Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Liang Chen's bridal store gets gowns from Weng Manufacturing. Liang Chen purchased dresses from Weng on July 17 and got an invoice for $6,000 and

Liang Chen's bridal store gets gowns from Weng Manufacturing. Liang Chen purchased dresses from Weng on July 17 and got an invoice for $6,000 and payment terms of 3/10, n/30. Liang Chen uses the net method to record purchases. Liang Chen should record the purchase at:

Multiple Choice

  • $2,910.

  • $5,820.

  • $6,000.

  • $6,180.

John and Jhonson brothers balance sheet showed a balance in the inventory account of $39,600 at the beginning of the year and $23,000 at the end. The inventory turnover ratio for the year was 5.7 and the gross profit ratio 35%. What were net sales revenue for the year? (Round your answer to the nearest dollar amount.)

Multiple Choice

  • $178,410.

  • $274,477.

  • $509,743.

  • $131,100.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Principle And Practice

Authors: Satyabrata Tripathy

1st Edition

9332519382, 9789332519381

More Books

Students also viewed these Accounting questions

Question

what is the advantages and disadvantages of consumer law

Answered: 1 week ago

Question

Use a three-step process to develop effective business messages.

Answered: 1 week ago