1.Which account is only used as part of the closing process and is NOT reported on financial statements?

drawing

income summary

capital

unearned revenues

2.Which of the following is true about the balance sheet columns on the accounting worksheet?

The balance sheet columns contain only temporary accounts

The balance sheet columns do not include adjusted account balances

The balance sheet columns contain no temporary accounts

Net income or loss must be added or subtracted for total debits to equal total credits

3.Angelo Company uses FIFO inventory costing method under the periodic system. Angelo had beginning inventory of 40 units at $20 each. They purchased 60 units at $22 each throughout the year and had sales of 80 units. At year end, replacement cost for each unit is $19.00. Ending inventory should be valued at ________.

$400

$380

$420

$440

5.An inventory accounting system that would be sufficient to use for tracking supplies inventory at an office would be the ________ system.

perpetual

periodic

specific-unit-cost

merchandising

6.Delco Inc had the following transactions in June and a beginning inventory of 20 units at $35 each.

June 4^th purchased 15 units at $36.50 each

June 8^th sold 22 units

June 16^th purchased 20 units at $37.75 each

June 27 sold 25 units

Delco uses the perpetual inventory accounting system. If Delco uses the LIFO inventory costing method, what is their cost of goods sold for the month of June?

$1700.50

$280.00

$1722.50

$1707.00

7.Delco Inc had the following transactions in June and a beginning inventory of 20 units at $35 each.

June 4^th purchased 15 units at $36.50 each

June 8^th sold 22 units

June 16^th purchased 20 units at $37.75 each

June 27 sold 25 units

Delco uses the perpetual inventory accounting system. If Delco uses the weighted average inventory costing method, what is their ending inventory at June 30^th?

$302

$295

$292

$280

8. Please refer to the table below.

Sales Returns and Allowances $2,400

Sales Commissions $12,000

Cost of Goods Sold $45,000

Sales Revenue $127,000

Utilities $4,500

Rent $15,000

Sales Discounts $1,500

Salaries $25,000

Gain on sale of equipment $4,000

Freight Out $4,500

Depreciation Expense $3,000

Interest Revenue $300

What are operating expenses?

$68,300

$64,000

$67,900

$52,000