Quiz – TNM Inc.
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Determine which is true regarding the company’s costs given the LIFO reserves.
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Determine which is true regarding the company’s costs given the LIFO reserves.
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Given net sales, cost of goods sold, operating expenses, and inventory for two years, they ask you to compute both the gross profit ratio and inventory turnover ratio.
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Given the increase in the cost of goods sold and the tax rate, they ask you to determine the correct statement.
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Determine the total purchases during the year given inventory and COGS.
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Given accounts payable, sales revenue, and COGS — find the days payable outstanding.
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Given the purchased inventory costing and the short-term note payable — prepare the journals for the purchase of inventory and accrual of interest.
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Given the purchased inventory cost and the short-term note payable — prepare the journal entry for the purchase of inventory and payment of the note.
Your numbers will vary.