1. Financial information is presented below:

Operating expenses$ 44000

Sales revenue229000

Cost of goods sold159000

The profit margin ratio would be

0.11.

0.89.

0.69.

0.31.

2. Financial information is presented below:

Operating expenses$ 22000

Sales returns and allowances5000

Sales discounts5000

Sales revenue150000

Cost of goods sold108000

The gross profit rate would be

0.23.

0.21.

0.75.

0.26.

3. Financial information is presented below:

Operating expenses$ 60000

Sales returns and allowances2000

Sales discounts6000

Sales revenue140000

Cost of goods sold106000

Gross Profit would be

$32000.

$34000.

$36000.

$26000.

4. For which of the following errors should the appropriate amount be subtracted from the balance per books on a bank reconciliation?

Check written for $57, but recordedby the companyas $75.

Check written for $63, but recordedby the companyas $36.

Deposit of $100 recorded by the bank as $10.

A returned $600 check recorded by the bank as $60.

5. The following information was available for Windsor, Inc. at December 31, 2017: beginning inventory $70000; ending inventory $100000; cost of goods sold $600000; and sales $800000. Windsor inventory turnover ratio (rounded) in 2017 was

9.4 times.

6.0 times.

7.1 times.

8.6 times.

6.The following information was available for Skysong, Inc. at December 31, 2017: beginning inventory $79000; ending inventory $106000; cost of goods sold $640000; and sales $832000. Skysong days in inventory (rounded) in 2017 was

60.8 days.

52.9 days.

40.6 days.

45.1 days.