Financial accounting

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. | | |

Your Answer: Choice | Selected | Correct |
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. | | |

Your Answer: Choice | Selected |
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: | | |

Your Answer: Choice | Selected | Correct |
$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: | | |

Your Answer: Choice |Selected |
$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...