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14 Aug

Accounting Homework Multiple choice file attached

Posted at 14:52h in 2013/11/4 by

MULTIPLE CHOICE

Question 1

    • A company had sales of $375,000 and its gross profit was $157,500. Its cost of goods sold equals:
   
  • $(217,000).
   
  • $375,000.
   
  • $157,500.
   
  • $217,500.
   
  • $532,500.

15 points  

Question 2

    • A company purchased $1,800 of merchandise on December 5. On December 7, it returned $200 worth of merchandise. On December 8, it paid the balance in full, taking a 2% discount. The amount of the cash paid on December 8 equals:
   
  • $200.
   
  • $1,564.
   
  • $1,568.
   
  • $1,600.
   
  • $1,800.

15 points  

Question 3

    • An account used in the periodic inventory system that is not used in the perpetual inventory system is
   
  • Merchandise Inventory
   
  • Sales
   
  • Sales Returns and Allowances
   
  • Accounts Payable
   
  • Purchases

15 points  

Question 4

    • Brig Company had $800,000 in sales, sales discounts of $12,000, sales returns and allowances of $18,000, cost of goods sold of $380,000, and $275,000 in operating expenses. Gross profit equals:
   
  • $770,000.
   
  • $115,000.
   
  • $390,000.
   
  • $402,000.
   
  • $408,000.

15 points  

Question 5

    • Cost of goods sold:
   
  • Is another term for merchandise sales.
   
  • Is the term used for the cost of buying and preparing merchandise for sale.
   
  • Is another term for revenue.
   
  • Is also called gross margin.
   
  • Is a term only used by service firms.

15 points  

Question 6

    • Expenses of promoting sales by displaying and advertising merchandise, making sales, and delivering goods to customers are:
   
  • General and administrative expenses.
   
  • Cost of goods sold.
   
  • Selling expenses.
   
  • Purchasing expenses.
   
  • Nonoperating activities.

15 points  

Question 7

    • Herald Company had sales of $135,000, sales discounts of $2,000, and sales returns of $3,200. Herald Company's net sales equals:
   
  • $5,200.
   
  • $129,800.
   
  • $133,000.
   
  • $135,000.
   
  • $140,200.

15 points  

Question 8

    • Merchandise inventory:
   
  • Is a long-term asset.
   
  • Is a current asset.
   
  • Includes supplies.
   
  • Is classified with investments on the balance sheet.
   
  • Must be sold within one month.

15 points  

Question 9

    • On October 1, Courtland Company sold merchandise in the amount of $5,800 to Carter Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Courtland uses the periodic inventory system. The journal entry or entries that Courtland will make on October 1 is:
    •  image006.png 
   
  • Choice A
   
  • Choice B
   
  • Choice C
   
  • Choice D
   
  • Choice E

15 points  

Question 10

    • On October 1, Courtland Company sold merchandise in the amount of $5,800 to Carter Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Courtland uses the periodic inventory system. Carter pays the invoice on October 8, and takes the appropriate discount. The journal entry that Courtland makes on October 8 is:
    •  image007.png 
   
  • Choice A
   
  • Choice B
   
  • Choice C
   
  • Choice D
   
  • Choice E

15 points  

Question 11

    • On October 1, Mutch Company sold merchandise in the amount of $5,800 to Carr Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Mutch uses the perpetual inventory system. On October 4, Carr returns some of the merchandise. The selling price of the merchandise is $500 and the cost of the merchandise returned is $350. The entry or entries that Mutch must make on October 4 is:
    •  image005.png 
   
  • Choice A
  • z
  
  • Choice B
   
  • Choice C
   
  • Choice D
   
  • Choice E

15 points  

Question 12

    • On October 1, Robinson Company sold merchandise in the amount of $5,800 to Rosser, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Robinson uses the perpetual inventory system. The journal entry or entries that Robinson will make on October 1 is:
    •  image003.png 
   
  • Choice A
   
  • Choice B
   
  • Choice C
   
  • Choice D

15 points  

Question 13

    • The amount recorded for merchandise inventory includes all of the following except:
   
  • Purchase discounts.
   
  • Returns and allowances.
   
  • Freight costs paid by the buyer.
   
  • Freight costs paid by the seller.
   
  • Trade discounts.

15 points  

Question 14

    • The credit terms 2/10, n/30 are interpreted as:
   
  • 2% cash discount if the amount is paid within 10 days, or the balance due in 30 days.
   
  • 10% cash discount if the amount is paid within 2 days, or the balance due in 30 days.
   
  • 30% discount if paid within 2 days.
   
  • 30% discount if paid within 10 days.
   
  • 2% discount if paid within 30 days.

15 points  

Question 15

    • The current period's ending inventory is:
   
  • The next period's beginning inventory.
   
  • The current period's cost of goods sold.
   
  • The prior period's beginning inventory.
   
  • The current period's net purchases.
   
  • The current period's beginning inventory.

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