Description : Sal’s gross profit for August, 2008 is a. $30,000. b. $19,000. c. $18,000. d. $16,000.
Last Answer : d. $16,000.
Description : Sal’s net income for August, 2008 is a. $18,000. b. $17,500. c. $16,500. d. $16,000.
Last Answer : c. $16,500.
Description : Sal’s nonoperating income (loss) for the month of August, 2008 is a. $0. b. $500. c. $1,000. d. $1,500.
Last Answer : d. $1,500.
Description : Salon’s net income is a. $60,000. b. $30,000. c. $18,000. d. $16,000.
Description : Salon’s gross profit is a. $60,000. b. $30,000. c. $18,000. d. $16,000.
Last Answer : b. $30,000.
Description : Salon’s income from operations is a. $60,000. b. $30,000. c. $18,000. d. $12,000.
Last Answer : c. $18,000.
Description : In the current contract, the workers’ wage rate is $20.00. Which of the following negotiation positions would be outside the starting and ceiling amounts? a. $16.00 to $25.00 b. $18.00 to $30.00 c. $18.00 to $35.00 d. $16.00 to $20.00
Last Answer : c. $18.00 to $35.00
Description : . What are total current liabililites at December 31, 2008? a. $18,000 b. $70,000 c. $88,000 d. $0
Last Answer : c. $88,000
Description : Cole Company has sales revenue of $39,000, cost of goods sold of $24,000 and operating expenses of $9,000 for the year ended December 31. Cole's gross profit is a. $30,000. b. $15,000. c. $6,000.
Last Answer : b. $15,000.
Description : Jake's Market recorded the following events involving a recent purchase of merchandise: Received goods for $20,000, terms 2/10, n/30. Returned $400 of the shipment for credit. Paid $100 freight on the shipment. ... . b. increased by $19,700. c. increased by $19,306. d. increased by $19,308.
Last Answer : d. increased by $19,308.
Description : At the beginning of September, 2008, RFI Company reported Merchandise Inventory of $4,000. During the month, the company made purchases of $7,800. At September 31, 2008, a physical count of inventory reported $3,200 on hand. ... sold for the month is a. $600. b. $7,800. c. $8,600. d. $11,800.
Last Answer : b. $7,800.
Description : In the Clark Company, sales were $480,000, sales returns and allowances were $30,000, and cost of goods sold was $288,000. The gross profit rate was a. 64%. b. 36%. c. 40%. d. 60%.
Last Answer : b. 36%.
Description : Baden Shoe Store has a beginning merchandise inventory of $30,000. During the period, purchases were $140,000; purchase returns, $4,000; and freight-in $10,000. A physical count of inventory at the end of the period revealed ... for sale was a. $164,000. b. $156,000. c. $176,000. d. $184,000.
Last Answer : c. Purchases Returns and Allo
Description : What is the company’s net income for the year ending December 31, 2008? a. $133,000 b. $42,000 c. $28,000 d. $12,000
Last Answer : b. $42,000
Description : The collection of a $900 account after the 2 percent discount period will result in a a. debit to Cash for $882. b. debit to Accounts Receivable for $900. c. debit to Cash for $900. d. debit to Sales Discounts for $18.
Last Answer : c. debit to Cash for $900.
Description : What is total liabilities and stockholders' equity at December 31, 2008? a. $176,000 b. $190,000 c. $218,000 d. $232,000
Last Answer : c. $218,000
Description : What are total long-term liabilities at December 31, 2008? a. $0 b. $70,000 c. $88,000 d. $90,000
Last Answer : a. $0
Description : What are total current assets at December 31, 2008? a. $26,000 b. $32,000 c. $36,000 d. $218,000
Last Answer : c. $36,000
Description : What is the total that would be reported for stockholders' equity at December 31, 2008? a. $102,000 b. $130,000 c. $144,000 d. $158,000
Last Answer : b. $130,000
Description : Felix has a gross income of $18,000. What is his total tax due?
