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charter oak acc101 week 5 test part 1

Question

1. Sales revenue is recognized in the period in which:

Answer

• Question 2

2.451 out of 2.451 points

2. Gross profit is the difference between:

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• Question 3

2.451 out of 2.451 points

3. The credit term 2/10 n/30 means:

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• Question 4

0 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:

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• Question 5

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5. Inventory shrinkage is caused by:

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• Question 6

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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:

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• Question 7

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7. The following information is available:

Sales $ 1,200

Inventory-year-end 500

Purchases 800

Cost of Goods Sold 900

Calculate the gross profit:

Answer

• Question 8

0 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 9

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9. If cost of goods sold is $420,000 and the gross profit rate is 40%, what is the gross profit?

Answer

• Question 10

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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 11

0 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 12

2.451 out of 2.451 points

Use the following to answer questions 12-14

TV 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 $1,800

Jan. 18. Purchased 4 additional Flat TVs at $1,800 each

Feb. 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 13

2.451 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:

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