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UMUC ACCT301 week quiz 2




Question;Name;Date;YoumustcompletebothPart1(MAL)&Part2ofQuiz1;5Problems;Ch5,6,7,8,9,&10;MALPart1: 12 questions;UMUC-ACCT 301Due Sept.28,2014;Question1;Assume;Rustler?s Group made Net Sales Revenue of $137,500 and Cost of Goods Sold;totaled $100,375. What was Rustler?s Group?s gross profit percentage for this;period? (Round your answer to the nearest whole percent.);Question2;Assume: Deadwood Trading began March with;15 horses that cost a total of $1,500. During March, Deadwood Trading purchased;and sold horses as follows;3-Mar Purchased 12;$105;15-Mar Sold 18 $135;19-Mar Purchased 12;$55;30-Mar Sold 16 $135;A.;Under;the FIFO inventory costing Method and the perpetual inventory system, how much;is Deadwood Trading?s cost of goods sold for the sale on March 15?;Question 3;Assume;Whole in the began August with 22 holsters that cost a total of;$1,276. During August, Whole in the purchased and sold goods as;follows;5-Aug Purchased 42 $60;11-Aug Sold 35 $125;17-Aug Purchased 28 $55;25-Aug Sold 27 $125;A.;Suppose Whole in the used the;LIFO inventory costing method and the periodic inventory system. Using the;information above, determine Whole in the cost of goods sold at the;end of the month.;B.;At the end of August, Whole in the; has how many holsters in inventory and what is the total cost of the;holsters?;Question 4;The;Buffalo Bill Wild West Show had net sales of $152,000 for the year ended;December 31, 2013. Its beginning and ending total assets were $211,600 and $288,800;respectively. Determine The Buffalo Bill Wild West Show?s asset turnover ratio;for the year ended December 31, 2013. (Round the asset turnover ratio to two;decimal places, X.XX);Question 5;Calculate;Tombstone Laundry?s cash ratio using the following balance sheet;(Round the cash ratio to three decimal places;X.XXX);Tombstone;Laundry;Balance Sheet;December 31, 2013;Assets;Current Assets;Cash;$ 6,000;3 month CD;$ 6,200;Accounts Receivable;6,300;Office Supplies;200;Total Current Assets;$ 18,700;Plant Assets;Furniture;$ 8,000;Less: Accumulated;Depreciation;(6000);2,000;Building;42,000;Less: Accumulated;Depreciation;(24000);18,000;Land;10,000;Total Plant assets;30,000;Total Assets;$ 48,700;Liabilities;Current Liabilities;Accounts Payable;$ 2,000;Salaries Payable;500;Unearned revenue;5,000;Total;Current Liabilities;$ 7,500;Long -term Liabilities;Notes Payable;7,000;Total Liabilities;$ 14,500;Owner's Equity;Earp Capital;12/31/13;$ 34,200;Total Liabilities;Owner?s Equity;$ 48,700


Paper#40208 | Written in 18-Jul-2015

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