If, in the effort to prove cash, a shortage is found, the amount ...

[mspears3]

If, in the effort to prove cash, a shortage is found, the amount is treated as a(n)
 a. cash receipts transaction.
   b. petty cash transaction.
   c. revenue earned transaction.
   d. expense.

Question 2

South Seas reported the following items on its financial statements. Determine the amount of cost of goods sold.
 
  Net income  50,000
   Sales 250,000
   Operating expenses 120,000

[kxciann]

Answer to Question 1

d

Answer to Question 2

250,000 - 50,000 - 120,000 = 80,000

[mspears3]

Correct answers!

[kxciann]

Great! Please up vote