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

QUESTION

question1:Consider 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 net income (loss) was:Question 2 of 18Consider 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:Question 3 of 18Which of the following accounts would not be debited in the process of preparing closing entries for A CompanyQuestion 4 of 18Consider the following facts:- Company A sold products for $40,000 cash during the month.- Customers returned $1,000 of the products.- Company A’s gross profit rate is 40%.Company A’s net sales revenue and cost of goods sold will be which of the following for the month?Question 5 of 18Consider 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 6 of 18Consider the following facts:- Company A had 500 units of inventory on hand at the beginning of the year.- The unit cost of the beginning inventory items was $18 each.- On January 14, it sold 375 units for $28 each.- On January 17, it purchased 250 units for $20 each.- On January 25, it purchased 250 units for $22 each.- On January 29, it sold 260 units for $32 each.- Company A does not use the perpetual inventory accounting method.- At the end of January, Company A takes a physical inventory count and discovers that 365 units are on hand.Company A’s cost of inventory at the end of January is $_________ under the FIFO accounting method.Question 7 of 18Consider 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 cost of goods sold under the average-cost method is:Question 8 of 18Consider the following facts:- Company A had 500 units of inventory on hand at the beginning of the year.- The unit cost of the beginning inventory items was $18 each.- On January 14, it sold 375 units for $28 each.- On January 17, it purchased 250 units for $20 each.- On January 25, it purchased 250 units for $22 each.- On January 29, it sold 260 units for $32 each.- Company A does not use the perpetual inventory accounting method.- At the end of January, Company A takes a physical inventory count and discovers that 365 units are on hand.Company A’s cost of inventory at the end of January is $_________ under the LIFO accounting method.Question 9 of 18Consider the following facts:- Company A purchased goods for $50,000- The purchase terms were 2/10,n/30- Company A returned $1,000 of the goods- Company A paid freight of $250 on the shipment of the goods- Company A paid the invoice within the discount periodAs a result of this purchase, Company A’s inventory increased by:Question 10 of 18Consider the following facts:- Company A sells merchandise on account for $6,000 to Company C- The credit terms of the sale are 2/10, n/30- Company C returns $1,200 of the merchandise- Company C pays the outstanding balance within the discount periodHow much does Company C pay to settle its outstanding balance?Question 11 of 18Consider 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 12 of 18Consider 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 15 of 18Consider 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 FIFO inventory accounting method.Company A’s cost of goods sold for April is:Question 16 of 18Consider 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:Question 17 of 18Consider 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:

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