If $6,700 was the beginning inventory, purchases were $12,000 and sales were $6,000. How much was ending inventory last accounting period?
A) $12,700
B) $6,700
C) $0
D) $6,000
Correct Answer:
Verified
Q4: Tim received $3,000 in advance for renting
Q5: The normal balance of Income Summary is:
A)
Q6: Net Income equals:
A) Net Sales - Cost
Q7: Ending inventory:
A) increases Cost of Goods Sold.
B)
Q8: As Unearned Rent Revenue is earned, it
Q10: Unearned Rent Revenue results because:
A) no fee
Q11: Sam received $8,000 in advance for renting
Q12: Cost of Goods Sold (under the Periodic
Q13: If gross profit exceeds operating expenses, the
Q14: When using a periodic inventory method, what
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