A) is the bill that the purchaser receives from the vendor B) is the purchaser's request for payment from the seller C) is a demand for immediate payment D) must be paid within 10 days from the date of the invoice A) is the bill that the purchaser receives from the vendor B) is the purchaser's request for payment from the seller C) is a demand for immediate payment D) must be paid within 10 days from the date of the invoice

From the following details of a merchandiser,calculate the cost of goods sold.(Assume the merchandiser uses the periodic inventory system.) \[\begin{array} { | l | r | } \hline \text { Net Sales Revenue } & \$ 199,000 \\ \hline \text { Purchases } & 93,000 \\ \hline \text { Purchase Returns and } &\\ \text { Allowances } & 1,600 \\ \hline \text { Purchase Discounts } &1,250 \\ \hline \text { Freight In } &1,650 \\ \hline \text { Beginning Merchandise } & \\ \text { Inventory } &63,000 \\ \hline \text { Ending Merchandise Inventory } & 38,000\\ \hline \end{array}\]

A) $116,800 B) $65,150 C) $115,150 D) $53,800 A) $116,800 B) $65,150 C) $115,150 D) $53,800

From the following details,calculate operating income. \[\begin{array} { | l | r | } \hline \text { Net Sales Revenue } & \$ 420,000 \\ \hline \text { Cost of Goods Sold } & 260,000 \\ \hline \text { Operating Expenses } & 80,000 \\ \hline \text { Interest Revenue } & 7,000 \\ \hline \end{array}\]

A) $87,000 B) $160,000 C) $80,000 D) $73,000 A) $87,000 B) $160,000 C) $80,000 D) $73,000

Exam 5: Merchandising Operations

On November 1,2019,Alpha Omega,Inc.sold merchandise for $12,000,FOB destination,with payment terms,n/30.The cost of goods sold was $3,840.On November 3,the customer returns on this sale amounted to $4,800.The company received the balance on November 9,2019.Calculate the cost of goods sold from these transactions.

(Multiple Choice)

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Question 181

Defective,damaged,or otherwise unsuitable merchandise that is returned to the seller is referred to as purchase allowances by the purchaser.

(True/False)

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Question 182

Journalize the following transaction for a merchandiser that uses the perpetual inventory system. Received returned goods from a customer,$1,000 (cost,$740).The goods were sold on account.Omit explanation.

(Essay)

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Question 183

Carpenter Company generated sales revenues of $1,000,000 in 2019.Its cost of goods sold amounted to $\$ 600,000$ Calculate Carpenter's gross profit percentage.

(Multiple Choice)

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Question 184

Journalize the following purchase transactions for Rocky's Swimming Pool Supply Company using the periodic inventory system.Explanations are not required. May 2 Purchased \ 5,280 of merchandise inventory on account under terms 3/10,/30 and FOB shipping point. May 6 Returned \ 675 of defective merchandise purchased on May May 8 Paid freight bill of \ 120 on May 2 purchase. May 12 Paid amount owed on credit purchase on May 2.

(Essay)

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Question 185

Which of the following line items would appear on the income statement of a company that uses the periodic inventory system,but not on that of a company that uses the perpetual inventory system?

(Multiple Choice)

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Question 186

On November 1,2019,Alpha Omega,Inc.sold merchandise for $16,000,FOB destination,with payment terms,n/30.The cost of goods sold was $5,280.On November 3,the customer returns on this sale amounted to $6,400.The company received the balance on November 9,2019.Calculate the gross profit from these transactions.

(Multiple Choice)

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Question 187

The Sales Discounts Forfeited account ________.

(Multiple Choice)

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Question 188

An invoice is also known as a bill.

(True/False)

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Question 189

An invoice ________.

(Multiple Choice)

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Question 190

When using the perpetual inventory system,the entry to close Cost of Goods Sold will include a debit to Income Summary.

(True/False)

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Question 191

The Merchandise Inventory account is only used in a perpetual inventory system.

(True/False)

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Question 192

Which of the following is subtracted from net sales revenue to arrive at gross profit on a multi-step income statement?

