Accounting 211 Exam #2
A company has net sales of $746,000 and cost of goods $447,000.
sold of $299,000. Its gross profit equals:
A company has net sales of $389,400 and its gross $225,500.
profit is $163,900. Its cost of goods sold is:
Blue Wing Corporation's quick assets are $5,902,000, its 0.74.
current assets are $11,880,000 and its current liabilities are
$8,008,000. Its acid-test ratio equals:
A company's current assets are $18,390, its quick assets 0.81.
are $9,960 and its current liabilities are $12,300. Its quick
ratio is closest to:
TB MC Qu. 04-84 (Algo) Using the following year-end... 0.84
Using the following year-end information for Work-Fit
calculate the acid-test ratio:
Cash$ 53,150
Short-term investments 10,000
Accounts receivable (all current) 50,000
Inventory 190,000
Supplies 6,660
Accounts payable 104,000
Wages payable 30,700
A company's gross profit (or gross margin) was $82,280 22%.
and its net sales were $374,000. Its gross margin ratio is:
, A company's net sales were $746,100, its cost of goods 66.9%.
sold was $246,960 and its net income was $72,300. Its
gross margin ratio equals:
A company had net sales of $755,700 and cost of goods 27.9%
sold of $544,920. Its net income was $18,400. The
company's gross margin ratio equals:
P&P Skateboards had net sales of $2,600,000, its cost of 46%.
goods sold was $1,400,000, and its net income was
$900,000. Its gross margin ratio equals:
A company purchased $2,800 of merchandise on July 5 $2,415.
with terms 3/10, n/30. On July 7, it returned $310 worth of
merchandise. On July 8, it paid the full amount due. The
amount of the cash paid on July 8 equals:
Debit Accounts Payable $1,650; credit Merchandise Inventory $33; credit Cash
A company purchased $1,900 of merchandise on July 5 $1,617.
with terms 2/10, n/30. On July 7, it returned $250 worth of
merchandise. On July 12, it paid the full amount due.
Assuming the company uses a perpetual inventory
system, and records purchases using the gross method,
the correct journal entry to record the payment on July
12 is:
A company purchased $4,500 worth of merchandise. $4,459.30.
Transportation costs for the buyer were an additional
$395. The company returned $310 worth of merchandise
and then paid the invoice within the 3% cash
discount period. The total cost of this merchandise is:
A buyer of $7,900 in merchandise inventory failed to $237.
take advantage of the vendor's credit terms of 3/15,
n/45, and instead paid the invoice in full at the end of
45 days. By not taking advantage of the cash discount,
the buyer lost the discount of:
Garza Company had sales of $152,200, sales discounts of $146,245.
$2,300, and sales returns of $3,655. Garza Company's
net sales equals:
On February 3, Smart Company sold merchandise in the Account Title Debit Credit
amount of $4,600 to Kennedy Company, with credit terms Cash 4,462
of 3/10, n/30. The cost of the items sold is $3,175. Smart Sales discounts 138
uses the perpetual inventory system and the gross Accounts Receivable 4,600
method. Kennedy pays the invoice on February 8 and
takes the appropriate discount. The journal entry that
Smart makes on February 8 is:
A company has net sales of $746,000 and cost of goods $447,000.
sold of $299,000. Its gross profit equals:
A company has net sales of $389,400 and its gross $225,500.
profit is $163,900. Its cost of goods sold is:
Blue Wing Corporation's quick assets are $5,902,000, its 0.74.
current assets are $11,880,000 and its current liabilities are
$8,008,000. Its acid-test ratio equals:
A company's current assets are $18,390, its quick assets 0.81.
are $9,960 and its current liabilities are $12,300. Its quick
ratio is closest to:
TB MC Qu. 04-84 (Algo) Using the following year-end... 0.84
Using the following year-end information for Work-Fit
calculate the acid-test ratio:
Cash$ 53,150
Short-term investments 10,000
Accounts receivable (all current) 50,000
Inventory 190,000
Supplies 6,660
Accounts payable 104,000
Wages payable 30,700
A company's gross profit (or gross margin) was $82,280 22%.
and its net sales were $374,000. Its gross margin ratio is:
, A company's net sales were $746,100, its cost of goods 66.9%.
sold was $246,960 and its net income was $72,300. Its
gross margin ratio equals:
A company had net sales of $755,700 and cost of goods 27.9%
sold of $544,920. Its net income was $18,400. The
company's gross margin ratio equals:
P&P Skateboards had net sales of $2,600,000, its cost of 46%.
goods sold was $1,400,000, and its net income was
$900,000. Its gross margin ratio equals:
A company purchased $2,800 of merchandise on July 5 $2,415.
with terms 3/10, n/30. On July 7, it returned $310 worth of
merchandise. On July 8, it paid the full amount due. The
amount of the cash paid on July 8 equals:
Debit Accounts Payable $1,650; credit Merchandise Inventory $33; credit Cash
A company purchased $1,900 of merchandise on July 5 $1,617.
with terms 2/10, n/30. On July 7, it returned $250 worth of
merchandise. On July 12, it paid the full amount due.
Assuming the company uses a perpetual inventory
system, and records purchases using the gross method,
the correct journal entry to record the payment on July
12 is:
A company purchased $4,500 worth of merchandise. $4,459.30.
Transportation costs for the buyer were an additional
$395. The company returned $310 worth of merchandise
and then paid the invoice within the 3% cash
discount period. The total cost of this merchandise is:
A buyer of $7,900 in merchandise inventory failed to $237.
take advantage of the vendor's credit terms of 3/15,
n/45, and instead paid the invoice in full at the end of
45 days. By not taking advantage of the cash discount,
the buyer lost the discount of:
Garza Company had sales of $152,200, sales discounts of $146,245.
$2,300, and sales returns of $3,655. Garza Company's
net sales equals:
On February 3, Smart Company sold merchandise in the Account Title Debit Credit
amount of $4,600 to Kennedy Company, with credit terms Cash 4,462
of 3/10, n/30. The cost of the items sold is $3,175. Smart Sales discounts 138
uses the perpetual inventory system and the gross Accounts Receivable 4,600
method. Kennedy pays the invoice on February 8 and
takes the appropriate discount. The journal entry that
Smart makes on February 8 is:
