# 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?

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?

Response Feedback:

· Question 6
2 out of 2 points

The accounting entry for a sales return includes:

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?

\$224

\$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?

· 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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