What is the major difference between a periodic and perpetual inventory system?
a. Under the periodic inventory system, the purchase of inventory will be debited to the Purchases account.
b. Under the periodic inventory system, no journal entry is recorded at the time of the sale of inventory for the cost of the inventory.
c. Under the periodic inventory system, all adjustments such as purchases returns and allowances and discounts are reconciled at the end of the month.
d. All of the answers are correct.
Question 2
Beta Company reported the following information in its year ended December 31, 2012 financials:
Net income 15,000
Sales revenue 75,000
Retained earnings - beginning balance 16,000
Dividends 4,000
1. What were the company's total expenses?
2. How much of the company's profits have been kept by the company as of 1/1/12?
3. What is the balance of retained earnings at December 31, 2012?
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