Answered: Inventory, beg. ₱50,000; Net purchases,…

Inventory, beg. ₱50,000; Net purchases, ₱120,000; Cost of goods sold, ₱80,000. How much is the Inventory, end.?A. 90,000 B. 120,000 C. 70,000 D. 80,000

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter3: Basic Accounting Systems: Accrual Basis

Section: Chapter Questions

Problem 5SEQ: The balance in the unearned rent account for Jones Co. as of December 31 is $1 ,20(). If Jones Co....

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Concept explainers

Leasing

Leasing is a contractual arrangement in which someone (a lessee) pays the owner (or lessor) of a building, land, vehicle, or other asset for the use of that asset. The lease is the agreement between lessee and lessor.

Question

choose the correct letter of answer

If deposit for lease contract was recorded as Rent Expense,
A. expense is understated.
B.asset is not affected.
C.profit is overstated.
D. owner’s equity is understated.

Inventory, beg. ₱50,000; Net purchases, ₱120,000; Cost of goods sold, ₱80,000. How much is the Inventory, end.?A. 90,000
B. 120,000
C. 70,000
D. 80,000

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