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Question
Choose the appropriate letter to match the term and the definition. There are more definitions than terms.
TERM
1. ____ Days to Sell
2. ____ FIFO
3. ____ Inventory Turnover
4. ____ LIFO
5. ____ LIFO Conformity Rule
6. ____ Lower of Cost or Market Rule
7. ____ Specific Identification
8. ____ Weighted Average Cost
DEFINITION
A. A valuation rule that requires Inventory to be written down when its market value falls below its cost.
B. Inventory costing method that assumes that the costs of the first goods purchased are the costs of the first goods sold.
C. Beginning Inventory + Purchases Ending Inventory
D. Consists of products acquired in a finished condition, ready for sale without further processing.
E. The expense that follows directly after Net Sales on a multiple step income statement.
F. Goods a company is holding on behalf of the goods owner.
G. Goods that are held for sale in the normal course of business or are used to produce other goods for sale.
H. Goods that are in the process of being manufactured.
I. Inventory costing method that identifies the cost of the specific item that was sold.
J. The inventory that starts the manufacturing process.
K. Inventory that was in process and now is completed and ready for sale.
L. Inventory items being transported.
M. A measure of the average number of days from the time inventory is bought to the time it is sold.
N. How many times (on average) that inventory has been bought or sold.
O. Requires that if LIFO is used on the income tax return, it also must be used in financial statement reporting.
P. Beginning Inventory + Purchases Cost of Goods Sold
Q. The difference between net sales and cost of goods sold.
R. Inventory costing method that assumes that the costs of the last goods purchased are the costs of the first goods sold.
S. Inventory costing method that uses the weighted average unit cost of the goods available for sale for both cost of goods sold and ending inventory.
Answer
This answer is hidden. It contains 24 characters.
Related questions
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Use the information above to answer the following question. The company would report net cash provided by (used in) financing activities of:
A) $(2,500).
B) $2,000.
C) $5,000.
D) $6,000.
Q:
A corporation prepared its statement of cash flows for the year. The following information is taken from that statement: Net cash provided by operating activities
$14,500 Net cash provided by investing activities
4,200 Cash balance, beginning of year
5,800 Cash balance, end of year
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Q:
Cash flows from financing activities:
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Which of the following represent cash outflows from financing activities?
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Which of the following statements about calculation of cash flows from operating activities under the indirect method is correct?
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What is the starting point for calculating cash flows from operations when the indirect method is used?
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Which of the following statements about financing activities is not correct?
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Q:
Cash flows from financing activities include all of the following except:
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Which of the following would be classified as an operating activity on the statement of cash flows using the direct method?
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D) Cash received from accounts receivable collections
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Use the information above to answer the following question. If the units-of-production method is used, the depreciation expense for this period is:
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Q:
Which of the following statements about straight-line depreciation is correct?
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B) When the straight-line method is used to compute depreciation, an asset's carrying value remains constant over the life of the asset.
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Q:
Which of the following is not an amount that is needed to calculate straight-line depreciation?
A) The cost of the asset
B) An estimate of the assets useful economic life to the company
C) The estimated amount that the company will receive when it disposes of the asset
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Q:
Which of the following statements most appropriately describes the purpose of depreciating a long-lived tangible asset?
A) To indicate how the asset has physically deteriorated
B) To show that the asset will eventually and gradually become obsolete
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A) Debit Cash for $250,000, debit Notes Payable for $250,000, and credit Equipment for $500,000
B) Debit Equipment for $500,000, credit Cash for $250,000, and credit Notes Payable for $250,000
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D) Debit Equipment for $450,000, debit Operating Expenses for $50,000, credit cash for $250,000, and credit Notes Payable for $250,000
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Your company buys a computer system for $3 million and pays the vendor $200,000 to install the computer system. Your company should record:
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Under the cost principle, a company capitalizes:
A) all ordinary repair expenditures incurred in the use of an asset.
B) any interest incurred in borrowing money to help pay for asset acquisitions.
C) all reasonable and necessary costs of acquiring an asset and preparing it for use.
D) the total market value of individual assets acquired in a basket purchase.
Q:
The following information was summarized from the adjusted trial balance of Reliance Yacht Repair, Inc. as of September 30, 2015, the end of the companys fiscal year. Accounts Payable
$1,500 Accounts Receivable
6,000 Accumulated DepreciationEquipment
2,000 Cash
9,420 Common Stock
9,300 Equipment
4,000 Insurance Expense
500 Interest Expense
80 Notes Payable (long-term)
2,500 Notes Receivable (short-term)
5,500 Prepaid Rent
500 Retained Earnings
3,200 Service Revenue
11,000 Supplies
1,500 Supplies Expense
2,500 Unearned Revenue
2,000 Utilities Expense
1,500 Required:
Part a. Prepare the closing entry for the company for the year ended September 30, 2015.
Part b. Draw a T-account for the Retained Earnings account. Enter the beginning balance into the T-account, post the closing entry, and then determine the ending balance.
Part c. Prepare a post-closing trial balance at September 30, 2015.
Q:
On December 31, 2016, Ditka Inc. had Retained Earnings of $267,800 before its closing entries were prepared and posted. During 2016, the company had service revenue of $168,100 and interest revenue of $81,300. The company used supplies in the amount of $87,900, advertising expenses were $16,400, salaries and wages totaled $18,300, and income tax expense was calculated as $13,700. During the year, the company declared and paid dividends of $6,000.
Required:
Part a. Prepare the closing entries dated December 31, 2016.
Part b. Draw a T-account for the Retained Earnings account. Enter the beginning balance into the T-account, post the closing entries, and then determine the ending balance.