Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1.Kaiser Co. counted inventory on December 31, 2019 and had $2,490,000 worth of inventory on their books. Their records indicate that they purchased $18,675,000 worth

1.Kaiser Co. counted inventory on December 31, 2019 and had $2,490,000 worth of inventory on their books. Their records indicate that they purchased $18,675,000 worth of inventory during the year and that they sold $20,542,500 worth of inventory during the year. How much inventory did they have on January 1, 2019?

$622,500

$2,490,000

$4,357,500

$18,675,000

2.

The balance in the income summary account before it is closed should equal which of the following values?

Beginning Total Assets.

Net Income for the period.

Ending Retained Earnings.

Income from Continuing Operations for the period.

3. Which of the following is the primary benefit of using the worksheet method we discussed in the videos for converting cash to accruals?

To determine the correct value of cost of good sold during the period.

To calculate the correct value of cash flow from investing activities.

To change from cash to accruals or from accruals to cash.

To match expenses and revenues.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing

Authors: Timothy J. Ph.D. Robertson, Jack C.; Louwers

9th Edition

0072906952, 9780072906950

More Books

Students also viewed these Accounting questions

Question

Write short notes on Interviews.

Answered: 1 week ago

Question

Who responds to your customers complaint letters?

Answered: 1 week ago

Question

Under what circumstances do your customers write complaint letters?

Answered: 1 week ago