Blog

Which of the following is an example of an intangible asset?

Which of the following is a current liability?

Coffski, Inc. sold merchandise to a customer on credit. The invoice amount was $1,000; the invoice date was June 10th; credit terms were 1/10, n/30. Which of the following statements is true?

What is the effect on the accounting equation when merchandise is purchased with cash, assuming the use of a perpetual inventory system?

Which of the following statements is true regarding transportation costs under a perpetual inventory system?

On October 1, Jansen Corporation purchased $10,000 of merchandise on account, credit terms 2/10, n/30. Jansen also paid $500 in transportation costs on October 1. On October 3, Jansen returned $2,000 of the merchandise which was defective. On October 10, Jansen paid the balance due . The company uses a perpetual inventory system. Refer to Jansen. The journal entry to record the return of the merchandise on October 3 would include:

A company bought machinery on January 1, 2019, for $200,000. On January 2, 2021, the machinery had a book value of $100,000. It is estimated that the machine will generate future cash flows of $170,000 and its current fair value is $160,000. How much, if any, impairment loss should be recorded?

Which of the following statements is true when a company sells merchandise on account using a periodic inventory system?

Klump Co.Klump Co. uses a perpetual inventory system and had the following inventory transactions for the month of June. June 1 On hand, 50 units at $18.00 each $  900.00   4 Purchased 115 units at $18.20 each $2,093.00   5 Sold 100 units     10 Purchased 75 units at $18.25 each $1,368.75   24 Sold 40 units     30 On hand, 100 units     Refer to the information provided for Klump Co. If the company uses the FIFO inventory costing method, the amount of ending inventory reported on the balance sheet is:

On the date that a fixed asset is purchased, the book value is: