Based on the data above, the inventory account showed a balance of $------ on December...
90.2K
Verified Solution
Link Copied!
Question
Accounting
Based on the data above, the inventory account showed a balance of $------ on December 31, 2020: *
$250,000
$170,000
$1,530,000
None of the above
Based on the data above, net sales were: *
$1,100,000
$1,030,000
$1,180,000
None of the above
Based on the data above, gross profit was: *
$460,000
$390,000
$540,000
None of the above
Based on the data above, selling expenses were: *
$100,000
$70,000
$140,000
None of the above
Based on the data above, and assuming that total operating expenses were $184,000, the Income from Operations was: *
$206,000
$276,000
$356,000
None of the above
The following accounts are extracted from the worksheet of X Company on December 31, 2020 sales returns and allowances Utilities expense - office sales discount sales salaries expenses - sales Purchases discount Salaries expense - office rent revenue purchases returns and allowances purchases Interest expense Inventory, January 1, 2020 gain from sale of building freight out freight in depreciation expense - sales Depreciation expense - office cost of goods sold $100,000 50,000 80,000 1,280,000 60,000 100,000 25,000 15,000 50,000 700,000 10,000 300,000 9,000 30,000 40,000 10,000 9,000 640,000
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
