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Presentation1 - 1) On December 1, Phillips Tool and Die...

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1) On December 1, Phillips Tool and Die Company paid six months’ insurance in advance totaling $9,000. An adjusted trial balance prepared on December31 would include a balance in the Prepaid Insurance account of: A) $9,000 B )$7,500 C)$1,500 D)0$
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2) A tired accountant failed to record the adjusting entry for salaries. How does this error affect net income? (A) Net income for the period will be overstated. B) The net income for the period will not be affected. C) The net income for the period will be understated. D) The assets for the period will be understated.
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Mills Corporation Mills Corp. is a merchandising company that uses the periodic inventory system. Selected account balance are listed below: Sales $500,000 Purchases 225,000 Inventory (Beginning) 16,000 Inventory (Ending) 30,000 Operating Expenses 148,000 Income Tax Expense 10,000 Retained Earnings (beginning) 53,000 Dividends 15,000
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Mills Corporation 3- Refer to Mills Corp. Calculate the cost of goods sold for Mills Corp. a. $275,000 b. $259,000 c. $241,000 d . $211,000
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Mills Corporation 4-Refer to Mills Corp. Calculate the gross profit. a. $241,000 b. $275,000 c. $289,000 d. $425,000
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Mills Corporation 5. Refer to Mills Corp. Calculate net income a. $289,000 b. $141,000 c . $131,000 d. $116,000
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Note!!!!!!!!!!!! Gross profit ,Net Income,… are reported in : Income Statement Income Statement
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6-The following data were extracted from the records of Welmark Company: Sales Revenue 450 units at $35 per unit Beginning Inventory 100 units at $16 per unit
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Presentation1 - 1) On December 1, Phillips Tool and Die...

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