ACCT220Fall10Quiz2

ACCT220Fall10Quiz2 - Principles of Accounting I ACCT220,...

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Principles of Accounting I ACCT220, Section 4072 Quiz #2 (Take Home); Chapters 5, 6, 7 and 8 Due October 5th , 2010 AT THE BEGINNING OF CLASS #1 Anderson Company gathered the following condensed data for the year ended December 31, 2009: Cost of goods sold $ 690,000 660,000 Net sales 1,250,000 1,200,000 Administrative expenses 234,000 Interest expense 58,000 Dividend revenue 38,000 Loss from employee strike 233,000 Selling expenses 45,000 Instructions 1. Prepare a single-step income statement for the year ended December 31, 2009. 2. Prepare a multiple-step income statement for the year ended December 31, 2009.
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#2 Hinkle Company is in the electronics industry and the price it pays for inventory is decreasing . Instructions Which inventory costing method will: a. provide the highest ending inventory. b. provide the highest cost of goods sold. c. result in the highest net income. d. result in the lowest income tax expense. e. produce the most stable earnings over several years. http://www.coursehero.com/file/181964/ch06/
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Below are some typical transactions incurred by Baran Company. _____ 1. Purchase of merchandise on account. _____ 2. Collection on account from customers. _____ 3. Payment of employee's wages. _____ 4. Sales of merchandise for cash. _____ 5. Close Income Summary to owner's capital. _____ 6. Adjusting entry for depreciation on machinery. _____ 7. Payment of creditors on account. _____ 8. Purchase of office equipment on credit. _____ 9. Sales discount taken on goods sold on credit. _____10. Sales of merchandise on account. _____11. Purchase of a delivery truck for cash. _____12. Return of merchandise purchased on credit. _____13. Payment of rent in advance. _____14. Adjusting entry for accrued interest expense. _____15. Purchase of office supplies for cash. For each transaction, indicate by the code letter the appropriate journal where the transaction would be journalized. CR —Cash Receipts Journal
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ACCT220Fall10Quiz2 - Principles of Accounting I ACCT220,...

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