1. Salmone Company reported the following purchases and sales
of its only product. Salmone uses a perpetual inventory system.
Determine the cost assigned to ending inventory using LIFO.
2. $8260
1. At year-end, a trial balance showed total credits exceeding
total debits by $5700. This difference could have been caused
by:
A net income of $5700.
An error in the general journal where a $5700 increase in
Accounts Payable was recorded as a decrease in Accounts
Payable.
The balance of $57,000 in Accounts Payable being entered in
the trial balance as $5700.
An error in the general journal where a $5700 increase in
Accounts Receivable was recorded as an increase in Cash.
The balance of $6400 in the Office Equipment account being
entered on the trial balance as a debit of $700.
QUESTION
1. On September 12, Vander Company sold merchandise in the
amount of $8600 to Jepson Company, with credit terms of 2/10, n/30.
The cost of the items sold is $5400. Jepson uses the periodic
inventory system and the gross method of accounting for purchases.
The journal entry that Jepson will make on September 12 is:
Merchandise inventory 8600
Accounts payable 8600
Purchases 5400
Accounts receivable 5400
Purchases 8600
Accounts payable 8600
Purchases 8600
Accounts receivable 8600
Accounts payable 5400
Merchandise inventory 5400
QUESTION
1. Rushing had income of $169 million and average total assets
of $1870 million. Its return on assets is 18.1%.
111.0%.
9.0%.
90.4%.
11.0%.
QUESTION
1. Salmone Company reported the following purchases and sales
of its only product. Salmone uses a periodic inventory system.
Determine the cost assigned to the ending inventory using
FIFO.
Date Activities Units Acquired at Cost Units Sold at
Retail
May 1 Beginning Inventory 260 units @ $11
5 Purchase 275 units @ $13
10 Sales 195 units @ $21
15 Purchase 155 units @ $14
24 Sales 145 units @ $22
$4565
$4705
$4040
$8605
$3900
1. Charlie's Chocolates' had stock issuances of $86,000 and
dividends of $38,000. The company has revenues of $119,000 and
expenses of $82,000. Calculate its net income.
$37,000.
$82,000.
$48,000.
$119,000.
$85,000.
QUESTION
1. If the liabilities of a business increased $97,000 during a
period of time and the stockholders' equity in the business
decreased $41,000 during the same period, the assets of the
business must have: Decreased $56,000.
Decreased $138,000.
Increased $56,000.
Increased $138,000.
Increased $41,000.