ACC 200

ACC 200 Exam 3 Stussy Questions And Answers With Verified Tests On May 31st a store had cash sales of $30,000 and collected related sales taxes of $1,500. What is the journal entry that the store records and what is the impact on the accounting equation? ANS May 31 Dr. Cash 31,500 Cr. Sales Revenue 30,000 Cr. Sales Taxes Payable 1,500 A + 31,500 = L +1,500 + SE +30,000 What are secured bonds? ANS Bonds that have specific assets pledged as collateral. What are unsecured bonds? ANS ...

ACC 200 Exam 2 Questions And Answers With Real Solutions What type of asset is equipment? ANS Plant, Property, and Equipment What is stockholders' equity? ANS Common stock + Retained Earnings Equation for Net Sales ANS Sales - Discounts - Returns = Net Sales Equation for Gross Profit ANS Net Sales - Cost of Goods Sold = Gross Profit What are some issues with high inventory levels? ANS Storage and other costs, obsolete goods What are some issues with low inventory levels? ...