Coleman Company has provided the following information: beginning inventory, $100,000; cost of goods sold, $450,000; and ending
Question:
Coleman Company has provided the following information: beginning inventory, $100,000; cost of goods sold, $450,000; and ending inventory, $80,000. How much were Coleman's inventory purchases?
450000
430000
420000
410000
On October 1, 2019, Nokura Company paid $3,600 for a two-year insurance policy with the insurance coverage beginning on that date. As of December 31, 2019, which of the following account balances are correct after adjusting entries have been made?
Prepaid insurance $3,150, and Insurance expenses $450.
Insurance expense $3,600 and Prepaid Insurance $0
Insurance expenses $1,800 and Prepaid Insurance $1,800
Insurance expense 0 and Prepaid Insurance $3,600
Fundamental financial accounting concepts
ISBN: 978-0078025365
8th edition
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward