# Financial accounting

Páginas: 3 (722 palabras) Publicado: 12 de mayo de 2011
Question 1: Score 0/1
| A company had net sales of \$415,000 and cost of goods sold of \$365,000. Its gross margin equals \$50,000. | | |

True |   ||
False |   |   |
|

Question 2: Score 1/1
| A company had expenses other than cost of goods sold of \$350,000. Determine sales and gross profit given cost of goods sold was \$200,000 and netincome was \$160,000. | | |

Sales: \$710,000; Gross Profit: \$310,000. |   |
Sales: \$360,000; Gross Profit: \$310,000. |   |
Sales: \$360,000; Gross Profit:\$710,000. |   |
Sales: \$710,000; Gross Profit: \$510,000. |   |
Sales: \$510,000; Gross Profit: \$360,000. |   |
|
Feedback: | 160,000 net income + 350,000 other expenses = 510,000 gross profit510,000 gross profit + 200,000 cogs = 710,000 sales |

Question 3: Score 0/1
| A company purchased \$7,000 worth of merchandise. Transportation costs were an additional \$200. The company laterreturned \$250 worth of merchandise and paid the invoice within the 5% cash discount period. The total amount paid for this merchandise is: | | |

\$6,612.5.|   | |
\$6,222.5. |   |   |
\$6,412.5. |   |   |
\$6,710. |   |   |
\$7,087.5. |   |   |
|
Feedback: | [(\$7,000 - \$250) x 0.95] + \$200 = \$6,612.5 |

Question 4: Score 1/1
| BetaCompany had cash sales of \$94,775, credit sales of \$83,930, sales returns and allowances of \$3,200, and sales discounts of \$3,675. Beta's net sales for this period equal: | | |

\$175,030. |   |
\$175,505. |   |
\$171,830. |   |
\$179,180. |   |
\$87,900. |   |
|
Feedback: | \$94,775 + \$83,930 - \$3,200 - \$3,675 = \$171,830 |

Question 5: Score 1/1
| Acompany purchased \$3,300 of merchandise on March 5. On March 7, it returned \$300 worth of merchandise. On March 8, it paid the balance in full, taking a 2% discount. The amount of the cash paid on...

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