please answer 216, 217, 202, 203, 205, 207
215) Beginning inventory $150,000 100,000 Ending inventory 310,000 Purchases 152.0 days. C) 126.7 days. B) 101.4 days. A) 111.7 days 216) Which of the following is true regarding LIFO and FIFO? A) The amount reported for COGS is based on net realizable value of inventory if LIFO is used B) In a period of decreasing costs, LIFO results in lower net income than FIFO. C) In a period of decreasing costs, LIFO results in lower total assets than FIFO. D) In a period of rising costs, LIFO results in lower net income than FIFO. 217) A company in NY is buying goods from a Japanese company. The goods are sold FOB San Francisco port A) The freight from Japan to San Francisco is an asset, the freight from San Francisco to New York is an expense B) The freight from Japan to San Francisco is an expense, the freight from San Francisco to New York is an Asset D) C) Both the freight from Japan to San Francisco and from San Francisco to New York are assets D) Both the freight from Japan to San Francisco and from San Francisco to New York ane expenses 218) When bonds are issued at a discount and the effective interest method is used for amortization, at Id FOB San each subsequent interest payment date, the cash paid is: A) More than if the bonds Equal to the interest expense. Less than the interest expense. D) Greater than the interest expense had been sold at a premium 219) The lower of cost and net realizable value rule causes losses in the value of inventory to bee a vats recognized in the period when: C The value of inventory declines below cost. B) The inventory is purchased. C) Cash collection from the customer fails to occur. D) The inventory is sold. x aue nization sds 201) For a joumal entry with only two lines, the following entry is valid Increase in Liability, Decrease in Dividends A) True False 202) ABC has net sales of $200,000, cost of goods sold of $120,000, selling expenses of $6,000, and nonoperating expenses of $2,000. What is the company's gross profit? A) $74,000. C) $72,000. B) S76,000. D) $80,000 sold of $120,000, selling expenses of $6,000, and 203) ABC has net sales of $200,000, cost of goods nonoperating expenses of $2,000. What is the company's gross profit? A) $80,000. B) S74,000. C) $72,000. D) $76,000 204) Which of the following would result in an increase in the current ratio, but not necessarily the acid test ratio? B) Increase in quick assets D) Decrease in current assets 0), nl ncrease in current assets C) Decrease in current liabilities S:0,00o corroct answer) 205) Investors and Creditors are interested in which of these entries (more than one A) Adjusting Entries B) Closing Entries C) Transaction Entries 206) Net income (in millions) $150 Shares outstanding (in millions) 300 $20.00 Stock price What is the price-earnings ratio? A) 40.0 B) 60.0. C) 80.0. D) 20.0. 207) For a journal entry with only two lines, the following entry is valid: sactic 1 Entri Decrease in Revenue, Decrease in Expense. A) True B) False 208) Which of the following is recorded upon receipt of a payment on April 7,2018, by a customer who pays a $900 invoice dated March 3,2018, with terms 2/10, n/60? A) Credit Purchase Discounts $18. Debit Cash $900. B) Debit Sales Discounts $18. D) Credit Accounts Receivable $882
