9. A company has sales of $375,000 and its gross profit is $157,500. Its cost of goods sold equals: A) $532,500. B) $157,500. 1 C) $(217,000). D) $217,500. 10. A company purchased $1,800 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $200 worth of merchandise. On July 8, it paid the full amount due. The amount of the cash paid on July 8 equals: A) $200. B) $1,800. C) $1,568. D) $1,564. 11. If a period-end inventory amount is reported in error, it can cause a misstatement in all of the following except: A) Gross profit. B)Cost of goods sold. C)Current assets. D)Net sales. 12. A company normally sells its product for $20 per unit. However, the selling price has fallen to $15 per unit. This company's current inventory consists of 200 units purchased at $16 per unit. Replacement cost has now fallen to $13 per unit. What is the amount of the lower cost of market adjustment the company must make as a result of this decline in value? A) $400. B) $600. C) $800. D) $1,400. 13. If a company made a bank deposit on September 30 that did not appear on the bank statement dated September 30, in preparing the September 30 bank reconciliation, the company should: A)Deduct the deposit from the bank statement balance. B)Add the deposit to the bank statement balance. C)Send the bank a debit memorandum. D)Deduct the deposit from Sept. 30 book balance and add it to Oct. 1 book balance. 14. The maturity date of a note receivable: A) Is the last day of the month. B)Is the day the note was signed. D) Is the date of the first payment. C)Is the day the note is due to be repaid. 15. Craigmont uses the allowance method to account for uncollectible accounts. Its year-end unadjusted trial balance shows Accounts Receivable of $104,500, allowance for doubtful accounts of $665 (credit) and sales of $925,000. If uncollectible accounts are estimated to be 4% of accounts receivable, what is the amount of the bad debts expense adjusting entry? A) $4,845 B) $3,700 C) $3,515 D) $4,180