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  3. 27) green co. received merchandise on consignment.

27) Green Co. received merchandise on consignment. As of January 31, Green included the goods...

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27) Green Co. received merchandise on consignment. As of January 31, Green included the goods in inventory, but died not record the transaction. The effect of this on its financial statements for January 31 would be a) net income, current assets, and retained earnings were overstated bi net income and current assets were overstated and current liabilities were understated c) net income was correct and current assets were understated dj net income, current assets, and retained earnings were understated 22) During 2012 Carne Corporation transferred inventory to Nolan Corporation and agreed to repurchase the merchandise early in 2013. Nolan then used the inventory as collateral to borrow from Norwalk Bank, remitting the proceeds This transaction is known as a(n) to Carne. In 2013 when Carne repurchased the inventory, Nolan used the proceeds to repay its bank loan aj assignment for the benefit of creditors b) product financing arrangement d) installment sale 25) Construction of a qualifying asset is started on April 1 and finished on December 1. The fraction used to multiply an expendture made on April 1 to find weighted-average accumulated expenditures is b) a/a 2/12 d 9/12

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