[HelpNeeded911]

Please help answer any of the following questions:

1. The following errors were made in preparing a trial balance: the $1,350 balance of Inventory was omitted; the $450 balance of Prepaid Insurance was listed as a credit; and the $300 balance of salaries expence was listed as Utilities Expense. The debit and credit totals of the trial balance would differ by
a. $1350
b. $1800
c. $2100
d. $2250

2. Winston Company sells subscriptions for on-to-three-year periods. Cash receipts from subscribers are credited to Magazine Subsriptions Collected in Advance, and this account had a balance of $9,600,000 at Dec 31, 2008, before year-end-adjustments. Outstanding subscriptions at Dec 31, 2008 expire as follows:

During 2009... $2,600,000
During 2010... 3,200,000
During 2011... 1,800,000

In its Dec 31, 2008, balance sheet, what amount should Winston report as the balance for magazine subscriptions collected in advance?
a. $2,000,000
b. $3,800,000
c. $7,600,000
d. $9,600,000

8. What is the maximum amount in which inventory can be valued when the goods have experienced a permanent decline in value?
a. Historical cost
b. Sales price
c. Net realizable value
d. Net realizable value reduced by a normal profit margin

9. When would the replacement cost of inventory be used as the market value under the lower-of-cost-or-market method?
a. Always
b. When replacement cost is above net realizable value
c. When replacement cost is below net realizable value and above net realizable value less normal profit margin
d. When replacement cost is below net realizable value less normal profit margin

10. With LIFO, cost of goods sold is $195,000, and ending inventory is $45,000. If FIFO ending inventory is $65,000, how much is FIFO cost of goods sold?
a. $215,000
b. $195,000
c. $175,000
d. $65,000

11. A routine collection on a customer's account was recorded and posted as a debit to cash and a credit to sales revenue. The journal entry to correct this error would be:
a. a debit to Sales Revenue and a credit to Accounts Receivable
b. a debit to Sales Revenue and a credit to Unearned Revenue
c. a debit to Cash and credit to Accounts Receivable
d.a debit to Accounts Receivable and a credit to Sales Revenue

[RubyPitbull]

https://www.askmehelpdesk.com/financ...board-b-u.html

Please read the above link. Sorry but rules are rules.