Acct 212 week 8 - Study guides, Class notes & Summaries

1. Question: Zebra Company reports the following figures for the year ending December 31, 2019 and 2018……… What are the percentage changes from 2018 to 2019 for Net Sales, Cost of Goods Sold and Gross Profit, respectively. 2. Question: Szidon Company reports the following data…. Using benchmarking, what can be said about Szidon Company? 3. Question: Mussa Corporation reports the following data……… In vertical anaylsis, the cost of goods sold percentage is closest to: (Round your fin...

1. Question: Zebra Company reports the following figures for the year ending December 31, 2019 and 2018……… What are the percentage changes from 2018 to 2019 for Net Sales, Cost of Goods Sold and Gross Profit, respectively. 2. Question: Szidon Company reports the following data…. Using benchmarking, what can be said about Szidon Company? 3. Question: Mussa Corporation reports the following data……… In vertical anaylsis, the cost of goods sold percentage is closest to: (Round your fin...

Question 1.1. (TCO 3) Closing temporary accounts is necessary at the end of the accounting period. (1) Explain the closing process, include each set of entries required (15 points) and (2) provide an example of closing the Dividend account in the form of a journal entry. (10 points). (Points : 25) Closing entries are journal entries used to empty temporary accounts at the end of a reporting period and transfer their balances into permanent accounts. The use of closing entries resets the tem...

ACCT 212 Week 8 Final EXAM 2022/2023 WITH CORRECT ANSWERS GRADED A+

ACCT 212 Week 5 Homework – Practice: 1. Question: a. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. 2. Question: b. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. 3. Question: c. Using weighted-average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round “Average Cost per unit” to 2 decimal places and all other answers to the nearest whole number.) 4. Questio...

ACCT 212 WEEK 8 FINAL EXAM

ACCT 212 WEEK 8 FINAL EXAM.

ACCT 212 COMBINED WEEK 4 AND WEEK 8 EXAMS WITH READY SOLVED ANSWERS (A+GRADED)

ACCT 212 COMBINED WEEK 4 AND WEEK 8 EXAMS WITH READY SOLVED ANSWERS (A+GRADED)

Question 1.1. (TCO 3) Closing temporary accounts is necessary at the end of the accounting period. (1) Explain the closing process, include each set of entries required (15 points) and (2) provide an example of closing the Dividend account in the form of a journal entry. (10 points). (Points : 25) Closing entries are journal entries used to empty temporary accounts at the end of a reporting period and transfer their balances into permanent accounts. The use of closing entries resets the tem...