Question
A. On January 1, A sold inventory to B with a credit term of 3/10; n/45. When should be the last day of payment? a.
A. On January 1, A sold inventory to B with a credit term of 3/10; n/45. When should be the last day of payment?
a. January10
b. January 11
c. January 31
d. None of the above is correct
B. Cost of Goods Sold, P5,000,000
Net Income, P2,000,000
Sales, P10,000,000
How much should be the operating expenses?
a. 3,000,000.00
b. 8,000,000
c. 5,000,000
d. Cannot be determined by these facts
C. On January 6, Richard sold inventory to Lhee, P300,000. The credit term were as follows: FOB Shipping point, Freight Prepaid, 2/10; n/30. The freight charges is 2,000.
How much should Lhee pays if she avail the discount?
a. 294,000
b. 296,000
c. 292,000
d. 300,00
D. On January 6, Richard sold inventory to Lhee, P300,000. The credit term were as follows: FOB Shipping point, Freight Collect, 2/10; n/30. The freight charges is 2,000.
How much should Lhee pays if she avail the discount?
a. 294,000
b. 296,000
c. 292,000
d. 300,000
E. On January 6, Richard sold inventory to Lhee, P300,000. The credit term were as follows: FOB Destination, Freight Collect, 2/10; n/30. The freight charges is 2,000.
How much should Lhee pays if she avail the discount?
a. 294,000
b. 296,000
c. 292,000
d. none of the above
F. On January 6, Richard sold inventory to Lhee, P300,000. The credit term were as follows: FOB Destination, Freight Collect, 3/10; n/30. The freight charges is 2,000.
How much should Lhee pays if she avail the discount?
a. 294,000
b. 296,000
c. 292,000
d. none of the above
G. The following was extracted on unadjusted trial balance:
Merchandise Inventory - beg, 200,000
Purchases, 150,000
Purchases Discounts, 20,000
Purchase Returns and Allowance, 40,000
Transportation In, 10,000
Transportation Out, 20,000
What should be the Total Goods Available for Sale
a. 300,000
b. 320,000
c. 290,000
d. cannot be computed
H. The following was extracted on unadjusted trial balance:
Merchandise Inventory - beg, 200,000
Purchases, 150,000
Purchases Discounts, 20,000
Purchase Returns and Allowance, 40,000
Transportation In, 10,000
Transportation Out, 20,000
What should be the ending inventory
a. 300,000
b. 320,000
c. 290,000
d. cannot be computed
I. The following was extracted on unadjusted trial balance:
Increase in Merchandise Inventory, 20,000
Purchases, 150,000
Purchases Discounts, 20,000
Purchase Returns and Allowance, 40,000
Transportation In, 10,000
Transportation Out, 20,000
Cost of Goods Sold is?
a. 80,000
b. 100,000
c. 120,000
d. cannot be computed
J. The following was extracted on unadjusted trial balance:
Merchandise Inventory beg, 220,000
Purchases, 150,000
Purchases Discounts, 20,000
Purchase Returns and Allowance, 40,000
Transportation In, 10,000
Transportation Out, 20,000
Cost of Goods Sold, 120,000
Merchandise Inventory ending should be?
a. 220,000
b. 200,000
c. 240,000
d. cannot be computed
K. The following was extracted on unadjusted trial balance:
Merchandise Inventory end, 220,000
Purchases, 150,000
Purchases Discounts, 20,000
Purchase Returns and Allowance, 40,000
Transportation In, 10,000
Transportation Out, 20,000
Cost of Goods Sold, 120,000
Merchandise Inventory beginning should be?
a. 220,000
b. 200,000
c. 240,000
d. cannot be computed
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Financial Statement Fraud Prevention And Detection
Authors: Zabihollah Rezaee, Richard Riley
2nd Edition
0470543205, 9780470543207
