question1:

Consider the following facts: - Company A had product sales revenues of $30,000 for the month. - Its cost of goods sold was $18,000 for the month. - Its other operating expenses were $2,000 for the month. - Company A also had rent revenue of $500 for the month. - Also during the month, it sold a delivery truck for a gain of $1,000 during the month. For the month, Company A's net income (loss) was:

Question 2 of 18

Consider the following facts: - Company A has the following inventory information: - Inventory at the beginning of January was 15 units purchased at $8.00 each. - On January 8, purchased 60 units @ $8.30 each - On January 17, purchased 30 units @ $8.40 each - On January 25, purchased 45 units @ $8.80 each - On January 31, a physical count showed 45 units on hand - Company A uses the periodic inventory system - Company A uses the specific identification method. - The ending inventory includes 10 units from each of the purchases and 15 units from the beginning balance. Company A's cost of goods sold is:

Question 3 of 18

Which of the following accounts would not be debited in the process of preparing closing entries for A Company

Question 4 of 18

Consider the following facts: - Company A sold products for $40,000 cash during the month. - Customers returned $1,000 of the products. - Company A's gross profit rate is 40%. Company A's net sales revenue and cost of goods sold will be which of the following for the month?

Question 5 of 18

Consider the following facts: - Company A had inventory of $300,000 at the beginning of the period. - It wants inventory on hand to be $350,000 at the end of the period. - Net sales for the period are expected to be $1,500,000. - The gross profit rate is expected to be 30%. How much merchandise should Company A expect to purchase during the year?

Question 6 of 18

Consider the following facts: - Company A had 500 units of inventory on hand at the beginning of the year. - The unit cost of the beginning inventory items was $18 each. - On January 14, it sold 375 units for $28 each. - On January 17, it purchased 250 units for $20 each. - On January 25, it purchased 250 units for $22 each. - On January 29, it sold 260 units for $32 each. - Company A does not use the perpetual inventory accounting method. - At the end of January, Company A takes a physical inventory count and discovers that 365 units are on hand. Company A's cost of inventory at the end of January is $_________ under the FIFO accounting method.

Question 7 of 18

Consider the following facts: - Company A has the following inventory information: - Inventory at the beginning of January was 15 units purchased at $8.00 each. - On January 8, purchased 60 units @ $8.30 each - On January 17, purchased 30 units @ $8.40 each - On January 25, purchased 45 units @ $8.80 each - On January 31, a physical count showed 45 units on hand - Company A uses the periodic inventory system Company A's cost of goods sold under the average-cost method is:

Question 8 of 18

Consider the following facts: - Company A had 500 units of inventory on hand at the beginning of the year. - The unit cost of the beginning inventory items was $18 each. - On January 14, it sold 375 units for $28 each. - On January 17, it purchased 250 units for $20 each. - On January 25, it purchased 250 units for $22 each. - On January 29, it sold 260 units for $32 each. - Company A does not use the perpetual inventory accounting method. - At the end of January, Company A takes a physical inventory count and discovers that 365 units are on hand. Company A's cost of inventory at the end of January is $_________ under the LIFO accounting method.

Question 9 of 18

Consider the following facts: - Company A purchased goods for $50,000 - The purchase terms were 2/10,n/30 - Company A returned $1,000 of the goods - Company A paid freight of $250 on the shipment of the goods - Company A paid the invoice within the discount period As a result of this purchase, Company A's inventory increased by:

Question 10 of 18

Consider the following facts: - Company A sells merchandise on account for $6,000 to Company C - The credit terms of the sale are 2/10, n/30 - Company C returns $1,200 of the merchandise - Company C pays the outstanding balance within the discount period How much does Company C pay to settle its outstanding balance?

Question 11 of 18

Consider the following facts: - Company A begin business operations in the month of April. - On April 1, it purchased 150 units of goods for $390. - On April 10, it purchased 200 units of goods for $585. - On April 15, it purchased 200 units of goods for $630. - On April 28, it purchased 150 units of goods for $510. - At the end of the month, it discovered that it had 200 units on hand after completing its physical inventory count. - Company A uses the average-cost inventory accounting method. Company A's cost of goods sold for April is:

Question 12 of 18

Consider the following facts: - Company A had product sales revenues of $30,000 for the month. - Its cost of goods sold was $18,000 for the month. - Its other operating expenses were $2,000 for the month. - Company A also had rent revenue of $500 for the month. - Also during the month, it sold a delivery truck for a gain of $1,000 during the month. For the month, Company A's operating income (loss) was:

Question 15 of 18

Consider the following facts: - Company A begin business operations in the month of April. - On April 1, it purchased 150 units of goods for $390. - On April 10, it purchased 200 units of goods for $585. - On April 15, it purchased 200 units of goods for $630. - On April 28, it purchased 150 units of goods for $510. - At the end of the month, it discovered that it had 200 units on hand after completing its physical inventory count. - Company A uses the FIFO inventory accounting method. Company A's cost of goods sold for April is:

Question 16 of 18

Consider the following facts: - Company A uses the perpetual inventory system - It records inventory purchases at net cost - It purchased goods for $6,000 with credit terms of 2/10, n/30 - It returned half of the goods purchased - The discount period expired before it paid the outstanding invoice The journal to record the payment of the invoice when paid includes a:

Question 17 of 18

Consider the following facts: - Company A had merchandise inventory of $550,000 at January 1 - For the year, it had purchases of $2,250,000 - For the year, it had net sales of $3,200,000 - The physical inventory on December 31 showed $500,000 in the warehouse - Company A's gross profit on sales was 30% - Company A's suspects some of its ending inventory is missing due to theft The estimated cost of the missing inventory is: