« previous next »

Author Question: Which of the following general ledger accounts will have a subsidiary ledger account? A) Cost of ... (Read 369 times)

mp14

  • Hero Member
  • *****
  • Posts: 534
on: Jul 5, 2018
Which of the following general ledger accounts will have a subsidiary ledger account?
 
  A) Cost of Goods Sold account
  B) Work-in-Process Control account
  C) Joe's Accounts Receivable subsidiary account
  D) Operating Expenses account

Question 2

Based on this information, is Scott Industries profitable? Explain your answer.


sultansheikh

  • Sr. Member
  • ****
  • Posts: 335
Reply #1 on: Jul 5, 2018
Answer to Question 1

Answer: B

Answer to Question 2

(165,000 Fees Earned + 3,000 Interest Income)  (40,000 Salaries & WagesExpense + 44,000 Selling Expenses + 18,000 Income Taxes Expense +20,000 Rent Expense) = 46,000 Net Income

Scott Industries had net income for the period of 46,000 . Since revenuesexceeded expenses for the period, the company would be considered profitable.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Your heart beats over 36 million times a year.

Did you know?

Persons who overdose with cardiac glycosides have a better chance of overall survival if they can survive the first 24 hours after the overdose.

Did you know?

Amphetamine poisoning can cause intravascular coagulation, circulatory collapse, rhabdomyolysis, ischemic colitis, acute psychosis, hyperthermia, respiratory distress syndrome, and pericarditis.

Did you know?

Most strokes are caused when blood clots move to a blood vessel in the brain and block blood flow to that area. Thrombolytic therapy can be used to dissolve the clot quickly. If given within 3 hours of the first stroke symptoms, this therapy can help limit stroke damage and disability.

Did you know?

To maintain good kidney function, you should drink at least 3 quarts of water daily. Water dilutes urine and helps prevent concentrations of salts and minerals that can lead to kidney stone formation. Chronic dehydration is a major contributor to the development of kidney stones.

Stages of General Anesthesia Stages of General Anesthesia
When operating your own business, it is wise to know your cost of capital and that of the ... When operating your own business, it is wise to know your cost of capital and that of the ...
You deposit $2000 each year into an account earning 4% interest compounded annually. How much ... You deposit $2000 each year into an account earning 4% interest compounded annually. How much ...
A mother invests $9000 in a bank account at the time of her daughter's birth. The interest is ... A mother invests $9000 in a bank account at the time of her daughter's birth. The interest is ...
Calculate the weighted-average cost of the following inventory purchases:DateQuantity ... Calculate the weighted-average cost of the following inventory purchases:DateQuantity ...
Cost = $99.49; Rate of markup based on cost = 32%. Find the markup and selling price. Cost = $99.49; Rate of markup based on cost = 32%. Find the markup and selling price.
Video: Methods of carbon dioxide transport - carbaminohemoglobin and bicarbonate ions

For a complete list of videos, visit our video library