Choose one Periodic Inventory Accounting is less expensive to maintain than Perpetual Inventory Accounting Periodic Inventory Accounting is more expensive to maintain than Perpetual Inventory Accounting There is no difference between the expense of using Periodic Inventory Accounting versus Perpetual Inventory Accounting ABC's beginning inventory is $2,000 and its ending inventory is $1,000 The inventory turnover is 6 times Cost of goods sold for the year must equal A) $6,000 B) $12,000 C) $18,000 D) $9,000 In January, 2018, ABC sells a gift card for $50 and receives cash In February, 2018, the customer comes back and spends $20 of their gift card on a water bottle What would be the appropriate journal entry for the purchase of the water bottle Debit Deferred Revenue, $20 credit Sales Revenue, $20 Debit Deferred Revenue, $50 credit Sales Revenue, $50 Debit Sales Revenue, $20 credit Deferred Revenue, $20 No journal entry is necessary ABC has the following current assets cash, $102 million receivables, $94 million inventory, $182 million and other current assets, $18 million ABC also has the following liabilities accounts payable, $98 million current portion of long term debt, $35 million and long term debt, $23 million Based on these amounts, what is the acid test ratio A) 3 86 B) 1 47 C) 2 84 D) 2 00 ABC issued a ten year, $20 million bond with a 10 interest rate for $19,500,000 The entry to record the bond issuance would have what effect on the financial statements Increase only assets B) Increase assets and liabilities C) Increase only stockholders' equity D) Increase only liabilities

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Choose one: Periodic Inventory Accounting is less expensive to maintain than Perpetual Inventory Accounting Periodic Inventory Accounting is more expensive to maintain than Perpetual Inventory

Choose one:
1. Periodic Inventory Accounting is less expensive to maintain than Perpetual Inventory Accounting
2. Periodic Inventory Accounting is more expensive to maintain than Perpetual Inventory Accounting
3. There is no difference between the expense of using Periodic Inventory Accounting versus Perpetual Inventory Accounting

ABC's beginning inventory is $2,000 and its ending inventory is $1,000. The inventory turnover is 6 times. Cost of goods sold for the year must equal:

A) $6,000. B) $12,000. C) $18,000. D) $9,000.

In January, 2018, ABC. sells a gift card for $50 and receives cash. In February, 2018, the customer comes back and spends $20 of their gift card on a water bottle. What would be the appropriate journal entry for the purchase of the water bottle?
1. Debit Deferred Revenue, $20; credit Sales Revenue, $20.
2. Debit Deferred Revenue, $50; credit Sales Revenue, $50.
3. Debit Sales Revenue, $20; credit Deferred Revenue, $20.
4. No journal entry is necessary.

ABC has the following current assets: cash, $102 million; receivables, $94 million; inventory,

$182 million; and other current assets, $18 million. ABC also has the following liabilities: accounts payable, $98 million; current portion of long-term debt, $35 million; and long-term debt,

$23 million. Based on these amounts, what is the acid-test ratio?

A) 3.86. B) 1.47. C) 2.84. D) 2.00.

ABC issued a ten-year, $20 million bond with a 10% interest rate for $19,500,000. The entry to record the bond issuance would have what effect on the financial statements?
1. Increase only assets. B) Increase assets and liabilities.

C) Increase only stockholders' equity. D) Increase only liabilities.