A company has net sales of $735,800 and cost of goods sold of $294,800. Its gross profit equals: Multiple Choice $441,000 $(441.000) $735,800 $294.800 $1.030,600 Quick assets are defined as: Multiple Choice Cash, noncurrent receivables, and prepaid expenses. Cash, short-term investments, and inventory. Accounts receivable, inventory, and prepaid expenses. Cash, short-term investments, and current receivables. Cash, inventory, and current receivables. A company's current assets are $23,310, its quick assets are $13,860, and its current liabilities are $14,000. Its acid-test ratio equals: Multiple Choice O 1.01. 1.68 2.66. 1.66. 0.99 Which of the following accounts are credited in the closing process? (Check all that apply) Check All That Apply Interest Revenue Sales Dividends Cost of Goods Sold Sales Discounts Rent Revenue Sales Returns and Allowances Retained Earnings if there is a net loss Given the following, calculate the gross margin ratio: Net sales were $850,000 Net income was $130,000 Cost of goods sold was $306,000 The company's gross margin ratio equals %. (Round your answer to the nearest percent, i.e., XX%. Do not enter the % sign.) Numeric Response A company's Merchandise Inventory account at year-end has a balance of $91,820, but a physical count reveals that only $90,450 of Inventory exists. The adjusting entry to record this $1,370 of inventory shrinkage is: Multiple Choice O Credit Account Title Inventory Shrinkage Expense Cost of Goods Sold Debit 1,370 1,370 Debit Credit Account Title Purchases Discounts Cost of Goods Sold 1,370 1,370 Debit Credit Account Title Cost of Goods Sold Merchandise Inventory 90,450 90,450 Credit Account Title Merchandise Inventory Inventory Shrinkage Expense Debit 1,370 1,370 Credit Debit 1,370 Account Title Cost of Goods Sola Merchandise Inventory 1,370 5 of 40 Next > Which of the following statements is true? Multiple Choice O Both freight-in and freight-out are part of the cost of inventory O Freight-out is a selling expense O Both freight-in and freight-out are selling expenses O None of the statements are true O O Freight-in is a selling expense Damaged and obsolete goods that can be sold: Multiple Choice Are included in inventory at their net realizable value. Are included in inventory at their full cost. Should be disposed of immediately. Are never counted as inventory. Are assigned a value of zero