If the shipping terms are FOB destination, the seller has to pay for freight costs.
Indicate whether the statement is true or false
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Q. 2) What is the amount of the inventory at the end of the year using the FIFO method?
a. 1,685
b. 1,575
c. 1,805
d. 3,585
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Q. 3) Match each of the following accounts with the appropriate financial statement.
(Remember that certain accounts may be found on more than one statement.)
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Q. 4) A fidelity bond indemnifies a company in case it suffers losses from defalcations committed by its employees.
Indicate whether the statement is true or false
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Q. 5) Y Company obtained the following balances from its computerized accounting information system at the end of the year before adjustments:
Accounts receivable 27,000
Allowance for uncollectible accounts (3,000)
Net sales 100,000
Bad debts expense 0
The company estimates that 2 of net sales will be uncollectible. After the correct adjusting entry has been made, what is the Net accounts receivable on the year-end balance sheet?
A) This is a trick question. Accounts receivable appear on the income statement, not the balance sheet.
B) 24,000
C) 22,000
D) 27,000
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Q. 6) The form used to assemble the data required at the end of each payroll period is the ____________________.
Fill in the blank(s) with correct word
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