Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please, help 1) 2) 3) 4) 5) 6) 7) 8) If a firm had sales of $42,000 during a period and sales returns and allowances

please, help 1)

image text in transcribed

2)

image text in transcribed

3)

image text in transcribed

4)

image text in transcribed

5)

image text in transcribed

6)

image text in transcribed

7)

image text in transcribed

8)

image text in transcribed

If a firm had sales of $42,000 during a period and sales returns and allowances of $3,200, its net sales were Multiple Choice $45,200. $3,200 $42,000 $38,800 A wholesale business sells goods with a list price of $850 and a trade discount of 40 percent. The amount to be recorded in the Sales account is Multiple Choice $340.00. $510.00 $850.00 $890.00 Hour Place Clock Shop sold a grandfather clock for $2,600 subject to a 9% sales tax. The entry in the general journal will include a credit to Sales for Multiple Choice $2,366.00 $2,834.00 $2,59100. $2,60000 Sales Returns and Allowances have the effect of Multiple Choice increasing total revenue. increasing assets. decreasing total revenue increasing expenses During the year, a firm purchased $257,700 of merchandise and paid freight charges of $41,870. If the total purchases returns and allowances were $16,540 and purchase discounts were $9,000 for the year, what is the net delivered cost of purchases? Multiple Choice $274,030 $299,570 $190,290 $325,110 Which of the following is correct? Multiple Choice Purchases is an expense account and carries a credit balance Purchases Discounts is a contra expense account and carries a credit balance. Purchases is an asset account and carries a credit balance. Purchases Discounts is an expense account and carries a debit balance. Purchases is a temporary account. Multiple Choice asset liability revenue expense On June 1, Lulu's Performing Arts School purchased merchandise with a list price of $8,000 from Monty's Inc. with credit terms 2/10, n/30. On June 3, Lulu's returns $1,000 of the merchandise. Compute the amount owed by Lulu's if the store pays within the discount period

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 And Assurance Services

Authors: William Messier, Steven Glover, Douglas Prawitt

8th Edition

ISBN: 0078025435, 9780078025433

More Books

Students also viewed these Accounting questions

Question

6 How can an organisation increase its flexibility?

Answered: 1 week ago

Question

1.6 Identify ways that country culture influences global business.

Answered: 1 week ago