Multiple Choice Question 137 Financial information is presented below: Operating Expenses Sales Returns and Allowances Sales Discounts Sales Revenue Cost of Goods Sold $ 91500 18900 11300 320600 173700 The amount of net sales on the income statement would be $290400. O $301700. $309300. O $320600. Multiple Choice Question 164 Sheridan Company's accounting records show the following at the year ending on December 31, 2020: Purchase Discounts Freight - In Purchases Beginning Inventory Ending Inventory Purchase Returns $ 11400 15200 401400 47600 57500 12000 Using the periodic system, the cost of goods sold is $378000. $383300. $403100. $393200 Click if you would like to ch Charlie Company uses a perpetual inventory system. During May, the following transactions and events occurred. May 13 Sold 8 motors at a cost of $45 each to Scruffy Brothers Supply Company, terms 4/10, 1/30. The motors cost Charlie $26 each. May 16 One defective motor was returned to Charlie. May 23 Received payment in full from Scruffy Brothers. Journalize the May transactions for Charlie Company (seller) assuming that Charlie uses a perpetual inventory system. (Credit account to Record journal entries in the order presented in the problem. Round answers to o decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit (To record credit sale.) (To record cost of good sold.) (To record goods returned.) (To record cost of good returned.) May 23 Exercise 221 Brahma Supply Company uses a periodic inventory system. During September, the following transactions and events occurred. Sept. 4 Sept. 6 Sept. 9 Sept. 13 Purchased 70 backpacks at $50 each from South Slope Company, terms 2/10, 1/30. Received credit of $300 for the return of 6 backpacks purch Sold 15 backpacks for $84 each to Outdoor Sports, terms 2/10, 1/30. Paid South Slope Company in full. Journalize the September transactions for Brahma Supply Company. (Credit account titles are automatically indented when the problem.) Date Account Titles and Explanation Debit Credit Multiple Choice Question 134 Financial information is presented below Operating Expenses $ 74000 Sales Revenue 250000 Cost of Goods Sold 136000 The gross profit rate would be 0.656. 0.189. O 0.456. 0.789. Multiple Choice Question 77 The entry to record the receipt of payment within the discount period on a sale of $3100 with terms of 1/10, n/30 will include a credit to Sales Discounts for $31. Cash for $3069 Accounts Receivable for $3100. Sales Revenue for $3100. Multiple Choice Question 140 If a company has sales revenue of $636000, net sales of $500000, and cost of goods sold of $387000, the gross profit rate is 60.8%. 22.6%. 39.2%. 77.4% Click if you would like to Show Work for this question: Open Show Work Exercise 200 For each of the following, determine the missing amounts. Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Net Income $100,000 $30,000 $12,000 $135,000 $125,000 $ $80,000 Click if you would like to Show Work for this question: Open Show Work
