25 May Question Chapter 4 1. It is not true that current assets are assets that a company expects to
Question
Chapter 4
1. It is not true that current assets are assets that a company expects to
2. After closing entries are posted, the balance in the owner’s capital account in the ledger will be equal to
3. When using a worksheet, adjusting entries are journalized
4. Liabilities are generally classified on a balance sheet as
Chapter 5
5. At the beginning of the year, Hinz Company had an inventory of $400,000. During the year, the company
purchased goods costing $1,600,000. If Hinz Company reported ending inventory of $600,000
and sales of $2,000,000, the company’s cost of goods sold and gross profit rate must be
6. The Merchandise Inventory account is used in each of the following except the entry to record
7. On a classified balance sheet, merchandise inventory is classified as
8. The Sales Returns and Allowances account does not provide information to management about
Chapter 6
9. Merchandise inventory is
10. Lee Industries had the following inventory transactions occur during 2010:
11. The company sold 51 units at $63 each and has a tax rate of 30%. Assuming that a periodic inventory
system is used, what is the company’s gross profit using LIFO? (rounded to whole dollars)
12. Shandy Shutters has the following inventory information.
| Nov. | 1 | Inventory | 15 units @ | $8.00 | |||
| 8 | Purchase | 60 units @ | $8.60 | ||||
| 17 | Purchase | 30 units @ | $8.40 | ||||
| 25 | Purchase | 45 units @ | $8.80 |
A physical count of merchandise inventory on November 30 reveals that there are 50 units on hand.
Assume a periodic inventory system is used. Ending inventory under FIFO is
13. During July, the following purchases and sales were made by James Company. There was no beginning inventory. James Company uses a perpetual inventory system.
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