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Question : 126.A company has net sales of $752,000 and cost of : 1258799

Accounting

 

 

126.A company has net sales of $752,000 and cost of goods sold of $543,000. Its net income is $17,530. The company’s gross margin and operating expenses, respectively, are:   

A.$209,000 and $191,470

 

B.$191,470 and $209,000

 

C.$525,470 and $227,000

 

D.$227,000 and $525,470

 

E.$734,000 and $191,470

Gross Margin = Net Sales – Cost of Goods Sold; $752,000 – $543,000 = $209,000Operating Expenses = Gross Margin – Net Income; $209,000 – $17,530 = $191,470

 

 

 

127.Which of the following accounts is used in the periodic inventory system but not used in the perpetual inventory system?   

A.Merchandise Inventory

 

B.Sales

 

C.Sales Returns and Allowances

 

D.Accounts Payable

 

E.Purchases

 

 

 

 

128.When preparing an unadjusted trial balance using a periodic inventory system, the amount shown for Merchandise Inventory is:   

A.The ending inventory amount.

 

B.The beginning inventory amount.

 

C.Equal to the cost of goods sold.

 

D.Equal to the cost of goods purchased.

 

E.Equal to the gross profit.

 

 

 

 

129.On September 12, Vander Company, Inc. sold merchandise in the amount of $5,800 to Jepson Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Vander uses the periodic inventory system. The journal entry or entries that Vander will make on September 12 is:    

A.Sales5,800

Accounts receivable5,800

 

 

B.Sales5,800

Accounts receivable5,800

Cost of goods sold4,000

Merchandise Inventory4,000

 

 

C.Accounts receivable5,800

Sales5,800

 

 

D.Accounts receivable5,800

Sales5,800

Cost of goods sold4,000

Merchandise inventory4,000

 

 

E.Accounts receivable4,000

Sales4,000

 

 

 

 

 

130.On September 12, Vander Company, Inc. sold merchandise in the amount of $5,800 to Jepson Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Vander uses the periodic inventory system. Jepson pays the invoice on September 18, and takes the appropriate discount. The journal entry that Vander makes on September 18 is:    

A.Cash5,800

Accounts receivable5,800

 

 

B.Cash4,000

Accounts receivable4,000

 

 

C.Cash3,920

Sales discounts80

Accounts receivable4,000

 

 

D.Cash5,684

Accounts receivable5,684

 

 

E.Cash5,684

Sales discounts116

Accounts receivable5,800

 

Sales Discounts = $5,800 * .02 = $116Cash = $5,800 – $116 = $5,684

 

 

 

131.On September 12, Vander Company, Inc. sold merchandise in the amount of $5,800 to Jepson Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Vander uses the periodic inventory system. On September 14, Jepson returns some of the merchandise. The selling price of the returned merchandise is $500 and the cost of the merchandise returned is $350. The entry or entries that Vander must make on September 14 is:    

A.Sales returns and allowances500

Accounts receivable500

Merchandise inventory350

Cost of goods sold350

 

 

B.Sales returns and allowances500

Accounts receivable500

 

 

C.Accounts receivable500

Sales returns and allowances500

 

 

D.Accounts receivable500

Sales returns and allowances500

Cost of goods sold350

Merchandise inventory350

 

 

E.Sales returns and allowances350

Accounts receivable350

 

 

 

 

 

132.On September 12, Vander Company, Inc. sold merchandise in the amount of $5,800 to Jepson Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Vander uses the periodic inventory system. On September 14, Jepson returns some of the merchandise. The selling price of the merchandise is $500 and the cost of the merchandise returned is $350. Jepson pays the invoice on September 18, and takes the appropriate discount. The journal entry that Vander makes on September 18 is:    

A.Cash5,800

Accounts receivable5,800

 

 

B.Cash4,000

Accounts receivable4,000

 

 

C.Cash5,194

Sales discounts106

Accounts receivable5,300

 

 

D.Cash5,684

Accounts receivable5,684

 

 

E.Cash5,684

Sales discounts116

Accounts receivable5,800

 

Accounts Receivable = $5,800 – $500 = $5,300Sales Discounts = $5,300 * .02 = $106Cash = $5,300 – $106 = $5,194

 

 

 

133.Cushman Company, Inc. had $800,000 in net sales, $350,000 in gross profit, and $200,000 in operating expenses. Cost of goods sold equals:    

A.$150,000.

