Accounting

Question: On December 31, Regis Company correctly made an adjusting entry to recognize \$2,000 of accrued salaries payable. On January 8 of the next year, total salaries of \$3,400 were paid. Assuming the correct reversing entry was made on January 1, the entry on January 8 will result in a credit to Cash \$3,400 and the following debit(s):
A
Salaries Payable \$1,400 and Salaries Expense \$2000.

B
Salaries Payable \$2,000 and Salaries Expense \$1,400.

C
Salaries Expense \$3,400.

D
Salaries Payable \$3,400.

Note: Not available
1. Report
Question: Gross profit will result if:
A
operating expense are less than net income.

B
sales revenues are greater than operating expense.

C
sales revenues are greater than cost of goods sold.

D
operating expense are greater than cost of goods sold.

Note: Not available
1. Report
Question: Under a perpetual inventory system, when goods are purchased for resale by a company:
A
purchases on account are debited to Merchandise Inventory.

B
purchases on account are debited to Purchases.

C
purchase returns are debited to Purchase Returns and Allowances.

D
freight costs are debited to Freight-out.

Note: Not available
1. Report
Question: The sales accounts that normally have a debit balance are:
A
Sales Discounts.

B
Sales Returns and Allowances.

C
both

D
neither

Note: Not available
1. Report
Question: A credit sale of $750 is made one June 13, terms 2/10, net/30. A return of $50 is granted on June 16. The amount received as payment in full on June 23 is:
A
$700

B
$686

C
$685

D
$650

Note: Not available
1. Report
Question: Which of the following accounts will normally appear in the ledger of a merchandising company that uses a perpetual inventory system?
A
Purchases.

B
Freight-in.

C
Cost of Goods Sold.

D
Purchase Discounts.

Note: Not available
1. Report
Question: The multiple-step income statement for a merchandiser shows each of the following features except:
A
gross profit.

B
cost of goods sold.

C
a sales revenue section.

D
investing activities section.

Note: Not available
1. Report
Question: If sales revenues are $400,000, cost of goods sold is $310,000, and operating expenses are \$60,000, the gross profit is:
A
$30,000.

B
$90,000.

C
[b]$340,000.

D
$400,000.

Note: Not available
1. Report
Question: In a single-step income statement:
A
gross profit is reported.

B
cost of goods sold is not reported.

C
sales revenues and "other revenues and gains" are reported in the revenues section of the income statement.

D
operating income is separately reported.

Note: Not available
1. Report
Question: Which of the following appears on both a single-step and a multiple-step income statement?
A
sales.

B
gross profit.

C
income from operations.

D
cost of goods sold.

Note: Not available
1. Report

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Question: Gross profit will result if:

Question: Under a perpetual inventory system, when goods are purchased for resale by a company:

Question: The sales accounts that normally have a debit balance are:

Question: A credit sale of $750 is made one June 13, terms 2/10, net/30. A return of $50 is granted on June 16. The amount received as payment in full on June 23 is:

Question: Which of the following accounts will normally appear in the ledger of a merchandising company that uses a perpetual inventory system?

Question: The multiple-step income statement for a merchandiser shows each of the following features except:

Question: If sales revenues are $400,000, cost of goods sold is $310,000, and operating expenses are \$60,000, the gross profit is:

Question: In a single-step income statement:

Question: Which of the following appears on both a single-step and a multiple-step income statement?