Relational database model stores information in the form of logically related two-dimensional tables.
Answer the following statement true (T) or false (F)
True
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Ending merchandise inventory is included in the calculation of goods available for sale
Indicate whether the statement is true or false
All of the following definitions of ethics are valid EXCEPT:
A) ethics has to do with my religious beliefs. B) ethics consists of the standards of behavior our society accepts. C) ethics has to do with what my feelings tell me is right or wrong. D) being ethical is doing what the law requires.
Use the following account balances from the adjusted trial balance columns of Goody Chocolate's worksheet to answer below question. AccountDebit BalanceCredit Balance Cash 10,000 Merchandise Inventory 4,000 Accounts Payable 2,200 A. Goody, Drawing 1,000 A. Goody, Capital 6,000 Sales 24,000 Sales Discounts 200 Purchases 12,000 Salaries Expense 7,500 Income Summary 1,500 4,000 Using the adjusted trial balance above, select the correct closing entry that Goody Chocolate would make to close the expense accounts (and cost of goods sold accounts with debit balances) at the end of the accounting period.
A.
| Income Summary | 2,500 | |||
| A. Goody, Capital | 2,500 | |||
B.
| Income Summary | 19,700 | |||
| Sales Discounts | 200 | |||
| Purchases | 12,000 | |||
| Salaries Expense | 7,500 | |||
C.
| Purchases | 12,000 | |||
| Salaries Expense | 7,500 | |||
| Income Summary | 19,500 | |||
D.
| Income Summary | 19,700 | |||
| Expense Accounts | 19,700 | |||
Which of the following statements is false?
A. A realized gain that is never recognized results in the temporary recovery of more than the taxpayer’s cost or other basis for tax purposes. B. A realized gain on which recognition is postponed results in the temporary recovery of more than the taxpayer’s cost or other basis for tax purposes. C. A realized loss that is never recognized results in the permanent recovery of less than the taxpayer’s cost or other basis for tax purposes. D. A realized loss on which recognition is postponed results in the temporary recovery of less than the taxpayer’s cost or other basis for tax purposes.