Company A has assets of $2,000,000, liabilities = 400,000 and equity = $1,600,000.
What is the debt to asset ratio for Company A?
Selected Answer:
Correct Answer:
Response Feedback:
%
Unit 5 chapter 6 quiz
· Question 1
2 out of 2 points
Sales with terms 2/ 10, n/ 30 means:
· Question 2
2 out of 2 points
A $ 1,000 sale is made on May 1 with terms 2/ 10, n/ 30. What amount, if received on May 9, will the customer’s check be?
· Question 3
2 out of 2 points
A company has net sales of $500,000 and cost of goods sold of $400,000. The company’s gross profit percentage is:
· Question 4
2 out of 2 points
Company Alpha has Sales of $800,000, Sales Discounts of $40,000 and Sales Returns of $50,000. How will this be shown on the Income Statement?
· Question 5
2 out of 2 points
On March 1, 200X Bravo Company sells $6,000 of services on credit terms offering a 2% discount if paid within ten days.They are paid on March 3.The customer takes the discount, what is Bravo Company’s accounting entry on March 3, 200X?
Selected Answer:
Correct Answer:
Response Feedback:
· Question 6
2 out of 2 points
The accounting entry for a sales return includes:
Selected Answer:
Correct Answer:
Response Feedback:
Sales returns is a contra sales account.
Thursday, November 2
Unit 6 chapter 7 quiz
· Question 1
2 out of 2 points
The 200X records of Thompson Company showed beginning inventory of $6,000, cost of goods sold of $14,000 and ending inventory of $8,000. The cost of purchases for 200X was:
· Question 2
2 out of 2 points
Post Company began the current month with $10,000 in inventory, then purchased inventory at a cost of $35,000. The inventory at the end of the month was $20,000.The cost of goods sold would be:
· Question 3
2 out of 2 points
Following is the inventory activity for July:
Beginning Balance 10 sweaters @ $12 each
1-Jul
Purchased 5 sweaters at $14 each
8-Jul
Purchased 8 sweaters at $17 each
17-Jul
Purchased 6 sweaters at $20 each
24-Jul
Sold 12 sweaters for $30 each
What is the ending inventory $ amount using the FIFO method?
· Question 4
2 out of 2 points
Following is the inventory activity for July:
Beginning Balance 10 sweaters @ $12 each
1-Jul
Purchased 5 sweaters at $14 each
8-Jul
Purchased 8 sweaters at $17 each
17-Jul
Purchased 6 sweaters at $20 each
24-Jul
Sold 12 sweaters for $30 each
What is the ending inventory $ amount using the LIFO method?
Selected Answer:
$224
Correct Answer:
$224
Response Feedback:
LIFO Ending Inventory consists of:
10 sweaters @ $12 each
10
$120
5 sweaters @ $14 each
5
$70
2 sweaters @ $17 each
2
$34
LIFO Ending Inventory consists of:
17
$224
Unit 6 chapter 8 quiz
· Question 1
2 out of 2 points
A company lends its CEO $150,000 for 3 years at a 6% annual interest rate. Interest payments are to be made twice a year. Each interest payment will be for:
· Question 2
2 out of 2 points
Which of the following is true?
Selected Answer:
Correct Answer:
· Question 3
2 out of 2 points
Post Company lends Blue Company $40,000 on April 1, accepting a 4 month, 4.5% interest note. Post Company prepares financial statements on April 30. What adjusting entry should they make?
Thursday, Novembe
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