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- Received goods for $40,000, terms 2/10, n/30
- Returned $1,200 of the shipment for credit due to damaged goods
- Paid $1,000 for freight in
- Paid the invoice within the discount period
Question 10. Question : (TCO A) In a period of declining prices, which
of the following inventory methods generally results in the lowest gross
profit figure?
Question 1. Question : (TCOs A, B, and C) Which of the following
statements concerning users of accounting information is incorrect?
Question 2. Question : (TCO C) Paying cash dividends is an example of
a(n)
Question 3. Question : (TCO C) Buying a new plant would be an
example of which type of activity?
Question 4. Question : (TCO A) On a classified balance sheet, prepaid
expenses are classified as
Question 5. Question : (TCO B) For 2012, LBJ Corporation reported net
income of $75,000; net sales $750,000; and weighted average shares
outstanding of 7,500. There were no preferred stock dividends. What
was the 2012 earnings per share?
Question 6. Question : (TCO D) Which of the following accounts has a
normal balance of a credit?
Question 7. Question : (TCO E) The accrual accounting term used to
indicate recording an expense before paying cash for the item is