Reference no: EM132739258

Problem 1: Assuming an entity is profitable in the current period, the total of the Balance Sheet Credit column in the worksheet will be

a. smaller than the Income Statement debit column.

b. smaller than the Income Statement credit column.

c. smaller than the Balance Sheet debit column.

d. larger than the Balance Sheet debit column.

Problem 2: The amount of cost of goods available for sale during the year depends on the amounts of

a. beginning merchandise inventory and cost of goods sold.

b. beginning merchandise inventory and net purchases.

c. beginning merchandise inventory, cost of goods sold, and ending merchandise inventory.

d. beginning merchandise inventory, net purchases, and ending merchandise inventory.