29 Jun Question 1. During the month of March, Wan
Question
1. During the month of March, Wang Company sold merchandise on account for $9,100. The merchandise had cost Wang $4,900. Which of the following represents the effects of this transaction on Wang’s financial statements?
test2 q17.next.ecollege.com/CurrentCourse/test2Graphics/table-2.gif”> (Points : 2)
Row One
Row Two
Row Three
Row Four
Question 2. 2. Gruver Company maintains perpetual inventory records. The company’s inventory account had a $5,500 balance as of December 31, 2010. On that date, a physical count of inventory showed only $5,300 of merchandise in stock. The write-down to recognize the missing inventory will: (Points : 2)
decrease assets.
increase expense.
decrease equity.
all of the above.
Question 3. 3. The Red Valley Company maintains perpetual inventory records. Although its inventory records indicated $18,000 in the inventory, a physical count showed only $16,250. Which of the following answers indicates the effect of the necessary write-down?
Row Assets = Liab. + Equity Rev – Exp. = Net Inc. Cash
One (1,750) = NA + (1,750) NA – 1750 = (1,750) NA
Two NA = 1750 + (1,750) NA – 1750 = (1,750) NA
Three 16,250 = NA + 16,250 16,250 – NA = 16,250 16,250 IA
Four (18,000) = NA + (18,000) (18,000) – NA = (18,000) NA
(Points : 2)
Row One
Row Two
Row Three
Row Four
Question 4. 4. Merchandising businesses: (Points : 2)
manufacture the goods they sell.
generate revenue primarily by providing services to customers.
buy the merchandise they sell from suppliers.
include dry cleaning companies and law firms.
Question 5. 5. Product costs are also referred to as: (Points : 2)
period costs.
selling and administrative expenses.
operating expenses.
inventory costs.
Question 6. 6. Lemon Company sent goods to a customer FOB delivery. What effect will these freight costs have on Lemon company’s financial statements?
test2 q23.next.ecollege.com/CurrentCourse/test2Graphics/table-4.gif”> (Points : 2)
Row One
Row Two
Row Three
Row Four
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