(Multiple Choice)

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Question 193

From the following details of a merchandiser,calculate the cost of goods sold.(Assume the merchandiser uses the periodic inventory system.) Net Sales Revenue \ 199,000 Purchases 93,000 Purchase Returns and Allowances 1,600 Purchase Discounts 1,250 Freight In 1,650 Beginning Merchandise Inventory 63,000 Ending Merchandise Inventory 38,000

(Multiple Choice)

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Question 194

On November 1,2018,A & C Janitorial Supply sold merchandise on account with a cost of $4,200 for $6,000 and payment terms of 3/10,n/30.The company uses a perpetual inventory system.Prepare the journal entries for this transaction.Omit explanations.

(Essay)

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Question 195

A single-step income statement shows subtotals for gross profit and operating income.

(True/False)

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Question 196

An invoice is a request for payment from the purchaser.

(True/False)

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Question 197

Gross profit is calculated as the difference between net sales revenue and ________.

(Multiple Choice)

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Question 198

Business Office Supplies Company uses the periodic inventory system.On February 1,the sole proprietorship purchased inventory on account for $20,000.The terms of invoice were 5/10,n/30.The amount due was paid on February 9.Which of the following journal entries correctly records the payment in the books of Business Office Supplies?

(Multiple Choice)

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Question 199

From the following details,calculate operating income. Net Sales Revenue \ 420,000 Cost of Goods Sold 260,000 Operating Expenses 80,000 Interest Revenue 7,000

(Multiple Choice)

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Question 200

Showing 181 - 200 of 277

Exam 5: Merchandising Operations

Defective,damaged,or otherwise unsuitable merchandise that is returned to the seller is referred to as purchase allowances by the purchaser.

Journalize the following transaction for a merchandiser that uses the perpetual inventory system. Received returned goods from a customer,$1,000 (cost,$740).The goods were sold on account.Omit explanation.

Carpenter Company generated sales revenues of $1,000,000 in 2019.Its cost of goods sold amounted to $600,000\$ 600,000$600,000 Calculate Carpenter's gross profit percentage.

Which of the following line items would appear on the income statement of a company that uses the periodic inventory system,but not on that of a company that uses the perpetual inventory system?

The Sales Discounts Forfeited account ________.

An invoice is also known as a bill.

An invoice ________.

When using the perpetual inventory system,the entry to close Cost of Goods Sold will include a debit to Income Summary.

The Merchandise Inventory account is only used in a perpetual inventory system.

Which of the following is subtracted from net sales revenue to arrive at gross profit on a multi-step income statement?

On November 1,2018,A & C Janitorial Supply sold merchandise on account with a cost of $4,200 for $6,000 and payment terms of 3/10,n/30.The company uses a perpetual inventory system.Prepare the journal entries for this transaction.Omit explanations.

A single-step income statement shows subtotals for gross profit and operating income.

An invoice is a request for payment from the purchaser.

Gross profit is calculated as the difference between net sales revenue and ________.

From the following details,calculate operating income. Net Sales Revenue \ 420,000 Cost of Goods Sold 260,000 Operating Expenses 80,000 Interest Revenue 7,000

Accounting and the Business Environment

Recording Business Transactions

The Adjusting Process

Completing the Accounting Cycle

Merchandise Inventory

Accounting Information Systems

Internal Control and Cash

Receivables

Plant Assets,natural Resources,and Intangibles

Current Liabilities and Payroll

Partnerships

Corporations

Long-Term Liabilities

Investments

The Statement of Cash Flows

Financial Statement Analysis

Introduction to Managerial Accounting

Job Order Costing

Process Costing

Cost-Volume-Profit Analysis

Master Budgets

Flexible Budgets and Standard Cost Systems

Cost Allocation and Responsibility Accounting

Short-Term Business Decisions

Capital Investment Decisions

Filters

Carpenter Company generated sales revenues of $1,000,000 in 2019.Its cost of goods sold amounted to $\$ 600,000$ Calculate Carpenter's gross profit percentage.