PLEASE HELP ME

1 Cost of us sold in the primary once between merchanding and 16 NAME SECTION True ore business in me COM PROFESSOR 2 Date and credite beginning, merchant om liminates the beginnentory at the end of the period Costal posto penola merchandising business ung the motor method of presentine expenses in the one statement in the vantage of splity because allocation of operating expenses between functional assifications necessary The function of perse method reports gross margin and income from operation Operating income is not computed in the nature of expense method 7. Gross margin from sales the income that the business would have made di wilable for sale has been sold during the period Hi The excel of gross profit over operating expenses is called operating profit 9. in the worksheet the ending inventory amount will appear in the income statement credit column and the balance sheet debit column 10. The determination of netcost of purchases would include addition of transporte Our 11. The traditional balance sheet mangement of assets on the left hand side with the abilities and owner's equity on the richt-hand side is talled the report form 12. Net sales is not an account name. 13. In the income statement operating expenses are classified as welling experts administrative expenses and other operating expenses 14. The sales returns andlowances account has a normal debit balance. 15. The closing entry for transportation in debits purchases and credits income summary NAME SECTION SCORE PROFESSOR True or False both Transportation in and Transportation Dut accounts related by editing the on the worsheet of merchandising entity that is the perpetual wstemthe Merchandisinventory account balance is not adjusted When using the perpetua eventory system, the Merchandise intory will not appear in die The worksheet of amending entity that uses the perpetual inventory will not have a Transportation in account 5 When preparing a worksheet for a mechaning that was the perpen Inventory system the cost of goods sold can be derived from the biances of accounts in the income Statement com. Under the perpetual inventory system the ending merchandise inventory dosed at the same time as Cost of Goods Sold When preparing a worksheet for a marchandising entity that uses the periode inventory system the merchandise inventory amount shown on the trial balance will be carried over to the Balance Sheet debit column 8. On the worksheet of a merchandising entity that uses the periodic Inventory system both Purchases and Purchases Returns and Allowances spear in the income Statement columns 9. The Purchases account is closed to the Merchandise inventory account 10. The ending inventory amount appears in both income Statement countini on the worksheet of a merchandising entity that uses the periodic inventory system 11 Under the periodic inventory system, the Merchandise inventory account appears in the closing entries made at the end of the period 12 When preparing closing entries under the periodic inventory system, Sales and Purchases Returns and Allowances are both closed in the same entry 11 Sales Discounts is a contra-revenue account with a normal credit balance 14 Purchases Discounts would be recorded as a credit 110 Dyraf WIN 1 lan Cahilig Traders started operating in 2010. For the year ended 2010 purchases and clository are P500,000 P100.000 and PT NAME SECTION SCORE PROFESSOR Multiple Choice What is the amount of cost of food sold for the year ended 2007 P100.000 b. P200.000 P790.000 di PO,000 2. Hefer to Question 1, what is the gross profit for the entity P200,000 bP300,000 C310,000 Based on the following information answer questions 3 to 7 An entity has the following a cutting information for the year Sales Purchases Opening inventory Sales Returns Purchases Returns Transportation in Transportation Out Salaries Other Revers General Eyperses Gross Profit 100,000 90.000 30.000 30.000 70,000 40.000 10,000 9,000 4,000 7,000 250.000 What is the amount of net sales of the entity? P250,000 b. P280.000 LP330,000 d P330,000 Caminame de for Merchang Bet371 What is the amount of het purchases of the entity P20,000 P30,000 PSD.000 60.000 5 What is the amount of doing inventory of the entity? P20,000 1. P20,000 EP30,000 P40.000 What is the amount of profit for the year? 48.000 1P188,000 PI98,000 P228.000 7. Which of the followingla/are not relevant to the calculation of net sales? cash sales 2. sales returns 1 les discounts 2) only b) only 11) and (2) only (2) and (3) only Support U barang Selale of 100.000 and sales return of 112 bel w Berlin w NAME SECTION PROFESSOR Multiple Choice ta P10,000 CPO,000 P250.000 2. Suose amir Alindogan Catering's entory account showed a bulante P100,000 before the year end adjustments. The physical count of good one totaled P7,000. To adjust the accounts, Hamil Alindogan would make this 1 3.000 fremst Como Soi 3.000 3.000 1000 ventury Cost of Goods sold 1,000 3.000 mory 2,000 Which account in question 2 would Rami Alindogan close at the end of the year! Cost of Goods Sold Accounts Receivable Accounts Payable d Inventory 9 4. On a warheat for a merchandising entity that uses the perpetual invert system the cost of goods sold is contained in one account in the Balance sheet com the cost of goods sold is contained in one account in the Income Statement columns the cost of goods sold is created by an entry in the Adjustments column d. the items composing cost of goods soldate scattered through the incomt Statement columns + PO no Sound which of following us we w who merchandise on that start Cost of Good Son Sales Returns and Mlowances Transportation Which of the following conts would be the with that the perpetual inventory system) cast of Goods Sold Income Summary ance on hand entry: Purchases d Purchase Returns and Alone The designs for mediting the per refewer in number than the periodic wewed are the same regardless time to themed calculate the gross profit in the income Sum I do not affect the Merchandiser sont Which of the following accounts would not be closed by a merchandising entity that uses the perpetual inventory system? Cost of Goods Sold b. Income Summary Merchandise Inventory d Sales Returns and Allowances ton 9 On a worksheet prepared for merchandising writy that uses the perpetual inventory system a the components of cott of goods sold are contained in several account in the Income Statement columns the income Summary account is used to adjust the Owner's Capital account the inventory amount in the Balance Sheet column the same as in the Trial Balance columns d the Owner's Withdrawal account is closed into the Owner's Cantal count 11. Borowie In Which of the toccount would monaron a worksheet for a rity that seperti tem? Pr M Cost of the sold nee Summary Purchases Returns and Allowance it of these Th VE 11 Which of the following accounts is done by debiting the account? B Picha Puth Returns and Awam Sales futurs and Alice Transportation in 12 Which of the following count is unique to a merchandising entity that periodi entory witam P Cost of Goods Sold Merchandise inventory Purchases Transportation 11. The Merchandise nentory account balance in the Trial Balance columns wishes for a marchandising entity that uses the periodo inventory system sin bith the debit and the credit columns Bears in the credit column is correct states them was at the beginning of the period