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Q: Net income is recorded on the work sheet under the A. debit column of the adjusted trial balance and the credit column of retained earnings B. debit column of the income statement and the
credit column of the balance sheet C. credit column of the adjusted trial balance and the debit column of retained earnings D. credit column of the income statement and the debit column of the balance sheet
A: Net income is recorded on the work sheet under B. [ debit column of the income statement and the credit column of the balance sheet. Net income is recorded under the debit column of the income statement to achieve equality and in the balance sheet credit column as an increase in retained earnings. ]
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Original conversation
User: Net income is recorded on the work sheet under the A. debit column of the adjusted trial balance and the credit column of retained earnings B. debit column of the income statement and the credit column of the balance sheet C. credit column of the adjusted trial balance and the debit column of retained earnings D. credit column of the income statement and the debit column of the balance sheet

Weegy: Net income is recorded on the work sheet under B. [ debit column of the income statement and the credit column of the balance sheet. Net income is recorded under the debit column of the income statement to achieve equality and in the balance sheet credit column as an increase in retained earnings. ]
scijoe21|Points 2275|

User: At the beginning of the year, Uptown Athletic had an inventory of $400,000. During the year, the company purchased goods costing $1,500,000. If Uptown Athletic reported ending inventory of $600,000 and sales of $2,000,000, their cost of goods sold and gross profit rate would be A. $900,000 and 65% B. $1,300,000 and 35% C. $900,000 and 35% D. $1,300,000 and 65%

Weegy: The answer would be C.$1,300,000 and 35% [ ]
Prinaker|Points 140|

User: During the year, Sarah’s Pet Shop’s merchandise inventory decreased by $30,000. If the company’s cost of goods sold for the year was $450,000, purchases would have been A. $480,000 B. $420,000 C. $390,000 D. Insufficient data to determine

Weegy: B) $420,000
Shanaaz1986|Points 480|

User: At the beginning of the year, Wildcat Athletic had an inventory of $200,000. During the year, the company purchased goods costing $700,000. If Wildcat Athletic reported ending inventory of $300,000 and sales of $1,000,000, their cost of goods sold and gross profit rate would be A. $400,000 and 60% B. $600,000 and 40% C. $400,000 and 40% D. $600,000 and 60%

Weegy: Beginning Inventory $200,000 Plus Purchases $700,000 Minus Ending Inventory ($300,000) Equals Cost of Goods Sold $600,000 (answer) Gross Profit = Sales $1,000,000 minus Cost of Goods Sold $600,000 Gross Profit = $400,000 Gross Profit % = Gross [ Profit $400,000 / Sales $1,000,000 Gross Profit % = 40% (answer) ]
bongche|Points 3864|

User: The entry to record of sale of $900 with terms of 2/10, n/30 will include a A. debit to Sales Discount for $18 B. debit to Sales Revenue for $882 C. credit to Accounts Receivable for $900 D. credit to Sales Revenue for $900

Weegy: The entry to record sale of $900 with terms of 2/10, n/30 will include: D. credit to Sales Revenue for $900.
debnjerry|Points 48050|

User: Dobler Company uses a periodic inventory system. Details for the inventory account for the Units Per unit price Total Balance, 1/1/2012 200 $5.00 $1,000 Purchase, 1/15/2012 100 5.3 530 Purchase, 1/28/2012 100 5.5 550

Weegy: What is you question regarding these figures?
lhyn29lhyn|Points 630|

User: Dobler Company uses a periodic inventory system. Details for the inventory account for the Units Per unit price Total Balance, 1/1/2012 200 $5.00 $1,000 Purchase, 1/15/2012 100 5.3 530 Purchase, 1/28/2012 100 5.5 550 An end of the month (1/31/2012), inventory showed that 140 units were on hand. If the company uses LIFO, what is the value of the ending inventory? A. $737 B. $700 C. $762 D. $1,380

Weegy: B. $700
anterp|Points 645|

User: A consistent application of an inventory costing method enhances A. conservatism B. accuracy C. comparability D. efficiency

Weegy: A consistent application of an inventory costing method enhances: B. accuracy
ShannelleR|Points 280|

User: The accountant at Patton Company has determined that income before income taxes amounted to $11,000 using the FIFO costing assumption. If the income tax rate is 30% and the amount of income taxes paid would be $300 greater if the LIFO assumption were used, what would be the amount of income before taxes under the LIFO assumption? A. $11,300 B. $12,000 C. $10,000 D. $10,700

Weegy: The correct answer would be A. The FIFO, or First In First Out method, is when a company sells the first-received, or oldest, inventory first. [ ]
danimai|Points 1504|

User: A very small company would have the most difficulty in implementing which of the following internal control activities? A. Separation of duties B. Limited access to assets C. Periodic independent verification D. Sound personnel procedures

User: A system of internal control A. is infallible B. can be rendered ineffective by employee collusion C. invariably will have costs exceeding benefits D. is premised on the concept of absolute assurance

Weegy: A system of internal control can be rendered ineffective by employee collusion.
Frankie17851|Points 3171|

User: The custodian of a company asset should A. have access to the accounting record for that asset B. be someone outside the company C. not have access to the accounting record for that asset D. be an accountant

Weegy: A. have access to the accounting record for that asset
stan_r|Points 1382|

User: The Sarbanes Oxley Act (2002) applies to A. U.S. companies but not international companies B. international companies but not U.S. companies C. U.S. and Canadian companies but not other international companies D. U.S. and international companies

Weegy: D. U.S. and international companies
akbest|Points 110|

User: Which financial statement is used to determine cash generated from operations? A. Income statement B. Statement of operations C. Statement of cash flows D. Retained earnings statement

Weegy: The financial statement used to determine cash generated from operations is C) Statement of cash flows.
Expert answered|innersource|Points 7355|

Question
Asked 6/23/2013 2:06:59 PM
Updated 5/13/2014 11:55:31 PM
1 Answer/Comment
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The custodian of a company asset should not have access to the accounting record for that asset.
Added 5/13/2014 11:55:31 PM
This answer has been confirmed as correct and helpful.
Confirmed by jeifunk [5/14/2014 12:10:14 AM]
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