College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 12, Problem 2QY
Which of the following is not an example of a current asset?
- a. Cash
- b. Merchandising Inventory
- c. Prepaid Expenses
- d. Equipment
- e. Supplies
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
Which of the following accounts is an example of a contra-asset?A) Cost of Goods Sold
B)Sales Discounts
C) Purchases
D) Deferred Revenue
E) LIFO Reserve
TRUE OR FALSE? Current Assets differ from Quick assets when it comes to inventory.
In accounting what is meant by the term 'purchases'?
Select one:
A. All good purchased and paid for.
OB. All items bought.
OC. All good bought for re-sale.
OD. All goods held in inventory.
Chapter 12 Solutions
College Accounting (Book Only): A Career Approach
Ch. 12 - What is the term used for the profit on a sale...Ch. 12 - Which of the following is not an example of a...Ch. 12 - Prob. 3QYCh. 12 - What is the third entry of the closing procedure...Ch. 12 - What general journal entry is used to undo a...Ch. 12 - Prob. 1DQCh. 12 - What is the difference between the cost of goods...Ch. 12 - Prob. 3DQCh. 12 - Prob. 4DQCh. 12 - Prob. 5DQ
Ch. 12 - Explain the calculation of net sales and net...Ch. 12 - Prob. 7DQCh. 12 - What are the rules for recognizing whether an...Ch. 12 - Prob. 9DQCh. 12 - Calculate the missing items in the following:Ch. 12 - Using the following information, prepare the Cost...Ch. 12 - Identify each of the following items relating to...Ch. 12 - The Income Statement columns of the August 31...Ch. 12 - Prob. 5ECh. 12 - Prob. 6ECh. 12 - From the following T accounts, journalize the...Ch. 12 - From the following information, journalize the...Ch. 12 - A partial work sheet for The Fan Shop is presented...Ch. 12 - Prob. 2PACh. 12 - The following partial work sheet covers the...Ch. 12 - The following accounts appear in the ledger of...Ch. 12 - A partial work sheet for McKnight Music Store is...Ch. 12 - Here is the partial work sheet for Meyer Mountain...Ch. 12 - The following partial work sheet covers the...Ch. 12 - The following accounts appear in the ledger of...Ch. 12 - Costco is the largest chain of membership...Ch. 12 - A music store sells new instruments. The store...Ch. 12 - You are an owner/bookkeeper in a country whose...Ch. 12 - Prob. 4ACh. 12 - Prob. 5ACh. 12 - It is now August 31. You have journalized and...
Additional Business Textbook Solutions
Find more solutions based on key concepts
The managers of an organization are responsible for performing several broad functions. They are ______________...
Principles of Accounting Volume 2
Interest-bearing notes payable with year-end adjustments P1 Keesha Co. borrows $200,000 cash on November 1, 201...
Financial Accounting: Information for Decisions
Calculate profit margin on sales ratio. (LO 5). Suppose a firm had sales of $200,000 and net income of $7,000 f...
Financial Accounting
The amount that should be recorded by Company R for building under historical cost principle.
Financial Accounting (11th Edition)
Adjusting Journal Entries; Adjusted Trial Balance. Magic Cleaning Services (MCS) has a fiscal year-end of Decem...
Intermediate Accounting (2nd Edition)
This year, Prewer Inc. received a 160,000 dividend on its investment consisting of 16 percent of the outstandin...
Principles Of Taxation For Business And Investment Planning 2020 Edition
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Which of the following statements about merchandisingactivities is true? (More than one answer may be correct.)a. As inventory is purchased, the Inventory Expenseaccount is debited and Cash (or Accounts Payable) iscredited.b. Inventory is recorded as an asset when it is firstpurchased. c. As inventory is sold, its cost is transferred from the bal-ance sheet to the income statement. d. As inventory is sold, its cost is transferred from theincome statement to the balance sheet.arrow_forwardplease qucikly, thanks! 30 Which of the following is not a contra account? A, Purchase returns and allowances B. Sales returns and allowances C. Accumulated depletion D, Accumulated depreciationarrow_forwardWhich of the following is not considered in computing net cost of purchases? Purchases Purchase Returns and allowances Transportation paid on purchased of goods Transportation paid on goods shipped to customers.arrow_forward
- Permanent accounts would not include: Cost of goods sold. Inventory Current liabilities Accumulated depreciationarrow_forwardHow is cost of goods sold classified in the financial statements?a. As a revenueb. As an expensec. As an assetd. As a liabilityarrow_forwardWhich account balance is NOT used to compute the cost of goods sold? a.Merchandise Inventory b.Purchases c.Sales d.Purchases Discountsarrow_forward
- Which of the following transaction is not recorded in the general journal? Select one: A. All of the above B. Sales and purchase of inventory on credit C. Purchase of non-current assets by cash D. Sales of non-current assets by casharrow_forwardWhich of the following is NOT an asset? a) Inventory b) Goodwill c) Accounts Payable d) Prepaid Rentarrow_forwardWhich income statement account(s) would be affected by a policy choice at the same time as the inventory balance sheet account. a. Bad debts expense b. Cost of goods sold expense c. Depreciation or amortisation expense d. Sales revenuearrow_forward
- Which of the following should not be taken into account when determining the cost of inventory? A. Storage cost of part finished goodsB. Trade discount C. Import duty on shipping of inventory inward D. Freight cost on purchasearrow_forwardWhich of the following is not an element of the financial statements? A. future potential sales price of inventory B. assets C. liabilities D. equityarrow_forwardWhich of the following would not be classified as a current asset? Prepaid expenses Plant, property and equipment Marketable securities Inventoryarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
College Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College Pub
Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
The KEY to Understanding Financial Statements; Author: Accounting Stuff;https://www.youtube.com/watch?v=_F6a0ddbjtI;License: Standard Youtube License