1.Baker Company sells merchandise on account for $5,000 to Helix Company with credit terms of 1/10, 1/30. Helix Company returns $600 of merchandise that was damaged, along with a check to settle the account within the discount period. What entry does Baker Company make upon receipt of the check? 4,400 4,400 4,356 644 5,000 a. Cash ......... Accounts Receivable........... b. Cash ........... Sales Returns and Allowances............. Accounts Receivable.......... c. Cash.. Sales Returns and Allowances........... Sales Discounts. Accounts Receivable....... d. Cash........... Sales Discounts......... Sales Returns and Allowances... Accounts Receivable....... 4,356 600 20 5,000 4,950 600 4.400 12. The journal entry to record a return of merchandise purchased on account under a perpetual inventory system would credit a Accounts Payable b. Purchase Returns and Allowances. c. Sales Revenue. d. Inventory. 13. The following information was available for Paul Company at December 31, 2020: beginning inventory $90,000, ending inventory $70,000, cost of goods sold $968,000; and sales $1,360,000. Paul's inventory turnover in 2020 was a. b. c. d. 10.8 times. 12.1 times. 13.8 times. 17.0 times. 14. P. Didee has the following inventory information. July 1 Beginning Inventory 20 units at $90 Purchases 120 units at $92 Sale 90 units 21 Purchases 60 units at $95 30 Sale 58 units Assuming that a perpetual inventory system is used, what is the ending inventory on a FIFO basis? a $4,744 b. $5,860 c. $4,940 d. $6,346 15.In a period of rising prices, FIFO will have vileH 1 000,22 101 100 no sindrom alls gol bogatub w latazibaram lo 0032 am a. lower net income than LIFO. m osobo b. lower cost of goods sold than LIFO. c. lower income tax expense than LIFO. d. lower net purchases than LIFO. 16. The inventory turnover is computed by dividing cost of goods sold by a. beginning inventory. b. ending inventory. c. average inventory. d. 365 days. 17. Barley Company developed the following information about its inventories in applying the lower-of-cost-or.net realizable value (LCNRV) basis in valuing inventories: Product Cost Net Realizable Value $115,000 $120,000 80,000 73.000 158,000 162,000 If Barley applies the LCNRV basis, the value of the inventory reported on the balance sheet would be a. $346,000. b. $353,000 c. $355,000 d. $362,000. 18.Interest is usually associated with 19. a accounts receivable b. notes receivable. c. doubtful accounts. d. bad debts. The term "receivables" refers to a. amounts due from individuals or companies. b. merchandise to be collected from individuals or companies. c. cash to be paid to creditors. d. cash to be paid to debtors. 20. Homeplate sells softball equipment. On November 14, they shipped $4,000 worth of softball uniforms to Bonita Middle School, terms 2/10, 1/30. On November 21, they received an order from Vista High School for $1,500 worth of custom printed bats to be produced in December. On November 30, Bonita Middle School returned $200 of defective merchandise. Homeplate has received no payments from either school as of month end. What amount will be recognized as net accounts receivable on the balance sheet as of November 30? a. $3,800 b. $4,000 c. $5,300 d. $5,500
