1. 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?

   1. 450000

   2. 430000

   3. 420000

   4. 410000

2. 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?

   1. Prepaid insurance $3,150, and Insurance expenses $450.

   2. Insurance expense $3,600 and Prepaid Insurance $0

   3. Insurance expenses $1,800 and Prepaid Insurance $1,800

   4. Insurance expense 0 and Prepaid Insurance $3,600

Answer rating: 100% (QA)

1To calculate the inventory purchases for Coleman Company we can use ... View the full answer