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charter oak acc101 week 5 test part 1

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Question;? 1. Sales revenue is;recognized in the period in which:Answer? Question;22.451 out of 2.451 points 2.;Gross profit is the difference between:Answer ? Question;32.451 out of 2.451 points 3.;The credit term 2/10 n/30 means:Answer ? Question;40 out of 2.451 points 4.;Baker Products uses a perpetual inventory system. At year-end the;Inventory account had a balance of $368,000, but a complete year-end physical;inventory indicated goods on hand costing only $361,000. Baker should:Answer ? Question;52.451 out of 2.451 points 5.;Inventory shrinkage is caused by:Answer ? Question;62.451 out of 2.451 points 6.;Chicago Pizza reports net sales of $1,000,000, gross profit of $550,000;and net income of $80,000. The company's cost of goods sold is:Answer ? Question;72.451 out of 2.451 points 7. The following information is available:Sales $ 1,200Inventory-year-end 500Purchases 800Cost of Goods Sold 900 Calculate the gross profit:Answer ? Question;80 out of 2.451 points 8.;During the year 2000, the inventory of Judy's Gift Shop decreased by;$30,000. If the income statement for the year 2000 reported cost of goods sold;of $200,000, purchases during the year must have amounted to:Answer Selected;Answer: D) Some other amount.Correct Answer: B) $170,000. ? Question;90 out of 2.451 points 9.;If cost of goods sold is $420,000 and the gross profit rate is 40%, what;is the gross profit?Answer ? Question;100 out of 2.451 points 10.;At the beginning of the year, Scott's Sportswear had an inventory of;$100,000. During the year, the company purchased merchandise costing $650,000.;Net sales for the year totaled $1,000,000, and the gross profit rate was 40%.;The cost of goods sold and the ending inventory, respectively, were:Answer ? Question;110 out of 2.451 points 11.;On July 1, the inventory of Shoes & Socks was $60,000. Because of;anticipated back-to-school sales, the owner wants to have an inventory of;$95,000 on hand at the beginning of August. Net sales during July are expected;to total $50,000, with a gross profit rate of 45%. During July, the company;should purchase merchandise costing:Answer Response;Feedback: Q 17 Gross profit;rate 45% c/s reciprocal 55%;x July expected sales 50,000 =;27,500. Begin inventory 60,000 -;27,500 to be sold in July = 32,500.;They want 95,000 inventory at end of July, they will have - 32,500 =;62,500 ? Question;122.451 out of 2.451 points Use the following to answer;questions 12-14TV Warehouse is a small retail business that specializes in;the sale of top-of-the-line televisions.;This year, the store has begun to carry the Flat TV manufactured by Hiltai;Co. Thus far this year, TV Warehouse has recorded the following transactions;involving the Flat TV:Jan. 5. Purchased 7;Flat TVs at a unit cost of $1,800Jan. 18. Purchased 4;additional Flat TVs at $1,800 eachFeb. 12. Sold 8 Flat;TVs to the Merry Hotel for $20,000 18. If TV Warehouse uses a perpetual inventory;system, the journal entry to record the purchase on January 18th would include;which of the following? Answer ? Question;132.451 out of 2.451 points 13.;If TV Warehouse uses a perpetual inventory system, the journal entry to;record the sale on February 12th would include all of the following except:Answer 14. TV Warehouse maintains a;subsidiary ledger account for each type of TV carried in the store. An;examination of the account for the Flat TV model at the end of February would;show;="msonormal">

 

Paper#42580 | Written in 18-Jul-2015

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