Details of this Paper

POST ACC111 WEEK 5 CH 5 AND 6 SELF QUIZ AND QUIZ

Description

solution


Question

Question;? Question;1;2 out of 2 points;Based on the following income;statement what is the Net Profit Margin Ratio?;Cinnamon and Spice., Inc.;Income Statement;As of Dec. 31, 200X;Revenue;Sales $180,000;Expenses;Selling expense 84,000;Operating expense 18,000;Interest expense 11,000;Other expense 7,000;Total expense 120,000;Net Income $60,000;33.33%;66.67%;3%;1.5%;? Question;2;2 out of 2 points;Company A has assets of;$2,000,000, liabilities = 400,000 and equity = $1,600,000.;What is the debt to asset ratio for Company A?;20%;25%;50%;80%;?;? Question;1;0 out of 0 points;Company A has assets of;$1,000,000, liabilities = 400,000 and equity = $600,000.;What is the debt to asset ratio for Company A?;40%;60%;100%;20%;? Question;2;0 out of 0 points;Based on the following income;statement what is the Net Profit Margin Ratio?;Cinnamon and;Spice., Inc.;Income;Statement;12/31/2008;Revenue;Sales $200,000;Expenses;Selling expense 112,000;Operating expense 28,000;Interest expense 25,000;Other expense 15,000;Total expense 180,000;Net Income $20,000;10%;20%;180%;80%;?;CH 6;? Question;1;2 out of 2 points;Sales with terms 2/ 10, n/ 30;means;The;buyer gets a 10 percent discount for payment within 30 days.;The buyer gets 2 percent discount for payment within 10;days.;The;buyer gets a 10 percent discount for payment within 10 days.;The;buyer gets a 2 percent discount for payment within 30 days.;? Question;2;2 out of 2 points;A $ 1,000 sale is made on May 1;with terms 2/ 10, n/ 30. What amount, if received on May 9, will the customer?s;check be?;$1,000;$ 900;$ 980;$ 800;? Question;3;2 out of 2 points;A company has net sales of;$500,000 and cost of goods sold of $400,000.;The company?s gross profit percentage is;80%;20%;50%;10%;? Question;4;2 out of 2 points;Company Alpha has Sales of;$800,000, Sales Discounts of $40,000 and Sales Returns of $50,000. How will this be shown on the Income;Statement?;With net sales of $710,000;With;net sales of $890,000;With;net sales of $790,000;With;net sales of $810,000;? Question;5;2 out of 2 points;On March 1, 200X Bravo Company;sells $6,000 of services on credit terms offering a 2% discount if paid within;ten days. They are paid on March 3. The customer takes the discount, what is;Bravo Company?s accounting entry on March 3, 200X?;Debit cash $6,000, credit accounts receivable $6,000.;Debit;cash $5,880, credit accounts receivable $6,000.;Debit;cash $5,880, credit accounts receivable $5,880.;Debit cash $5,880, debit sales discount $120, credit;accounts receivable $6,000.;$6,000 minus $120 = $5,880 payment.;? Question;6;2 out of 2 points;The accounting entry for a sales;return includes;A debit;to the sales account and a credit to cash.;A;credit to the sales account and a debit to cash.;A debit to the sales return account and a credit to cash.;A;credit to inventory and a debit to the sales return account.;? Question;1;0 out of 0 points;Sales with terms 2/ 10, n/ 30;means;The;buyer gets a 10 percent discount for payment within 30 days.;The buyer gets 2 percent discount for payment within 10;days.;The;buyer gets a 10 percent discount for payment within 10 days.;The;buyer gets a 2 percent discount for payment within 30 days.;? Question;2;0 out of 0 points;A $ 1,000 sale is made on May 1;with terms 2/ 10, n/ 30. What amount, if received on May 9, will be considered;payment in full?;$ 1,000;$ 900;$ 800;$ 980;? Question;3;0 out of 0 points;A company has net sales of;$500,000 and cost of goods sold of $400,000.;The company?s gross profit percentage is;80%;20%;50%;10%;? Question;4;0 out of 0 points;Company Alpha has Sales of;$800,000, Sales Discounts of $40,000 and Sales Returns of $50,000. How will this be shown on the Income;Statement?;With net sales of $710,000;With;net sales of $890,000;With;net sales of $790,000;With;net sales of $810,000

 

Paper#38802 | Written in 18-Jul-2015

Price : $26
SiteLock