Last Answer : 2026
Description : Flynn Company purchased merchandise inventory with an invoice price of $5,000 and credit terms of 2/10, n/30. What is the net cost of the goods if Flynn Company pays within the discount period? a. $5,000 b. $4,900 c. $4,500 d. $4,600
Last Answer : b. $4,900
Description : Following information is available of PQR for year ended March, 2013: 4,000 units in process, 3,800 units output, 10% of input is normal wastage, Rs. 2.50 per unit is scrap value and Rs. 46,000 incurred towards total process cost ... be:- (a) Rs. 2,500 (b) Rs. 2,000 (c) Rs. 4,000 (d) Rs. 3,500
Last Answer : (a) Rs. 2,500
Description : How many units must be sold if company wants to achieve a profit of Rs. 11,000 for the year? (a) 2,500 units (b) 9,833 units (c) 10,625 units (d) 13,409 units
Last Answer : (d) 13,409 units
Description : The actual output of 162,500 units and actual fixed costs of Rs. 87000 were exactly as budgeted. However, the actual expenditure of Rs 300,000 was Rs. 18,000 over budget. What was the budget variable cost per unit?
Last Answer : (a) Rs 1.20
Description : Calculate value of closing stock from the following: Opening stock of finished goods (500 units) : Rs. 2,000 Cost of production (10000 units) : Rs. 50,000Closing stock (1000 units):? (a) Rs. 4,000 (b) Rs. 4,500 (c) Rs. 5,000 (d) Rs. 6,000
Last Answer : (b) Rs. 4,500
Description : Total cost of a product: Rs. 10,000 Profit: 25% on Selling Price Profit is: (a) Rs. 2,500 (b) Rs. 3,000 (c) Rs. 3,333 (d) Rs. 2,000
Last Answer : (b) Rs. 2,80,000
Description : A transport company is running five buses between two towns, which are 50 kms apart. Seating capacity of each bus is 50 passengers. Actually passengers carried by each bus were 75% of seating capacity. All buses ran on all days of ... (a) 2,81,250 (b) 1,87,500 (c) 5,62,500 (d) None of the above
Last Answer : (c) 5,62,500
Description : Calculate the labour turnover rate according to Separation method from the following: No. of workers on the payroll: - At the beginning of the month: 500 - At the end of the month: 600 During the month, 5 workers left ... engaged for an expansion scheme. (a) 4.55% (b) 1.82% (c) 6% (d) 3%
Last Answer : (a) 4.55%
Description : Calculate the labour turnover rate according to replacement method from the following: No. of workers on the payroll: - At the beginning of the month: 500 - At the end of the month: 600 During the month, 5 workers left ... engaged for an expansion scheme. (a) 4.55% (b) 1.82% (c) 6% (d) 3%
Last Answer : (b) 1.82%
Description : If I make over $30,000, can I still be considered for housing assistance based on my income?
Last Answer : Yes, you can still be considered for housing assistance based on your income. The only thing you have to prove is that you don't own any properties and you don't have much money in your bank accounts.
Description : Ingrid's Fashions sold merchandise for $38,000 cash during the month of July. Returns that month totaled $800. If the company's gross profit rate is 40%, Ingrid's will report monthly net sales revenue and cost of goods ... b. $37,200 and $14,880. c. $37,200 and $22,320. d. $38,000 and $22,320.
Last Answer : c. $37,200 and $22,320.
Description : BDL Ltd. is currently preparing its cash budget for the year to 31 March 2014. An extract from its sales budget for the same year shows the following sales values. Rs March 60,000 April 70,000 May 55,000 June 65,000 40% ... 2013 is (a) Rs 60,532 (b) Rs 61,120 (c) Rs 66,532 (d) Rs 86,620
Last Answer : (a) Rs 60,532
Description : The operating profit and net sale of a firm are rs.2,00,000 and rs.10,00,000 respectively then operating ratio will be a) 20% b) 5% c) 50% d) 20%
Last Answer : a) 20%
Description : The amount of net sales on the income statement would be a. $154,000. b. $141,000. c. $160,000. d. $166,000.
