During the year Comer, Inc., had $200,000 in goods available for sale. At the end of the accounting period it had an ending inventory of $40,000. The cost of goods sold by Comer was therefore
A. $200,000.
B. $160,000.
C. $40,000.
D. $20,000.
E. $10,000.
Answer: B
You might also like to view...
It is obvious that an error occurred in the preparation and/or posting of closing entries if:
A. all revenue and expense accounts have zero balances. B. only permanent accounts appear on the post-closing trial balance. C. the Retained earnings account is debited for the amount of the net loss for the period. D. all balance sheet accounts have zero balances. E. the income summary account is debited for the amount of net income for the period.
The end of a presentation is ________ the beginning
A) as important as B) less important than C) far more important than D) insignificant compared to E) required to be less memorable than
The cumulative feature of preferred stock means that preferred dividends cannot be paid until all common dividends have been paid
Indicate whether the statement is true or false
Which of the following is a valid defense to a defamation claim?
A)The statement was not slanderous only libelous. B)The statement was only an opinion. C)The First Amendment guarantees the absolute right to free speech. D)The statement did not cause any grave injury.