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Shenandoah University - ACCT 101 1)A company had sales of $360,000 and cost of goods sold of $205,000
Shenandoah University - ACCT 101
1)A company had sales of $360,000 and cost of goods sold of $205,000. Its gross profit equals
$155,000.
True False
2.A company had net sales of $551,000 and cost of goods sold of $348,000. Its gross margin equals $899,000.
True False
3.A company had a gross profit of $338,000 based on sales of $419,000. Its cost of goods sold equals $757,000.
True False
4.A company has sales of $725,600 and cost of goods sold of $290,600 Its gross profit equals:
$144,400.
$725,600.
$290,600.
$435,000.
$1,016,200.
5.A company has sales of $411,000 and its gross profit is $173,500. Its cost of goods sold equals:
$(237,500).
$411,000.
$173,500.
$237,500.
$584,500.
6.A company purchased $3,600 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $395 worth of merchandise. On July 8, it paid the full amount due. The amount of the cash paid on July 8 equals:
$395.
$3,133.
$3,141.
$3,205.
$3,600.
7. A company purchased $3,100 worth of merchandise. Transportation costs were an additional
$270. The company later returned $215 worth of merchandise and paid the invoice within the 1% cash discount period. The total amount paid for this merchandise is:
$3,045.00.
$2,956.00.
$3,124.00.
$3,126.15.
$3,155.00.
8.Garza Company had sales of $151,000, sales discounts of $2,250, and sales returns of
$3,625. Garza Company's net sales equals:
$5,875.
$145,125.
$148,750.
$151,000.
$156,875.
9.On February 3, Smart Company sold merchandise in the amount of $2,300 to Truman Company, with credit terms of 2/10, n/30. The cost of the items sold is $1,590. Smart uses the perpetual inventory system. Truman pays the invoice on February 8, and takes the appropriate discount. The journal entry that Smart makes on February 8 is:
Cash 1,590
Accounts receivable 1,590
Cash 2,300
Accounts receivable 2,300
Cash 2,220
Sales discounts 80
Accounts receivable 2,300
Cash 1,510
Accounts receivable 1,510
Cash 2,25 4
Sales discounts 4 6
Accounts receivable 2,300
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