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tthank you a lot in advance it will be great with an explanation thank During August 2021, Brian Company generated revenues of 150,000. The company's
tthank you a lot in advance it will be great with an explanation thank
During August 2021, Brian Company generated revenues of 150,000. The company's expenses were as follows: cost of goods sold of 60,000 and operating expenses of 10,000. The company also had rent revenue of 2,500 and a gain on the sale of a delivery truck of 5,000. Brian Company's gross profit for August 2021 is O a. 90,000 O b. 150,000 OC. 80,000 O d. 95,000 Brian Company purchased inventory from Stars Company. The shipping costs were $400 and the terms of the shipment were FOB shipping point. Brian Company would have the following entry regarding the shipping charges: O a. There is no entry on Brian Company's books for this transaction. O b. debit Freight Expense $400; credit Cash $400 O c. debit Freight-Out $400; credit Cash $400 O d. debit Inventory $400; credit Cash $400 During the year, Brian Company's merchandise inventory decreased by $40,000. If the company's cost of goods sold for the year was $650,000, purchases must have been O a. Unable to determine O b. $690,000 O C. $610,000 O d. $570,000 On October 4, 2021, Brian Company had credit sales transactions of 2,800 from merchandise having cost 1,900. The entries to record the day's credit transactions include a O a. debit of 1,900 to Inventory O b. credit of 1,900 to Cost of Goods Sold O C. credit of 2,800 to Sales Revenue O d. debit of 2,800 to InventoryStep by Step Solution
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