Last Answer : c. $160,000.
Description : ncome Summary has a credit balance of $12,000 in J. Sawyer Co. after closing revenues and expenses. The entry to close Income Summary is a. credit Income Summary $12,000, debit Retained Earnings ... 000, credit Dividends $12,000. d. debit Income Summary $12,000, credit Retained Earnings $12,000.
Last Answer : d. debit Income Summary $12,000, credit Retained Earnings $12,000.
Description : At the beginning of April, Logan Enterprises had a $400 balance in the Supplies account. During the month, Logan purhchased additional supplies for $500. At April 30, the company had $350 of supplies on hand. The balance ... be closed to Income Summary is a. $350. b. $400. c. .$500. d. $550.
Last Answer : d. $550.
Description : Gross profit is calculated by subtracting ________ from _________, a. operating expenses, net income b. sales discounts from sales revenue c. cost of goods sold, net sales revenue d. merchandise inventory, cost of goods sold
Last Answer : c. cost of goods sold, net sales revenue
Description : Which of the following is not a true statement about a multiple-step income statement? a. Operating expenses are often classified as selling and administrative expenses. b. There may be a section for nonoperating ... be a section for operating assets. d. There is a section for cost of goods sold.
Last Answer : c. There may be a section for operating assets.
Description : Indicate which one of the following would appear on the income statement of both a merchandising company and a service company. a. Gross profit b. Operating expenses c. Sales revenues d. Cost of goods sold
Last Answer : b. Operating expenses
Description : . Income from operations will always result if a. the cost of goods sold exceeds operating expenses. b. revenues exceed cost of goods sold. c. revenues exceed operating expenses. d. gross profit exceeds operating expenses.
Last Answer : b. revenues exceed cost of goods sold.
Description : The operating expense section of an income statement for a wholesaler would not include a. freight-out. b. utilities expense. c. cost of goods sold. d. insurance expense
Last Answer : d. insurance expense
Description : With respect to the income statement, a. contra-revenue accounts do not appear on the income statement. b. sales discounts increase the amount of sales. c. contra-revenue accounts increase the amount of operating expenses. d. sales discounts are included in the calculation of gross profit.
Last Answer : d. sales discounts are included in the calculation of gross profit.
Description : Which of the following expressions is incorrect? a. Gross profit – operating expenses = operating income b. Sales – cost of goods sold – operating expenses = operating income c. Operating income + operating expenses = gross profit d. Operating expenses – cost of goods sold = gross profit
Last Answer : d. Operating expenses – cost of goods sold = gross profit
Description : aAfter gross profit is calculated, operating expenses are deducted to determine a. gross margin. b. operating income. c. gross profit on sales. d. net margin.
Last Answer : b. operating income.
Description : Income from operations is gross profit less a. administrative expenses. b. operating expenses. c. other expenses and losses. d. selling expenses.
Last Answer : b. operating expenses.
Description : Closing entries are made a. in order to terminate the business as an operating entity. b. so that all assets, liabilities, and Stockholders' equity accounts will have zero balances when the ... ) and dividends to the retained earnings account. d. so that financial statements can be prepared.
Last Answer : c. in order to transfer net income (or loss) and dividends to the retained earnings account. unt.
Description : Income tax paid should be shown separately as the cash flows from----------- activities. a) Financing b) Investing c) Operating d) Others
Last Answer : c) Operating
Description : Income statement ratios are also called ----------- a) Operating ratio b) Liquidity ratio c) Activity ratio d) Trend ratio
Last Answer : a) Operating ratio
Description : Suppose an economy’s entire output is cars. In Year 1, all manufacturers produce cars at $15,000 each; the real GDP is $300,000. In Year 2, 20 cars are produced at $16,000 each.?
Last Answer : What is the real GDP in Year 2? (Hint: Find out how many cars were made in year 1 by dividing the total values of all cars by their individual costs)