Reference no: EM131764721
Question 1: To calculate straight-line depreciation, one would have to know all of the following EXCEPT ________.
capitalized cost
the number of units the asset is expected to produce
the asset's residual value
the estimated useful life of the asset
Question 2: Revenues are closed into the ________ account?
income summary
the owner's withdrawals
owner's capital
expenses
Question 3: Determine cash withdrawals for the period if net income is $34,000, beginning owner's equity is $29,000, and ending owner's equity is $55,000.
$18,000
$8,000
$60,000
$5,000
Question 4: The following data are for the RoadRunner Corporation, which uses a perpetual inventory system:
Sales revenue $600,000
Freight-in 42,000
Beginning inventory 77,000
Purchase discounts 19,000
Sales returns and allowances 33,000
Operating expenses 77,000
Ending inventory 81,000
Purchases of inventory 415,000
Sales discounts 35,000
Joseph RoadRunner, withdrawals 71,000
Purchase returns and allowances 39,000
Refer to Table. After calculating the cost of goods sold at $395,000, gross profit for RoadRunner Company is ____________.
$137,000
$172,000
$205,000
60,000
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