financial accounting ?'s.
Please help with these problems there multiple choice and due in a day, please help!
During the year, Darla's Pet Shop's merchandise iventory decreased by $20,000. If the company's cost of goods sold for the year was $300,000, purchases must have been
A $260,000 B $320,000 C Unable to determine D $280,000
At the end of the fiscal year, the usua adjusting entry for depreciation on equipment was omitted. Which of the following statements is true?
A Total assets will be understated at the end of the current year.
B The balance sheet and income statement will be misstated but the Retained Earning statement will be correct for the current year.
C Net income will be understated for the current year.
D Net income will be overstated for the current year
On January 1, 2007, M. Johnson Company purchased equipment for $30,000. The company is depreciating the equipment at the rate of $700 per month. The book value of the equipment at December 31, 2007 is
A $30,000
B $21,600
C $0
D $8,400
The entry to record a sale of $750 with terms of 2/10, n/30 will include a
A credit to Sales for $750 B credit to Accounts Receivable for $750
C Credit to Sales Discounts for $15 D debit to Case for $735
