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. check under collection in the bank reconciliation statementdeduct from balance per bank.Add to balance per bank.Deduct from balance per book.O Add to balance per book.The adjusting entry for the prepaid wages will beWages expense debit, prepaid wages expense credit.Wages expense debit, cash credit.Prepaid wages expense debit , wages expense credit.Cash debit , prepaid wages credit.After prepear bank reconcilition ststemrnt, the entries will record in theCompany records.Both company and bank records.Bank records.No one of above.

Trail balance consists of general ledger balances.Summation of all debits should equal to summation…

Answered: trail balance not include O revenue.…

Business

Accounting

trail balance not include O revenue. cost of goods sold. O Ending inventory. O 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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Similar questions

An overstatement of ending inventory results in: Select one: a. an understatement of COGS and an overstatement of net income. b. an overstatement of COGS and an overstatement of net income. c. an understatement of COGS and an understatement of net income. d. an overstatement of COGS and an understatement of net income.
The charges of putting products into a saleable condition ought to be charged to A. Balance Sheet B. P and La/c C. Trading account D. None of the above mentioned
Which of the following is not a reason for the physical inventory count to differ from what isrecognized on the company’s books?A. mismanagementB. shrinkageC. damageD. sale of services to customers
1a The inventory cost flow method that reports the earliest costs in ending inventory is a. LIFO b. weighted average cost c. FIFO d. specific identification
3. Journalize the summary transactions (a) through (d). If an amount box does not require an entry, leave it blank. Raw and In Process Inventory а. Accounts Payable b. 3. 4. Sale 4. Cost
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.
Multiple choice
The sale of merchandise increases the Blank Space A. assets B. revenue C. expenses of a business.
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 write down of inventory to net realizable value and all losses of inventory shall be a. recognized as operating expenseb. recognized as other expensec. Recognized as component of cost of goods soldd. deferred until the related inventory is sold
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.