The following selected accounts are taken from the ledger ofXYX Merchandisingon June 30, 2017:Sales, P 550,000; Sales Discount, 5%; Gross profit, P209,000; operating expenses, P150,000; merchandise inventory, Jan 1, 2017 , P75,000; merchandise inventory, June 30, 2017, P50,000; Accounts Receivable Jan1, P 70,000; Accounts Receivable, June 30, P50,000.

The day's sales in receivable is

Select one:

a. 41.33 days

b. 34.45 days

c. 48.26 days

d. 39.26 days

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The nature of non-manufacturing costs include the following except

Select one:

a. These are the costs other than direct materials and direct labor.

b. These are the costs outside production.

c. These are expenses incurred in the stage of bringing the products to the ultimate consumers.

d. These are the costs of the administration and management of the firm.

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Water and electricity in the factory.

Select one:

a. Direct Materials

b. Factory Overhead

c. Selling, General, and Administrative Expenses

d. Direct Labor

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What journal will you use to record the following transaction:Collection of Accounts Receivable from customers

Select one:

a. Purchases Journal

b. General Journal

c. Cash Payments Journal

d. Cash Receipts Journal

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The following selected accounts are taken from the books of RST Trading on April 30 before adjustment. RST has a monthly accounting period:

Accounts ReceivableP5,000BuildingP50,000

Sales75,000Service Income10,000

Prepaid Rent6,000Salaries Expense20,000

Adjustment data on April 30:

a)2 % of sales is estimated to be uncollectible.

b)Rent expired, P2,000.

c)Salaries unpaid, P 1,500.

d)Building will be depreciated at 20% per annum, with useful lie of 10 years.

e)Income unearned , P10,000.

The adjusting entry to record ( a) is

Select one:

a. Doubtful Accounts ExpenseP1, 500

SalesP1,500

b. Doubtful Accounts ExpenseP 1,500

Accounts ReceivableP1,500

c. Doubtful Accounts ExpenseP 1,500

Allowance for Doubtful AccountsP 1, 500

d. SalesP1,500

Accounts ReceivableP1,500

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Direct reduction in the selling price of a merchandise to encourage customers to pay on time.

Select one:

a. Owner's Equity

b. Revenue and Expense summary

c. Trade discount

d. Profit

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Odd-man Out.

Choose the letter that does not belong to the group.

Select one:

a. Share Premium

b. Share capital

c. Treasury Shares

d. Retained Earnings

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The following selected accounts are taken from the ledger ofXYX Merchandisingon June 30, 2017:Sales, P 550,000; Sales Discount, 5%; Gross profit, P209,000; operating expenses, P150,000; merchandise inventory, Jan 1, 2017 , P75,000; merchandise inventory, June 30, 2017, P50,000; Accounts Receivable Jan1, P 70,000; Accounts Receivable, June 30, P50,000.

The net income before tax is

Select one:

a. P59,000

b. P209,000

c. Answer not given

d. P522,500

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In a car factory: what is paint in an automobile?

Select one:

a. Selling, General, and Administrative Expenses

b. Factory Overhead

c. Direct Materials

d. Direct Labor

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Salaries of plant supervisor.

Select one:

a. Direct Materials

b. Direct Labor

c. Selling, General, and Administrative Expenses

d. Factory Overhead