A company has net sales of $825,000 and also cost of goods sold the $547,000. Its net earnings is $98,500. Thecompany"s gross margin and also operating expenses, respectively, are:A. $179,500 and also $98,500B. $278,000 and $98,500C. $209,000 and $191,470D. $278,000 and $179,500
All the the adhering to statements regarding inventory shrinkage space true except:A. Inventory shrinkage is recognized by crediting one expense.B. Perform shrinkage have the right to be caused by theft or deterioration.C. List shrinkage is figured out by compare a physical counting of inventory withrecorded list amounts.D. List shrinkage refers to the ns of inventory.

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A company that offers the net an approach of record purchases and a perpetual perform system, purchased$1,800 of goods on July 1 through terms 2/10, n/30. Top top July 7, it returned $200 precious of merchandise. OnJuly 28, it paid the full amount due. The correct journal entry to document the payment on July 28 is:A. Debit accounts Payable; credit transaction Cash $1,600.B. Debit accounts Payable $1,568; debit Merchandise list $32; credit transaction Cash $1,600.C. Debit accounts Payable $1,600; credit Merchandise inventory $32; credit transaction Cash $1,568.D. Debit accounts Payable $1,568; credit Cash $1,568.
Merchandise is offered FOB shipping point. If the seller prepays the shipment costs and adds them come the customer"s invoice,the seller"s journal entry will:he seller"s journal entry will:A. Debit Cash and credit Inventory.B. Debit Inventory and also credit Cash.C. Debit distribution Expense and also credit Cash.D. Debit account Receivable and credit Cash.

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Anchor company sold merchandise with a expense of $890 come a customer for $560 on account. Due to an error, this sale wasnever videotaped in the accountancy records. What effect will the failure to do the crucial entries have on thecompany"s audit equation?A. Full assets and also total equity will certainly be overstated.B. Complete assets will certainly be overstated and total equity will certainly be understated.C. Complete assets and total equity will be understated.D. Total assets will be understated and also total equity will be overstated.
Which the the following items have to not be consisted of in the cost of finishing inventory?A. Purchased systems in transit, transport FOB shipping pointB. Purchased systems in transit, transport FOB destinationC. Systems on hand in the warehouseD. Marketed units in transit, no invoiced, and also shipped FOB destination
Pierce firm sold come Stanton company merchandise ~ above account FOB shipping point, 2/10, network 30, for $20,000. Pierce prepaid the $500 shipping charge. Which of the adhering to entries walk Pierce make to document this sale?A. Account Receivable—Stanton, debit $19,600; Sales Revenue, credit $19,600, andAccounts Receivable—Stanton, debit $500; Cash, credit transaction $500B. Account Receivable—Stanton, debit $20,000; Sales Revenue, credit transaction $20,000C. Account Receivable—Stanton, debit $20,100; Sales Revenue, credit transaction $20,100D. Accounts Receivable—Stanton, debit $20,000; Sales Revenue, credit $20,000, andDelivery Expense, debit $500; Cash, credit $500
A. Account Receivable—Stanton, debit $19,600; Sales Revenue, credit $19,600, andAccounts Receivable—Stanton, debit $500; Cash, credit $500
Merchandise is marketed for cash. The selling price the the merchandise is $6,000 and the revenue is topic to a 7%state sales tax. The newspaper entry to document the sale would encompass a credit toA. Sales tax Payable because that $420B. Cash because that $6,000C. Sales Revenue for $5,580D. Sales Revenue because that $6,420
When merchandise purchase on account is returned under the perpetual inventory system, the the person who lives woulddebitA. InventoryB. Accounts ReceivableC. Account PayableD. Purchases Returns and Allowances
Who is responsible for the freight price when the terms room FOB destination?A. The buyerB. The sellerC. One of two people the the person who lives or the sellerD. The ultimate customer
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