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Cards In This Set
| Front | Back |
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Income Stat. Balance Sh.
Dr. Cr. Dr. Cr. Totals 72000 48000 60000 84000 |
Example for card 2
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The net income (or loss) for the period is...
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24000 loss
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A post-closing trial balance will show...
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Only balance sheet accounts
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Company received a 840 check from a customer for balance due. Transaction was erroneiously recorded as a debit to Cash 480 and a credit to service revenue 480. What is the correct entry?
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Debit cash, 360 and Service Revenue, 480; credit AR 840.
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Bought supplies on account for 880. Incorrectly debited equip for 800 and credited AP for 800. What should the entries be?
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Supplies 880
Equipment 800 Accounts Pay. 80 |
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Question 5.
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Look over on exam and in book.
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Income from operations is gross profit less...
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Operating expenses.
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The Sales Returns and Allowances account is classified as a...
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Contra revenue account
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Gross profit does not appear...
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On a single-step income statement.
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If a company has net sales of 700,000 and cogs 490,000 what is the gross profit percentage?
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Net sales - cogs
answer / net sales = 30% |
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Question 10.
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Check exam and book.
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An auto manufacturer would classify vehicles in various stages of production as...
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Work in process.
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Question 12- 16
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Check exam and book.
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The specific identification method of costing inventories is used when the...
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Company sells a limited quantity of high-unit cost items.
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In a period of increasing prices, which inventory flow assumption will result in the lowest amount of income tax expense?
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LIFO
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