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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Oct-2001 - Nov-2016

Category > Accounting Posted 23 Jul 2017 My Price 8.00

cost of goods

1. A company has $550,000 in net sales and $193,000 in gross profit. This means its cost of goods sold equals

a. $743,000

b. $550,000

c. $357,000

d. $193,000

e. $(193,000)

2. A company purchased $4,500 of merchandise on May 1 with terms of 2/10, n/30. On May 6, it returned $250 of that merchandise. On May 8, it paid the balance owed for merchandise, taking any discount it is entitled to. The cash paid on May 8 is

a. $4,500

b. $4,250

c. $4,160

d. $4,165

e. $4,410

3. A company has cash sales of $75,000, credit sales of $320,000, sales returns and allowances of $13,700, and sales discounts of $6,000. Its net sales equal

a. $395,000

b. $375,300

c. $300,300

d. $339,700

e. $414,700

4. A company’s quick assets are $37,500, its current assets are $80,000, and its current liabilities are $50,000. Its acid-test ratio equals

a. 1.600

b. 0.750

c. 0.625

d. 1.333

e. 0.469

5. A company’s net sales are $675,000, its costs of goods sold are $459,000, and its net income is $74,250. Its gross margin ratio equals

a. 32%

b. 68%

c. 47%

d. 11%

e. 34%

Answers

Maurice Tutor
(5)
Status NEW Posted 23 Jul 2017 08:07 PM My Price 8.00

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