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6-Sales revenue 160,000 Income taxes 30,000 Sales returns and allowances 6,000 Advertising expense 10,200 Sales salaries expense 15,600 Administrative Salaries expense 13,300 Depreciation of office
6-Sales revenue
160,000
Income taxes
30,000
Sales returns and allowances
6,000
Advertising expense
10,200
Sales salaries expense
15,600
Administrative Salaries expense
13,300
Depreciation of office equipment
14,100
Cost of goods sold
29,000
If this information was used to prepare an an income statement, Gross Profit should be:
Select one:
a. 130,000
b. 125,000
c. 270,000
d. 131,000
e. 154,000
10-Accounts
Accounts
Bond payable (due in four years)
78,000
Equipment
40,000
Accumulated depreciation -equipment
10,000
Prepaid rent
5,000
Pension liability
10,000
Accounts payable
3,600
Long term investment
37,320
Salaries payable
900
If this information was used to prepare a statement of financial position, Total Non-current liabilities should be:
Select one:
a.
78,000
b.
96,000
c.
3,600
d.
14,400
e.
88,000
12-Muscat Co. just starting business made the following four inventory purchases in June:
Unit Unit Cost Total Cost
June 1 150 units 5.2
June 10 200 units 5.85
June 15 200 units 6.4
June 28 150 units 6.6
A physical count of inventory on June 30 show that 200 units on hand.
Using the FIFO inventory method, the value of the Cost of goods Sold on June 30 is:
Select one:
a. 2,073
b. 2,073
c. 3,128
d. 2,810
e. 2,910
14-Sales discounts
2,400
Sales returns and allowances
3,600
Cost of goods sold
27,700
Income taxes
10,000
Sales salaries expense
9,600
Advertising expense
7,200
Sales revenue
88,000
Administrative Salaries expense
8,300
If this information was used to prepare an income statement, Gross Profit should be:
Select one:
a.
51,900
b.
48,300
c. 82,000
d.
60,300
e. 54,300
20-Accounts
Dr
Cr
Cash
OMR 50,000
Accounts receivable
20,000
Supplies
10,000
Prepaid expenses
12,000
Buildings at cost
160,000
Accumulated depreciation - Buildings
10,000
Notes payable (due in 2 months)
30,000
Accounts payable
30,000
Interest payable
12,000
Unearned service revenue
10,000
Shared- Capital
120,000
Service revenues
100,000
Salaries Expenses
40,000
Depreciation Expenses
10,000
Utilities Expenses
30,000
Dividends
10,000
Total
342,000
342,000
If this information was used to prepare a statement of financial position, Total Liabilities should be:
Select one:
a. None of the answers are correct
b. 82,000
c. 110,000
d. 92,000
e. 102,000
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Fundamentals Of Financial Institutions Management
Authors: Marcia Cornett, Anthony Saunders
1st Edition
0256253676, 9780256253672
