Columbia, Inc. had the following transaction in February:
- Columbia sold inventory for $7,200. $3,500 was received in cash and the remainder was on account. The inventory cost was $4,000.
- Columbia purchased new inventory costing $6,000. $3,000 was paid in cash and the remainder was on account.
- Columbia paid $1,200 for February wages and an additional $400 for wages incurred in the last week of January. $300 of wages incurred in the last week of February will be paid March 5.
- Columbia received $1,000 from customers at deposits on orders to be delivered March 9.
- Columbia collected $800 on accounts receivable.
Columbia should report how much revenue in February?
- $7,200
- $5,300
- $8,000
- $9,000
- None of the above
Columbia should report how much expense in February?
- $11,200
- $5,900
- $5,500
- $5,200
- None of the above
The Rest Of TheVideos
| 1 | Not completed | The Multistep Income Statement | 13 min |
| 2 | Not completed | Gross Profit vs Net Profit | 7 min |
| 3 | Not completed | Profit Margin | 4 min |
| 4 | Not completed | Cash vs. Accrual Accounting | 8 min |
| 5 | Not completed | Expense Recognition | 9 min |
Chapter 3Practice Problems
| Click Here to View All Problems at Once | View | ||
| 1 | Not completed | Revenue Recognition | Easy |
| 2 | Not completed | Determining Net Income From Journal Entries | Moderate |
| 3 | Not completed | Determining Net Income From Transactions | Moderate |
| 4 | Not completed | Calculating Operating Income | Hard |
| 5 | Not completed | Revenue and Expense Recognition You are here. | Hard |