The following amounts are an expense to the company except:
A) SUTA Payable.
B) FICA-OASDI Payable.
C) FUTA Payable.
D) All of the above are correct.
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A sales discount correctly taken by the charge customer was debited to Sales at the time the entry was recorded. This error will cause:
A) the net income for the period to be overstated.
B) the sales account to be overstated.
C) the net income for the period to be understated.
D) the sales discount account to be understated.
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Scotch Services received a credit memorandum from the bank. During the bank reconciliation they should:
A) increase the ending cash balance on the bank statement.
B) decrease the ending cash balance on the bank statement.
C) increase their cash account on the company's books.
D) decrease their cash account on the company's books.
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M. Smuts showed a net income of $5,000. The entry to close the Income Summary account would include a:
A) debit to M. Smuts Capital, $5,000.
B) credit to M. Smuts Capital, $5,000.
C) debit to Income Summary, $5,000.
D) Both B and C are correct.
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J. Oros showed a net loss of $3,500. The entry to close the Income Summary account would include a:
A) credit to Oros, Capital, $3,500.
B) debit to Oros, Capital, $3,500.
C) credit to Cash, $3,500.
D) debit to Income Summary , $3,500.
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Which of the following goods should Pin Department Store include in its December 31 count?
A) Goods in transit purchased F.O.B. shipping point
B) Goods that have been consigned to Dalton Brothers
C) Goods available for sale in the warehouse
D) All of the Above.
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