Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Answer only don't need explain processing. THANK YOU! Question 14 (Mandatory) (1 point) Use the following information for #20. 1. $7,000 of merchandise inventory was

Answer only don't need explain processing. THANK YOU!

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Question 14 (Mandatory) (1 point) Use the following information for #20. 1. $7,000 of merchandise inventory was ordered on September 2, 2009 2. $3,000 of this merchandise was received on September 5, 2009 3. On September 6, 2009, an invoice dated September 4, 2009, with terms of 3/10, net 30 for $3,250 which included a $250 prepaid freight cost, was received. 4. On September 10, 2009, $800 of the merchandise was returned to the seller. Based on the above information, what would be the cash payment if the company decides to pay the invoice on September 30, 2009? $2,450 $2,384 $3,250 $3,000 Question 17 (Mandatory) (1 point) Use the following information to answer Questions 22. The Boxwood Company sells blankets for $60 each. The following was taken from the inventory records during May. Date Product Z Units Cost May 3 Purchase 5 $30 May 10 Sale 3 May 17 Purchase 10 $34 May 20 Sale 6 May 23 Sale 3 May 30 Purchase $40 10 Assuming that the company uses the perpetual inventory system, determine the ending inventory for the month of May using the average inventory cost method. $502 $452 $500 $450 Question 18 (Mandatory) (1 point) During the taking of its physical inventory on December 31, 2010, Barry's Bike Shop incorrectly counted its inventory as $270,000 instead of the correct amount of $190,000. The effect on the balance sheet and income statement would be as follows: assets overstated by $80,000;retained earnings understated by $80,000; net income statement understated by $80,000. assets overstated by $80,000;retained earnings understated by $80,000; no effect on the income statement. assets and retained earnings overstated by $80,000; net income overstated by $80,000;. assets and retained earnings overstated by $80,000; net income understated by $80,000. Question 25 (Mandatory) (1 point) A business borrowed $40,000 on March 1 of the current year by signing a 30-day, 9% interest bearing note. When the note is paid on March 31, the entry to record the payment should include a debit to Interest Payable $300 debit to Interest Expense $300 credit to Cash for $40,000 credit to Cash for $43,600 Question 29 (Mandatory) (1 point) The following are examples of external users of accounting information except: government customers creditors all of the above Question 33 (Mandatory) (1 point) The unit of measure concept: is only used in the financial statements of manufacturing companies. is not important when applying the cost concept. requires that different units be used for assets and liabilities. requires that economic data be reported in yen in Japan or dollars in the U.S

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

Core Concepts Of Accounting

Authors: Robert N. Anthony, Leslie Pearlman Breitner

8th Edition

0130406716, 9780130406712

More Books

Students also viewed these Accounting questions