Assume
Nile.com began April with units of inventory that cost a total of $ During April, Nile purchased and sold goods as follows. Under the FIFO inventory method, how much is Nile's cost of goods sold for the sale on April
tableApr Purchase, units @ $Sale, units @ $Purchase, units @ $Sale, units @ $
A $
B $
C $
D $
Notes receivables or accounts receivables that result from sales transactions are often called
A sales receivables.
B nontrade receivables.
C trade receivables.
D merchandise receivables.
Recording depreciation each period is necessary in accordance with the
A going concern principle.
B cost principle.
C matching principle.
D asset valuation principle.
On October Allen Jewelry Company accepted a month, note for $ in settlement of an overdue account receivable. If the company accrues interest at yearend only, how much interest revenue should be accrued on December
A $
B $
C $
D $
