answer all
The following information is available from Deli Company's accounting records: 11. $530,000 $10,000 $160,000 $215,000 $40,000 Purchases Purchase Discounts Beginning Inventory Ending Inventory Freight-Out Deli's Cost of Goods Available for Sale is: $465,000 $680,000 $640,000 $690,000 $720,000 a. b. . d. . G:Fac_support\5_INTERMEDIATE ACCOUNTINGVACC_301_50 1 \Practice_Exams Practice_Exam_1\ACC_301_501_Practice_Exam_1.docx 9/12/2016 12. The following information is available from Washington Company's accounting records: Sales Purchases Purchase Discounts Beginning Inventory Ending Inventory Freight-Out $1,000,000 $530,000 $10,000 $160,000 $215,000 $40,000 Washington's gross profit is: $465,000 $680,000 $425,000 $575,000 $535,000 al b. c. d. e. 13. The only revenue for the Ford Company is Sales. A net loss will result if: Gross Margin exceeds Operating Expenses Cost of Goods Sold exceeds Purchases Operating Expenses exceeds Net Sales Gross Margin exceeds Cost of Goods Sold Operating Expenses exceeds Cost of Goods Sold a c. d . 14 A bookkeeper erroneously recorded the accrual of wages payable using this journal entry Accounts Receivable xx Uneamed Revenue XX The effect of this error on Assets and Liabilities (respectively) will be: Overstated, Overstated Overstated, No Error No Error, No Error Understated, Overstated Understated, Understated . 000 shar b C. d. . 15. The Walton Company collected an accounts receivable and recorded this journal entry. Cash Unearned Revenue Xx XX Determine the effect of the error on Net Income and Liabilities, respectively S10.000 No Error, Overstated Understated, No Error Understated, Understated Overstated, No Error No Error, No Error a. b. C. d. . G:Fac_support5 INTERMEDIATE ACCOUNTINGACC 301 501Practice ExamsPractice Exam 1ACC 301 501 Practice_Exam 1.docx 9/12/2016 The following information is available from Deli Company's accounting records: 11. $530,000 $10,000 $160,000 $215,000 $40,000 Purchases Purchase Discounts Beginning Inventory Ending Inventory Freight-Out Deli's Cost of Goods Available for Sale is: $465,000 $680,000 $640,000 $690,000 $720,000 a. b. . d. . G:Fac_support\5_INTERMEDIATE ACCOUNTINGVACC_301_50 1 \Practice_Exams Practice_Exam_1\ACC_301_501_Practice_Exam_1.docx 9/12/2016 12. The following information is available from Washington Company's accounting records: Sales Purchases Purchase Discounts Beginning Inventory Ending Inventory Freight-Out $1,000,000 $530,000 $10,000 $160,000 $215,000 $40,000 Washington's gross profit is: $465,000 $680,000 $425,000 $575,000 $535,000 al b. c. d. e. 13. The only revenue for the Ford Company is Sales. A net loss will result if: Gross Margin exceeds Operating Expenses Cost of Goods Sold exceeds Purchases Operating Expenses exceeds Net Sales Gross Margin exceeds Cost of Goods Sold Operating Expenses exceeds Cost of Goods Sold a c. d . 14 A bookkeeper erroneously recorded the accrual of wages payable using this journal entry Accounts Receivable xx Uneamed Revenue XX The effect of this error on Assets and Liabilities (respectively) will be: Overstated, Overstated Overstated, No Error No Error, No Error Understated, Overstated Understated, Understated . 000 shar b C. d. . 15. The Walton Company collected an accounts receivable and recorded this journal entry. Cash Unearned Revenue Xx XX Determine the effect of the error on Net Income and Liabilities, respectively S10.000 No Error, Overstated Understated, No Error Understated, Understated Overstated, No Error No Error, No Error a. b. C. d. . G:Fac_support5 INTERMEDIATE ACCOUNTINGACC 301 501Practice ExamsPractice Exam 1ACC 301 501 Practice_Exam 1.docx 9/12/2016
