56.

Jill purchased new supplies today Jan 1 for $2,000. The terms of sale are 2/10 net 30. How much will she repay on Jan 8?

$1,960

$1,940

$2.000

$1,980

57.

What happens when a $100 credit is applied to an inventory account?

The inventory account balance increases by $1,000.

The corresponding cash account increases by $1,000.

The corresponding accounts payable account decreases by $1,000.

The inventory account balance decreases by $1,000.

58.

You are the owner of a specialty toy store that sells hand-carved wooden chess sets, which have a current market price of $150 each. You purchase each set for $65 from your wholesaler, and sell them for $200 each. You expect to incur $5 in selling expenses per chess set, and your expected profit is $50. What is the market ceiling and the market floor for each set?

• The ceiling is $195 and the floor is $145.
• The ceiling is $65 and the floor is $50.
• The ceiling is $100 and the floor is $150.
• The ceiling is $200 and the floor is $65.

59.

When preparing a balance sheet, which of the following should be recorded on the left side of the equation?

• assets
• liabilities
• owner's equity
• cash flow

60.

_____ is the amount that would have to be paid to replace a unit of inventory with an identical product.

• Cost
• Floor
• Market
• Ceiling