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On October 4, 2013, JT Corporation had credit sales transactions of
$3,200 from merchandise having cost $1,900. The entries to record the
day’s credit transactions include a
credit of $1,900 to Cost of Goods Sold.
credit of $3,200 to Sales Revenue.
debit of $1,900 to Inventory.
debit of $3,200 to Inventory.
6IFRS Multiple Choice Question 257
Comprehensive income under IFRS
excludes unrealized gains and losses included in net income, in
contrast to GAAP.
includes unrealized gains and losses included in net income, similar to
GAAP.
excludes unrealized gains and losses included in net income, similar to
GAAP.
includes unrealized gains and losses included in net income, in
contrast to GAAP
7Multiple Choice Question 134
If a company has net sales of $700,000 and cost of goods sold of
$490,000, the gross profit percentage is
30%.