Text t f cost of goods sold beginning inventory net

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Question 3Question text(T / F) Cost of goods sold = Beginning inventory + Net cost of purchases − Ending inventory.Select one:True False FeedbackThe correct answer is 'True'.
Question 4Question text
(T / F) Beginning inventory + Net cost of purchases = Cost of goods available for sale.
Question 5Question text(T / F) A classified income statement has four major sections—operating revenues, cost of goods sold, operating expenses, and non-operating revenues and accounts receivables.
Question 6Question text(T / F) Non-operating revenues and expenses are revenues and expenses not related to the sale of products or services regularly offered for sale by a business.
Question 7Question text(T / F) The two basic methods for estimating uncollectible accounts under the allowance method are the percentage-of-cost of sales method and the percentage-of-receivables method.Select one:True
False FeedbackCorrect. The two basic methods for estimating uncollectible accounts under the allowance method are the percentage-of-sales method and the percentage-of-receivables method.The correct answer is 'False'.
Question 8Question text(T / F) Liabilities result from some past transaction and are obligations to pay cash, provide services, or deliver goods at some time in the future.
Question 9Question text(T / F) Generally, the lower the accounts receivable turnover, the better; and the shorter the average collection period, the better.
Question 10Question text(T / F) Current liabilities are classified as clearly determinable, estimated, and contingent.
FeedbackCorrect. Current liabilities are classified into those three categories.The correct answer is 'True'"Y" Company began the accounting period with $60,000 of merchandise, and net cost of purchases was $240,000. A physical inventory showed $72,000 of merchandise unsold at the end of the period. The cost of goods sold of Y Company for the period is:Select one:a. $300,000. b. None of the above. c. $168,000. d. $252,000. e. $228,000. Correct. The cost of goods sold is computed as follows: Beginning inventory $60,000 + Net cost of purchases 240,000 = Cost of goods available for sale $300,000 - Ending inventory $72,000 = Cost of goods sold $228,000.FeedbackThe correct answer is: $228,000.

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