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In the Murphy Company, sales were $752000, sales returns and allowances were $31000, and cost of goods sold was $418180, The gross profit rate was 79.9%44.4%82.3%42.0% Concord Company reported the following balances at June 30,2022 : Net sales for the month is $14940.$15800.$8260.$15200. If a company determines cost of goods sold each time a sale occurs, it uses a perpetual inventory system. must have a computer accounting system. uses a periodic inventory system. uses a combination of the perpetual and periodic inventory systems. Financial information is presented below: The gross profit rate would be 43.9%56.0%38.0%50.1% The journal entry to record a return of merchandise purchased on account under a periodic inventory system would be- Purchase Returns and Allowances Accounts Payable Inventory Accounts Payable Accounts Payable Inventory Accounts Payable Purchase Returns and Allowances A sales discount does not provide the purchaser with a cash savings. increase an operating expense account. reduce the amount of cash received from a credit sale. increase a contra-revenue account. During 2020, Bonita Co. generated revenues of $85000. The company's expenses were as follows: cost of goods sold of $49000, operating expenses of $18000 and a loss on the sale of equipment of $2500. Bonita's gross profit is $85000.$36000.$15500.$18000. Attempts: 0 of 1 used Waterway Company purchased merchandise inventory with an invoice price of $7800 and credit terms of 5/10,n/30. What is the net cost of the goods if Waterway Company pays within the discount priod? $7800$6240$7020$7410 Attempts: 0 of 1 used Under a perpetual inventory system, acquisition of merchandise for resale is debited to the Cost of Goods Sold account. Purchases account. Supplies account. Inventory account. Current Attempt in Progress Sheffield Company uses a periodic inventory system and has the following account balances: The cost of goods purchased for the period is $89400.$106000.$105400.$96000. Which of the following would not be classified as a contra account? Sales Discounts Inventory Sales Returns and Allowances Accumulated Depreciation The credit terms offered to a customer by a business firm are 3.2/10,n/30, which means that the customer can deduct a 3.2% discount if the bill is paid within 10 days of the invoice date. two sales returns can be made within 10 days of the invoice date and no returns thereafter. the customer must pay the bill within 10 days. the customer can deduct a 3.2% discount if the bill is paid between the 10 th and 30 th day from the invoice date. During August, 2022, Bonita's Supply Store generated revenues of $60900. The company's expenses were as follows: cost of goods sold of $35700 and operating expenses of $4400. The company alsp had rent revenue of $1000 and a loss on the sale of a delivery truck of $1600. Bonita's gross profit for August, 2022 is $20800.$24200.$25200.$22600. The collection of a $2100 account after the 2 percent discount period expires will result in a debit to Accounts Receivable for $2100. debit to Sales Discounts for $42. debit to Cash for $2100. debit to Cash for $2058. Gross profit for a merchandiser is net sales minus cost of goods sold. sales discounts. cost of goods available for sale. operating expenses. Attempts: 0 of 1 use If a company is given credit terms of 2/10,n/30, it should hold off paying the bill until the end of the credit period, while investing the money at 10% annual interest during this time. pay within the credit period but don't take the trouble to invest the cash while waiting to pay the bill. recognize that the supplier is desperate for cash and withhold payment until the end of the credit period while negotiating a lower sales price. pay within the discount period and recognize a savings. Current Attempt in Progress The Freight-In account is a permanent account. is contra to the Purchases account. increases the cost of merchandise purchased. has a normal credit balance. Sunland's Fashions sold merchandise for $51000 cash during the month of July. Returns that month totaled $900. If the company's gross profit rate is 40%, Sunland's will report monthly net sales revnue and cost of goods sold of $51000 and $30060. $51000 and $30600. $50100 and $30060. $50100 and $30600. When goods are returned that relate to a prior cash sale, the Cash account will be credited. Sales Returns and Allowances will be credited. Accounts Receivable will be credited. the Sales Returns and Allowances account should not be used. The entry to record the receipt of payment within the discount period on a sale of $1500 with terms of 1/10, n/30 will include a credit to Sales Discounts for $15. Accounts Receivable for $1500. Cash for $1485. Sales Revenue for $1500. Bramble's Market recorded the following events involving a recent purchase of merchandise: Received goods for $52000, terms 1/10,n/30. Returned $900 of the shipment for credit. Paid $100 freight on the shipment. Paid the invoice within the discount period. As a result of these events, the company's inventory increased by $50589. increased by $50685. increased by $51200. increased by $50689. A merchandising company using a perpetual system may record an adjusting entry by debiting Income Summary. crediting Income Summary. debiting Sales Revenue. debiting Cost of Goods Sold
