Question

What is the effect of this entry on the accounting equation? Cost of Goods Sold $6,000...

What is the effect of this entry on the accounting equation?

Cost of Goods Sold $6,000
Inventory $6,000

Select one:

a. Assets and Stockholders' Equity will decrease

b. Assets will decrease and Stockholders' Equity will increase

c. Assets and Stockholders' Equity will increase

d. None of the above

Question 2

Not yet answered

Marked out of 2.50

Flag question

Question text

Cars Unlimited buys and sells used cars. Last week they sold a set of office furniture that cost $2000 for $500 cash. Which of the following entries would be part of this transaction?

Select one:

a. Debit to Loss for $1,500

b. Debit to Cost of Goods Sold for $2,000

c. Credit to Loss for $1,500

d. Credit to Cost of Goods Sold for $1,500

Question 3

Not yet answered

Marked out of 2.50

Flag question

Question text

A company has the following inventory-related information at the end of 2015:

Item Quantity Unit Cost Market Value
A 50 $14 $12
B 20 $22 $17
C 35 $32 $26
D 10 $16 $18


Apply the lower-of-cost-or-market rule to the aggregate inventory and determine the ending inventory value after the adjustment, if any?

Select one:

a. $2,420

b. $2,030

c. $2,010

d. None of the above

Question 4

Not yet answered

Marked out of 2.50

Flag question

Question text

A company has the following inventory-related information at the end of 2015:

Item Quantity Unit Cost Market Value
A 50 $14 $12
B 20 $22 $17
C 35 $32 $26
D 10 $16 $18

Apply the lower-of-cost-or-market rule to each individual item in inventory and determine the ending inventory value after the adjustment, if any?

Select one:

a. $2,420

b. $2,030

c. $2,010

d. None of the above

Question 5

Not yet answered

Marked out of 2.50

Flag question

Question text

How does a purchase discount taken impact a company's financial statements?

Select one:

a. Reduces total Inventory

b. Reduces total Revenue

c. Increase total Inventory

d. No Impact

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
What clearly dominates the school-level textbooks in the Arabic language, as per evidence stated in a...
What clearly dominates the school-level textbooks in the Arabic language, as per evidence stated in a working paper regarding Jordan? Select one: a. Female centered words and images. b. Male centered words and images c. Words and images that are not gender based d. None of the above Question 4 Not yet answered Marked out of 1.00 Flag question Question text Some nations are much richer than others, because the people from those nations are more intelligent than those from...
The positive square root of variance is called: Select one: A. z-score B. mean C. Standard...
The positive square root of variance is called: Select one: A. z-score B. mean C. Standard Deviation D. dispersion QUESTION 12 Not yet answered Marked out of 2.00 Flag question Question text A cell phone company found that 75% of all customers want text messaging on their phones, 80% want photo capability, and 65% want both. What is the probability that a customer will want at least one of them? Select one: A. 0.90 B. 0.81 C. 0.87 D. 0.60...
Question 12 Not yet answered Marked out of 1.00 Flag question Question text The defeat of...
Question 12 Not yet answered Marked out of 1.00 Flag question Question text The defeat of the Athenian Empire in the Peloponnesian War was the result of Select one: a. plague b. internal dissent within Athens c. Persian assistance to Sparta d. all of the above Question 13 Not yet answered Marked out of 1.00 Flag question Question text Plato's primacy philosophical concern was Select one: a. to explain change b. the doctrine of Ideas or Forms c. free will...
Question 35 Not yet answered Marked out of 1.00 Flag question Question text Suppose the local...
Question 35 Not yet answered Marked out of 1.00 Flag question Question text Suppose the local university charges $85 per credit hour. If tuition increases from $85 to $93 per credit hour, using the midpoint method, what is the percentage change in price? Select one: a. 8.62 percent b. 9.12 percent c. 9.41 percent d. 8.00 percent e. 8.99 percent Question 36 Not yet answered Marked out of 1.00 Flag question Question text Suppose the Chicago Bears football team raises...
Question 33 Not yet answered Marked out of 1.00 Flag question Question text Official development assistance...
Question 33 Not yet answered Marked out of 1.00 Flag question Question text Official development assistance targeting the rural sector ________. Select one: a. has become increasingly tied to performance indicators b. has stagnated in recent years c. continues to decline d. has continually increased in recent years e. none of the choices (above and/or below) Question 36 Not yet answered Marked out of 1.00 Flag question Question text Traditionally, most countries have developed by ________. Select one: a. liberalizing...
The basic obligation of a seller of goods to transfer and deliver goods to the buyer...
The basic obligation of a seller of goods to transfer and deliver goods to the buyer in accordance with the terms of the contract is known as: Select one: a. performance of delivery. b. anticipatory tender. c. delivery as agreed. d. anticipatory delivery. e. tender of delivery. Question 34 Not yet answered Marked out of 1.00 Flag question Question text Which of the following is true? Select one: a. Contracts can be classified as either voluntary or involuntary. b. All...
Consider the balanced equation: 5A + 8B ↔ 8C + 4D How many moles of B...
Consider the balanced equation: 5A + 8B ↔ 8C + 4D How many moles of B are required to produce 4 moles of D? Answer: Question 2 Not yet answered Marked out of 1.00 Flag question Question text Consider the new balanced equation: 2A + 1B ↔ 7C + 1D How many moles of D are produced when 7 moles of C are produced? Answer: Question 3 Not yet answered Marked out of 1.00 Flag question Question text Consider the...
The bank statement shows an ending balance of $34,351. The unadjusted cash account balance per the...
The bank statement shows an ending balance of $34,351. The unadjusted cash account balance per the books was $28,350. Using the below information, what is the true cash balance? There was a deposit in transit for $4,240 The bank statement reports a service charge of $39 The bank statement shows interest earned of $95 Outstanding checks totaled $10,935 The bank statement included a $750 NSF check deposited this month Select one: a. $21,655 b. $27,617 c. $27,656 d. $41,046 Question...
(This question refers to the MRU video 'The Costs and Benefits of Monopoly'.) The major cost...
(This question refers to the MRU video 'The Costs and Benefits of Monopoly'.) The major cost of monopoly is that: Select one: a. market output is too high. b. the price is too high. c. it is inefficient. d. there is only one producer. Clear my choice Question 42 Not yet answered Points out of 1 Flag question Question text Firm profit is defined as: Select one: a. total revenue minus total cost. b. total revenue plus total cost. c....
Living in an urban area is a factor associated with internet addiction: Select one: a. in...
Living in an urban area is a factor associated with internet addiction: Select one: a. in neither adolescents nor adults. b. in adults only. c. in adolescents only. d. in both adolescents and adults. Question 7 Question text Which of the following is the best example of a microblog per the taxonomy of online environments discussed throughout the course? Select one: a. google mail b. Instant messaging c. Twitter d. Facebook Question 8 Not yet answered Marked out of 0.50...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT