Question

10. Company ABC’s bank statement ended Dec. 31, 2019 shows a balance of $802.68. The company’s...

10. Company ABC’s bank statement ended Dec. 31, 2019 shows a balance of $802.68. The company’s cash record on the same date shows a balance of $846.68. The following additional information is available:

Checks Outstanding

No. 846 $300

No. 847 $50


Deposit in Transit $250

NSF Check $102

Service Fee $42


What is the proper adjusted cash balance in the book and bank statement?

  1. $702.68

  2. $602.68

  3. $452.68

  4. $990.68

Question 2

Samsung had a beginning inventory of $379,000, ending inventory of $124,000, and purchases of $200,000. What was their cost of goods available for sale (COGAFS) and cost of goods sold (COGS) for the year?

COGAFS

  1. $ 579,000

  2. $ 455,000

  3. $ 179,000

  4. $ 579,000

COGS

  1. $ 455,000

  2. $ 579,000

  3. $ 55,000

  4. $ 179,000

Question 3

13. Consider the Following Information: Beginning inventory was $4,000. Ending inventory (physically counted) was $2,000. Purchases during the period totaled $10,000, and recorded cost of goods sold during the period totaled $9,000. What was the amount of shrinkage during the period?

  1. $1,000  

  2. $2,000

  3. $3,000

  4. $3,500

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