7. Listed below are selected accounts for Tercek Company, Inc. Select a letter f
ID: 2532873 • Letter: 7
Question
7. Listed below are selected accounts for Tercek Company, Inc. Select a letter from the following key and place it in the space to the left of the account title to indicate the proper balance sheet classification for the account.
Key: a. Current asset
b. Property, Plant, and Equipment
c. Current liability
d. Long-term liability
e. Stockholders’ equity
f. Not a balance sheet account
1.
Accounts payable
2.
Long-term notes payable
3.
Prepaid rent
4.
Dividends
5.
Equipment
6.
Cash
7.
Wages payable
8.
Retained earnings
9.
Accounts receivable
10.
Supplies
10. Campbell reported the following selected information at August 2, 2013 ($ millions):
Common stock, August 3, 2012
$600
Stock issued during August 3, 2012 to August 2, 2013
320
Retained Earnings, August 3, 2012
791
Net income
736
Dividends
357
Use this information to prepare a statement of stockholders’ equity for Campbell’s for the year ending August 2, 2013.
11. Fenix Company reported the following year-end amounts:
Net Sales
$52,500
Beginning Inventory
7,650
Net Cost of Purchases
33,750
Ending Inventory
?
Cost of Goods Sold
?
Gross Profit
21,450
What is Fenix Company’s Ending Inventory and Cost of Goods Sold for the year?
1.
Accounts payable
2.
Long-term notes payable
3.
Prepaid rent
4.
Dividends
5.
Equipment
6.
Cash
7.
Wages payable
8.
Retained earnings
9.
Accounts receivable
10.
Supplies
Explanation / Answer
7) Classification :
Note : Please post each question individually for answer because all question are independent question
Account payable Current liability Long-term notes payable Long-term liability Prepaid rent Current asset Dividend Not a balance sheet account Equipment Property, Plant, and Equipment Cash Current asset Wages payable Current liability Retained earnings Stockholder's equity Account receivable Current asset Supplies Current assetRelated Questions
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