This assignment unit is over Merchandising Transactions, Receivables and Inventories.
i need help with all 7 miltiple choice questions
This assignment is over Merchandising Transactions, Receivables and Inventories.
7 questions which are each mutiple choice (I meed helo witha ll these questions).
The following information was taken from Twitter 10K form (Annual report) filed with Securities and Fxchanoe Cnmmissinn (SFC.) The Company records accounts receivable at the invoiced amount. The Company maintains an allowance for doubtful accounts to reserve for potentially uncollectible receivable amounts. In evaluating the Company's ability to collect outstanding receivable balances, the Company considers various factors including the age of the balance, the creditworthiness of the customer, which is assessed based on ongoing credit evaluations and payment history, and the customer's current financial condition 1. (1 point) How much money (in thousands) do customers owe Twitter as of Dec-31-2019 for the services performed by Twitter? To put it differently, what is the total value of unpaid invoices as of Dec-31-19? a. 850,184 b. 788,700 c. 7,620,075 d. 852,585 e. 10,098,208 Use this Fact Set for Questions 2.7: Three retaling giants, Best Buy Co., Inc, (NYSE: PSY). Amazon com, inc. (NASDAO: AMZND, and Target Corporation (NYYE: IGT) eoch use a different inventory costing method. Best Buy uses weighted-average cost, Amazon uses FFO, and Target uses LIFO. As you wili see from the hypothetical example below. the use of a different inventory costing method will lead to differences in income statements and balance sheets. Best Buy. Amazon and Target sell a popular T-shirt for $20. Let's assume that all theee companies have the same sale and inventory purchase pattem for the same period. Beginning inventory: 20,000 \& $4,00 Purchases: 30,000@$5.00 Ending itventory: 10,000 2. (0.5 poinf) How many T.shiets were sold by each retaler during the period? a. 10.000 T-shits b. 20.000T - shets c. 30,000 Thhirts d. 40,000 T-shirts 3. (0.7 point) What is cost of goods sold, gross profit and cost of ending inventory for Best Buy using the weighted-average inventory costing method? a. $180,000;$620,000;$50,000 b. $190,000;$610,000;$40,000 c. $184,000;$616,000;$46,000 d. $150,000:$580,000;$62,000 4. (0.7 peinf) What is cost of goods sold, gross profit and cost of ending invertary for Amazen using the FIFO inventory costing method? a. 5180.000,5620.000,550.000 b. $190,000,$610.000,$40,000 c. $184,000;$616,000;$46,000 d. $150.000,$680.000,$62,000 5. (0.7 point) What is cost of goods sold, gross profit and cost of ending invertory for Target using the LIFO inventory costing method? a. $180.000:$620.000:550.000 b. $190,000;$610,000;$40,000 c. $164,000,$616,000,546,000 d. $150,000;$680,000;$62,000 6. (0.7 peinf) Which company has the highest gross proft (profitability) simply due to its choice of accounting inveriory method? a. Best Buy b. Amazon c. Target d. Gross profit was the same for all of the companies, since they sold the same amount shirts for the same price as woll as they pay the same price for their inventory 7. (0.7 poim) Which company will save the most on income taves? (hint the less income you report, the less income taxes you pay) a. Best Buy b. Amazon c. Target d. The tax bill wit be same for all of the companies since they sold the same number of shirts for the same price as well as they paid the same price for their imventory
