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Author Question: Which of the following general ledger accounts will have a subsidiary ledger account? A) Cost of ... (Read 368 times)

mp14

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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

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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.


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