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The operating cycle for a merchandiser that sells only for cash moves from: Multiple Choice Purchases of merchandise to inventory to cash sales Purchases of merchandise to inventory to accounts receivable to cash sales Inventory to purchases of merchandise to cash sales. Accounts receivable to purchases of merchandise to inventory to cash sales Accounts receivable to inventory to cash sales CRUDO WOTE * TB MC Qu. 04-126 (Static) Multiple-step income statements: Multiple-step income statements: Multiple Choice O Never include a computation for gross profit Have three main parts gross profit, income from operations, and net income Are required for the periodic inventory system O List cost of goods sold as an operating expense. Are only used in perpetual inventory systems. on rund 1.200 The The The TEMA 21 ATTE CAT MED an Ots TE RE - LE LANG RE BELLA CE LIV TA TIE SA TOMCO 04-140 A company chal O @ Which of the following statements related to the multiple-step Income statement is false? Multiple Choice Subtotals for total selling expenses and general and administrative expenses are reported Interest revenue is included with other revenue and gains. The first section of the statement reports gross profit. Only one total for all expenses is shown Non-operating items are reported separately from operations, The gross margin ratio: Multiple Choice Is also called the net profit ratio. Indicates the percent of net sales remaining after covering the cost of the goods sold. is also called the profit margin Is a measure of liquidity and should exceed 20 to be acceptable should be greater than 1 for merchandising companies Inc. Com 000.000 Macho Sy 10 ME ALE LE e BT Which of the following statements regarding sales returns and allowances is false? Multiple Choice O New revenue recognition rules require sellers to report sales at the amount expected to be received. The Inventory Returns Estimated account is a current liability account Sales returns and allowances estimates are made as period-end adjustments, When sales returns and allowances adjustments are made to sales, an estimate must also be made for the cost side Sales Refund Payable is a current ability account A debit to Sales Returns and Allowances and a credit to Accounts Receivable: Multiple Choice Reflects an increase in amount due from a customer 0 Recognizes that a customer returned merchandise andior received an allowance. O Records the cost side of a sales return. Is recorded when a customer takes a discount O Reflects a decrease in amount due to a supplier Carpo.0020000 The es ACCOUNGE BE O A company burchased Sloof merchandise ona w terms 20.1.20. On y returned $200 worm of the water tatue the amount of the can you Cho o SUS Ta MC Qu. 04-112 (Static) on February oneymar Co.100 m Company. The cost of two 54000 Tobrusy and takes the recount Theory themes on Cho til O ATE tre TEL SODE O Can 5. Conserger. The The the WO ON O O OO DO 2000 Multiple-step income statements: Multiple Choice Never include a computation for gross profit. Have three main parts: gross profit, income from operations, and net income Are required for the periodic Inventory system List cost of goods sold as an operating expense. Are only used in perpetual Inventory systems TB MC O 04-162 (AlgolOn March 2.Fret. Come D ... 10 cm 200 cm madhe heheh TE Ons. The mec AT DO @ Art Cr G A toy agood press in w hth side Pion htt 4 TB MC Qu. 04-145 (Static) Which of the following statements... Which of the following statements related to the multiple-step Income statement is false? Multiple Choice Subtotals for total selling expenses and general and administrative expenses are reported. Interest revenue is included with other revenue and gains The first section of the statement reports gross profit Only one total for all expenses is shown Non-operating items are reported separately from operations TB MC Qu. 04-85 (Static) The gross margin ratio: The gross margin ratio. Multiple Choice is also called the net profit ratio. Indicates the percent of net sales remaining after covering the cost of the goods sold, is also called the profit margin Is a measure of liquidity and should exceed 20 to be acceptable. Should be greater than 1 for merchandising companies. TB MC Qu. 04.155 (Algol in its first year of business... in wybores and credits use Newwal M THE o NG UNTER TE ME C HE Oo re ME LE TB MC Qu. 04-154 (Static) Which of the following statements... Which of the following statements regarding sales returns and allowances is false? Multiple Choice New revenue recognition rules requiresellers to report sales at the amount expected to be Yedelved The Inventory Returns Estimated account is a current liability account O Sales returns and allowances estimates are made as period-end adjustments When sales returns and allowances adjustments are made to sales, an estimate must also be made for the cost side Sales Refund Payable is a current ability account TB MC Qu. 04-107 (Static) A debit to Sales Returns and Allowances... A debit to Sales Returns and Allowances and a credit to Accounts Receivable: Multiple Choice O Reflects an increase in amount due from a customer Recognizes that a customer returned merchandise and/or received an allowance. Records the cost side of a sales return Is recorded when a customer takes a discount Reflects a decrease in amount due to a supplier. yer 06000 and colors. The @ e level O PORTE Cr TB MC Qu. 04-97 (Static) A company purchased A cowy burchased methods on OM OSS ON 500 SE Onftrumento como en Santokyo Pants cout. The themes on Edit . O o Fit Bath