CTB Company’s bank statement shows an ending balance of $54,000, outstanding checks total $15,000, a deposit of $6,000 was in transit, and a check for $900 was erroneously charged by the bank against the account, the adjusted cash balance per bank is

EmVP Inc. reported net sales of $500,000, cost of goods sold of $250,000, and accounts receivable of $40,000 and $80,000 at the beginning and end of the year, respectively. What is the accounts receivable turnover?

If a company’s revenues are correctly reported and the gross profit of a company is understated, what is the effect on stockholders’ equity?

Flora Company shows the following inventory data at April 30. Product                        Quantity               Cost/Unit                    Market/Unit Flowers                            7                           $6                               $7 Mosses                           12                            5                                 4 Cacti                                10                         12                                18 If Flora applied the lower-of-cost-or-market method, what is the inventory reduction required at April 30?

KEB Company had beginning inventory of $110,000,ending inventory of $90,000, cost of goods sold of $600,000,and sales of $985,000.KEB’s days in inventory is:

Which of the following should NOT be included in a company’s physical inventory count?

Which of the following is NOT a difference between a service business and a merchandising business?

CTB Company received a two-month, 9%, $9,000 note in exchange for Emma Kelly’s outstanding accounts receivable. The entry by CTB Company would include a:

VIP Company recorded the following events involving a recent purchase of inventory:Received goods for $100,000, terms 2/10, n/30.Paid $300 freight on the shipment.Returned $1,750 of the shipment for credit.Paid the invoice within the discount period.As a result of these events, the company’s inventory 

A company will record gross profit when