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Multiple Choice Question 56
In a perpetual inventory system, cost of goods sold is recorded
with each sale.
on a daily basis.
on a monthly basis.
on an annual basis.
Multiple Choice Question 123
All of the following items would be reported as other expenses and losses except
loss from employees’ strikes.
Multiple Choice Question 96
As an incentive for customers to pay their accounts promptly, a business may offer its customers
a sales allowance.
a sales discount.
a sales return.
Multiple Choice Question 104
With respect to the income statement,
sales discounts increase the amount of sales.
sales discounts are included in the calculation of gross profit.
contra-revenue accounts increase the amount of operating expenses.
contra-revenue accounts do not appear on the income statement.
Multiple Choice Question 48
The primary source of revenue for a wholesaler is
the sale of fixed assets the company owns.
the sale of merchandise.
Multiple Choice Question 118
Conrad Company reported the following balances at June 30, 2014:
Sales Returns and Allowances
Cost of Goods Sold
Net sales for the month is
Multiple Choice Question 141
Dawson’s Fashions sold merchandise for $40,000 cash during the month of July. Returns that month
totaled $1,000. If the company’s gross profit rate is 40%, Murray’s will report monthly net sales
revenue and cost of goods sold of
$40,000 and $23,400.
$39,000 and $23,400.
$39,000 and $24,000.
$40,000 and $24,000.
Multiple Choice Question 171
In the Augie Company, sales were $750,000, sales returns and allowances were $30,000, and cost of
goods sold was $450,000. The gross profit rate was
Multiple Choice Question 73
McIntyre Company made a purchase of merchandise on credit from Marvin Company on August 8, for
$9,000, terms 3/10, n/30. On August 17, McIntyre makes the appropriate payment to Marvin. The
entry on August 17 for McIntyre Company is:
Purchase Returns and
Multiple Choice Question 72
Glover Co. returned defective goods costing $5,000 to Mal Company on April 19, for credit. The goods
were purchased April 10, on credit, terms 3/10, n/30. The entry by Glover Co. on April 19, in receiving
full credit is:
Purchase answer to see full
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