ACCOUNTING-Company A had product sales revenues of $30,000 for the month.

QUESTION

Question 3 of 22Consider the following facts:- Company A had product sales revenues of $30,000 for the month.- Its cost of goods sold was $18,000 for the month.- Its other operating expenses were $2,000 for the month.- Company A also had rent revenue of $500 for the month.- Also during the month, it sold a delivery truck for a gain of $1,000 during the month.For the month, Company A’s operating income (loss) was:Question 4 of 22Consider the following facts:- Company E has a beginning inventory of $30,000.- Purchases during the period were $130,000- $4,000 of purchases were returned- Freight-in charges were $10,000- Company E’s physical inventory count indicated $20,000 goods on hand at the end of the period.Company E’s cost of goods available for sale was:Question 5 of 22Consider the following facts:- Company A had product sales revenues of $30,000 for the month.- Its cost of goods sold was $18,000 for the month.- Its other operating expenses were $2,000 for the month.- Company A also had rent revenue of $500 for the month.- Also during the month, it sold a delivery truck for a gain of $1,000 during the month.For the month, Company A’s gross profit was:Question 6 of 22Consider the following facts:- Company A has the following inventory information:- Inventory at the beginning of January was 15 units purchased at $8.00 each.- On January 8, purchased 60 units @ $8.30 each- On January 17, purchased 30 units @ $8.40 each- On January 25, purchased 45 units @ $8.80 each- On January 31, a physical count showed 45 units on hand- Company A uses the periodic inventory system- Company A uses the specific identification method.- The ending inventory includes 10 units from each of the purchases and 15 units from the beginning balance.Company A’s cost of goods sold is:7.Beginning inventory at cost = $32,000Cost of goods purchased at cost = $136,750Net sales = $178,000Beginning inventory at retail = $46,000Cost of goods purchased at retail = $179,000What is the cost of the ending inventory for Product A under the retail inventory method?Question 8 of 22Consider the following facts:- Company A begin business operations in the month of April.- On April 1, it purchased 150 units of goods for $390.- On April 10, it purchased 200 units of goods for $585.- On April 15, it purchased 200 units of goods for $630.- On April 28, it purchased 150 units of goods for $510.- At the end of the month, it discovered that it had 200 units on hand after completing its physical inventory count.- Company A uses the average-cost inventory accounting method.Company A’s cost of goods sold for April is:Question 9 of 22Consider the following facts:- Company A has the following inventory information:- Inventory at the beginning of January was 15 units purchased at $8.00 each.- On January 8, purchased 60 units @ $8.30 each- On January 17, purchased 30 units @ $8.40 each- On January 25, purchased 45 units @ $8.80 each- On January 31, a physical count showed 45 units on hand- Company A uses the periodic inventory systemCompany A’s ending inventory under LIFO is:Question 10 of 22Consider the following facts:- Company A purchased goods for $20,000.- Its credit terms were 2/10, n/30.- Company A returned $400 of the goods to the seller and received credit on its account.- Company A paid the freight on the shipment of the goods originally. The freight cost was $100.- Company A made final payment for the goods within the discount period.Based on this scenario, Company A’s inventory:A. None of these answers are correct.B. increased by $19,306.C. increased by $19,700.D. increased by $19,308.E. increased by $19,208.Question 11 of 22Consider the following facts for Company A:- Beginning inventory = $45,000- Cost of goods purchased = $190,000- Ending inventory = $55,000Based on these facts, Company A’s Days in Inventory ratio is ______ days.Question 12 of 22Consider the following facts:- Company V uses a periodic inventory system- Purchases were $600,000 during the period- Purchase Returns and Allowances were $25,000 during the period- Purchase Discounts were $11,000 during the period- Freight-In was $19,000 during the period- Beginning Inventory was $45,000- Ending Inventory was $55,000- Net Sales were $750,000 during the periodCost of Goods Sold for the period was:Question 13 of 22Consider the following facts:- Company A’s accounting records at the end of the year shows the following:Purchase Discounts $5,600Freight In $7,800Purchases $201,000Beginning Inventory $23,500Ending Inventory $28,800Purchase Returns $6,400- Company A uses the periodic inventory system.Company A’s cost of goods purchased is:Question 14 of 22Consider the following facts:- Company A had product sales revenues of $30,000 for the month.- Its cost of goods sold was $18,000 for the month.- Its other operating expenses were $2,000 for the month.- Company A also had rent revenue of $500 for the month.- Also during the month, it sold a delivery truck for a gain of $1,000 during the month.For the month, Company A’s non-operating income (loss) was:Question 15 of 22Consider the following facts for Company A:- Beginning inventory = $71,000- Cost of goods purchased = $292,000- Ending inventory = $69,000Based on these facts, Company A’s Days in Inventory ratio is ______ days.Question 16 of 22Company A had the following account balances at the end of its fiscal year:Cost of goods sold = $212,400Freight-out = $7,000Insurance expense = $6,000Salaries and wages expense = $58,000Rent expense = $32,000Sales discounts = $7,000Sales returns and allowances = $13,000Sales revenue = $380,000Company A’s net income for the period is $ ___________.Question 17 of 22Consider the following facts:- Company A had merchandise inventory of $550,000 at January 1- For the year, it had purchases of $2,250,000- For the year, it had net sales of $3,200,000- The physical inventory on December 31 showed $500,000 in the warehouse- Company A’s gross profit on sales was 30%- Company A’s suspects some of its ending inventory is missing due to theftThe estimated cost of the missing inventory is:Question 19 of 22Consider the following facts:- Company A uses the perpetual inventory system- It records inventory purchases at net cost- It purchased goods for $6,000 with credit terms of 2/10, n/30- It returned half of the goods purchased- The discount period expired before it paid the outstanding invoiceThe journal to record the payment of the invoice when paid includes a:A. credit to cash for $2,940.B. debit to an expense account for $60.C. credit to Cash for $2,000.D. debit to Merchandise Inventory for $3,000.E. None of these answers are correctQuestion 20 of 22Consider the following facts:- Company A sells merchandise on account for $3,000 to Company C- The credit terms of the sale are 2/10, n/30- Company C returns $450 of the merchandise- Company C pays the outstanding balance within the discount periodWhich of the following is true about the journal entry, Company A will make when Company C pays?A. Sales Discounts will debited for $51B. Accounts Receivable will be debited for $2,550C. Cash will be debited for $2,550D. Sales Returns and Allowances will be debited for $501E. None of these answers are correctQuestion 21 of 22Consider the following facts:- Company A had inventory of $300,000 at the beginning of the period.- It wants inventory on hand to be $350,000 at the end of the period.- Net sales for the period are expected to be $1,500,000.- The gross profit rate is expected to be 30%.How much merchandise should Company A expect to purchase during the year?Question 22 of 22Consider the following facts:- Company A had inventory of $500,000 at the beginning of the year.- It purchased $1,600,000 of inventory during the year.- Its ending inventory for the year was $600,000.- During the year it sold products for $2,500,000.Company A’s cost of goods sold and gross profit rate for the year was:A. $1,500,000 and 60%.B. $1,500,000 and 40%.C. $1,000,000 and 66.7%.D. None of these answers are correctE. $1,000,000 and 40%.

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