I have most of them done but would like to have these ones double checked... Please Help!!!

2. The balance sheet format that lists assets above liabilities is the _______ form.
A. alphabetical
B. liquidity
C. account
D. report

I said B

13. Nick Company reports the following inventory information:
Inventory Number Inventory Quantity Unit Cost Unit Market Value
What is the total value of the merchandise under LCM (lower-of-cost or market)?
APD 4837 440 $51.29 $51.48
CPZ 2837 290 $76.59 $77.02
IXL 9291 310 $42.34 $42.47
EOD 1717 200 $22.19 $21.75
DKS 3088 180 $31.22 $31.17
A. $67,961.70
B. $67,864.70
C. $68,210.30
D. $68,113.30

I said C

21. ABC Corporation pays an invoice for $350 in time to take a 3% discount. The journal entry to record
The payment of this invoice is
A. debit Accounts Payable $350; credit Inventory $10.50, credit Cash $339.50.
B. debit Accounts Payable $340; debit Inventory $10; credit Cash $350.
C. debit Accounts Payable $350; credit Cash $350.
D. debit Accounts Payable $340; credit Cash $340.

I said A

24. Net sales times the historical gross profit percentage yields the estimated
A. beginning inventory.
B. ending inventory.
C. cost of goods sold.
D. Gross profit.

I said A

32. Besides using an overstatement of earnings to inflate a company's stock price, overstating earnings may
Also be used to
A. deflates the amount of taxes the corporation pays.
B. ensures larger bonuses to upper management at year-end.
C. avoids paying dividends to stockholders.
D. avoids paying raises to employees.

I said A

39. under a perpetual inventory system, the account to which transportation charges on incoming
Merchandise is generally entered is
A. inventory.
B. FOB destination.
C. FOB shipping.
D. delivery expense.

I said D

44. When a merchandiser sells on account, which of the following is not needed to record the transaction?
A. Accounts receivable
B. Cash
C. Inventory
D. Cost of goods sold

I said B

61. Committing a fraud because the employee feels that it will be easy to do is indicative of which part of
The fraud triangle?
A. Rationalization
B. Perceived opportunity
C. Perceived pressure
D. Realization

I said C

76. Goods available for sale are $350,000; beginning inventory is $24,000; ending inventory is $32,000;
And cost of goods sold is $275,000. The inventory turnover is
A. 8.59.
B. 12.50.
C. 9.82.
D. 11.46.

I said C

82. The major difference in the statement of retained earnings between a service business and a
Merchandising business is
A. that the retained earnings statement of a merchandising business includes dividends.
B. that the retained earnings statement of a merchandising business shows the cost of goods sold.
C. that the retained earnings statement of a service business includes dividends.
D. nothing. There are no differences between the two.

I said D

98. Bill’s Bikes had sales for the week of $3,569, of which $2,900 was on credit and $659 was in cash
Sales. The cost of the bikes sold was $1,888. The journal entries would include a
A. debit to Cost of Goods Sold for $1,888; credit to Inventory for $1,888.
B. debit to Cash for $3569; credit to Sales for $3,569.
C. debit to Cost of Goods Sold for $1,888; credit to Sales of $1,888.
D. debit to Cash for $3,569; credit to Cost of Goods Sold for $3,569.

I said A

2. The correct answer is C. account.

13. The correct answer is B. $67,864.70

21. The correct answer is C. debit Accounts Payable $350; credit Cash $350.

24. The correct answer is B. ending inventory.

32. The correct answer is C. avoids paying dividends to stockholders.

39. The correct answer is A. inventory.

44. The correct answer is B. Cash.

61. The correct answer is B. Perceived opportunity.

76. The correct answer is D. 9.82.

82. The correct answer is A. that the retained earnings statement of a merchandising business includes dividends.

98. The correct answer is A. debit to Cost of Goods Sold for $1,888; credit to Inventory for $1,888.

2. The balance sheet format that lists assets above liabilities is the liquidity form. To determine the correct answer for this question, you should review the different types of balance sheet formats and their characteristics. The liquidity form is a common format that lists assets in order of liquidity (how quickly they can be converted into cash) and liabilities after the assets.

13. To determine the total value of the merchandise under LCM (lower-of-cost or market), you need to compare the unit costs and unit market values of each inventory item and choose the lower value for each item. Then, you multiply the quantity of each item by its chosen value and sum up the results to obtain the total value. In this case, you would multiply the quantity by the lower value for each item (440 * $51.29, 290 * $76.59, 310 * $42.34, 200 * $21.75, 180 * $31.17) and add them together. Compare your calculated total with the answer options (A, B, C, D) to determine the correct choice.

21. The journal entry to record the payment of an invoice with a discount involves debiting Accounts Payable for the amount of the invoice and crediting Cash for the discounted amount. In this case, the discount is 3% of $350, so $350 - (3% of $350) = $339.50. Compare this to the options in the answer choices to find the correct journal entry.

24. Net sales times the historical gross profit percentage yields the estimated cost of goods sold. To calculate this, you multiply the net sales by the gross profit percentage (expressed as a decimal). This will give you the estimated gross profit. Then, subtract the estimated gross profit from the net sales to find the estimated cost of goods sold. Compare your calculated result with the options given to determine the correct choice.

32. Overstating earnings may have various motives. To determine the correct answer for this question, you need to consider the potential impact of overstatement on different aspects, such as taxes, management bonuses, dividend payments, and employee raises. Review each option and consider its relationship to overstating earnings to choose the most appropriate choice.

39. Under a perpetual inventory system, transportation charges on incoming merchandise are generally entered into the Delivery Expense account. Review the characteristics of different accounts related to inventory and transportation charges to find the correct choice.

44. When a merchandiser sells on account, all four options - accounts receivable, cash, inventory, and cost of goods sold - are needed to record the transaction. Compare this with the answer choices to determine the option that does not need to be recorded for the transaction.

61. The fraud triangle consists of three elements: rationalization, perceived opportunity, and perceived pressure. Review the characteristics of each element to choose the one that aligns with an employee committing fraud because they believe it will be easy to do.

76. The inventory turnover is calculated by dividing the cost of goods sold by the average inventory (which is the average of the beginning and ending inventory). To find the correct inventory turnover, compare your calculated result with the options provided.

82. The major difference in the statement of retained earnings between a service business and a merchandising business is whether or not dividends are included. Review the components and purpose of the statement of retained earnings for each type of business to determine the correct choice.

98. To record the sales and cost of goods sold transactions, you need to debit the Cost of Goods Sold account for the total cost of the bikes sold and credit the Inventory account for the same amount. Review the impact of sales and the related expenses on these accounts to determine the correct journal entry. Compare your calculation to the answer choices to find the correct option.