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.

Date Activities Units Acquired at Cost Units Sold at Retail

May 1 Beginning Inventory 330 units @ $18

5 Purchase 310 units @ $20

10 Sales 230 units @ $28

15 Purchase 190 units @ $21

24 Sales 180 units @ $29

2. $8260

$7540

$16,130

$7750

$8590

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.