Post university acc 111 all chapter quizess 32844


course 6 and 7 projectJune 8, 2021

 

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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