipping cost for goods sold to customers, in transit, shipped f.o.b. point of shipment be classified as a current liability? True O False
The amount of any inventory writedown of inventory to met realizable value isA. Recognized as component of cost of goods soldB. Recognized as other expensesC. Recognized as operating expensesD. Deferred until the related inventory is sold
2) Sea Travel sells motor boats. One of Sea Travel's most popular models is the Wing. During the current year, Sea Travel purchased 24 Wings at the following costs. Total cost Unit Cost $7000 $7100 $7250 Purchase Date Units Purchased May 2 May 20 May 25 $28,000 14,200 4 8 58000 June 5 10 $7300 73000 24 $173,200 On May 28, Sea Travel sold 11 Wings to the jack Sport racing team. Compute a) the cost of goods sold on May 28 and b) The ending inventory of Wing boats at June 5, using the following cost flow assumptions: c) Prepare journal entries to record the cost of the 11 wings sold on May 28, assuming that the company uses the:
Goods available for sale can: Multiple Choice 4- be sold and then become Cost of Goods Sold on the income statement. not be sold and thus are not reported as Cost of Goods Sold on the balance sheet. not be sold and thus are reported as Inventory on the income statement. be sold and thus reported as Cost of Goods Sold on the balance sheet.
Inventory cost flow assumptions address accounting issues except when a.identical units of merchandise are acquired at different unit costs during the period. b.an item is sold and it is necessary to determine its cost. c.both of these choices address inventory accounting issues. d.neither of these choices addresses inventory accounting issues.
Petco Inc. uses the periodic inventory system. Assess the effect on net income of including goods in transit f.o.b shipping point in purchases, but not in ending inventory. a. Overstate net income. b. No effect on net income. O c. Not sufficient information is provided to assess the effect on net income. O d. Understate net income.