1. Georgia Company's beginning and ending inventory amounts were $150,000 and $140,000, respectively. Cost of goods sold was $670,000. Georgia Company purchased ________ of inventory.
d)an indeterminable amount
2. Which of the following could be used as account titles to refer to the owners paying more than the par value for a company's common stock?
1. paid in capital
2. additional paid in capital
3. capital in excess of par value of stock
4. capital surplus
b)2 and 3
c)1, 2, and 3
d)1, 2, 3, and 4
4. The cash paid for taxes is included in the ________ section of the statement of cash flows.
1. Use the equation
Cost of goods sold = Beginning Inventory + Purchases - Ending Inventory
670,000 = ...
The solution explains some multiple choice questions relating to inventory, common stock, cash and cash flows