 

B.$450,000.

 

C.$800,000.

 

D.$350,000.

 

E.$200,000.

Cost of Goods Sold = Net Sales – Gross Profit; $800,000 – $350,000 = $450,000

 

 

 

134.Cushman Company, Inc. had $800,000 in sales, sales discounts of $12,000, sales returns and allowances of $18,000, cost of goods sold of $380,000, and $275,000 in operating expenses. Gross profit equals:   

A.$770,000.

 

B.$115,000.

 

C.$390,000.

 

D.$402,000.

 

E.$408,000.

Gross Profit (Margin) = $800,000 – $12,000 – $18,000 – $380,000 = $390,000

 

 

 

135.Cushman Company, Inc. had $800,000 in sales, sales discounts of $12,000, sales returns and allowances of $18,000, cost of goods sold of $380,000, and $275,000 in operating expenses. Net income equals:   

A.$770,000.

 

B.$402,000.

 

C.$390,000.

 

D.$115,000.

 

E.$408,000.

Net Income = $800,000 – $12,000 – $18,000 – $380,000 – $275,000 = $115,000

 

 

 

 

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July 1, 2023
    

 

106.A company's income statement showed the following: net income, $134,000; depreciation expense, $30,000; and gain on sale of plant assets, $4,000. An examination of the company's current assets and current liabilities showed the following changes as a result of operating activities: accounts receivable decreased $9,400; merchandise inventory increased $18,000; prepaid expenses increased $6,200; accounts payable increased $3,400. Calculate the net cash provided or used by operating activities.    

A. $156,600.

B. $141,000.

C. $96,600.

D. $148,600.

E. $88,600.

107.A company's income statement showed the following: net income, $124,000 and depreciation expense, $30,000. An examination of the company's current assets and current liabilities showed the following changes as a result of operating activities: accounts receivable decreased $9,400; merchandise inventory increased $18,000; and accounts payable increased $3,400. Calculate the net cash provided or used by operating activities.    

A. $118,000.

B. $159,200.

C. $123,200.

D. $148,800.

E. $178,000.

108.Use the following information and the indirect method to calculate the net cash provided or used by operating activities: 

A. $69,900.

B. $108,900.

C. $93,900.

D. $85,700.

E. $81,600.

109.In preparing a company's statement of cash flows for the most recent year using the indirect method, the following information is available: 

A. $120,000.

B. $71,000.

C. $70,000.

D. $24,000.

E. $110,000.

110.In preparing a company's statement of cash flows for the most recent year using the indirect method, the following information is available: 

A. $120,000.

B. $60,000.

C. $70,000.

D. $80,000.

E. $130,000.

111.A machine with a cost of $130,000 and accumulated depreciation of $85,000 is sold for $50,000 cash. The amount that should be reported as a source of cash under cash flows from investing activities is:    

A. $50,000.

B. $5,000.

C. $45,000.

D. Zero. This is an operating activity.

E. Zero. This is a financing activity.

112.A machine with a cost of $130,000, accumulated depreciation of $85,000, and current year depreciation expense of $17,000 is sold for $40,000 cash. The amount that should be reported as a source of cash under cash flows from investing activities is:   

A. $45,000.

B. $5,000.

C. $17,000.

D. $28,000.

E. $40,000.

113.A machine with a cost of $130,000, current year depreciation expense of $17,000 and accumulated depreciation of $85,000 is sold for $40,000 cash. The amount(s) that should be reported in the operating section of the statement of cash flows is:   

A. $17,000.

B. $4,000.

C. $57,000.

D. $21,000.

E. $22,000.

114.A company reported that its bonds with a par value of $50,000 and a carrying value of $57,000 are retired for $60,000 cash, resulting in a loss of $3,000. The amount to be reported under cash flows from financing activities is:    

A. ($3,000).

B. $60,000.

C. ($57,000).

D. $7,000.

E. ($7,000).

115.Addams Corporation paid cash dividends totaling $75,000 during its most recent fiscal year. How should this information be reported on Addam's statement of cash flows?   

A. In operating activities as a source of funds.

B. In investing activities as a source of funds.

C. In investing activities as a use of funds.

D. In financing activities as a source of funds.

E. In financing activities as a use of funds.

 

 

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July 1, 2023
    

 

106.A company's income statement showed the following: net income, $134,000; depreciation expense, $30,000; and gain on sale of plant assets, $4,000. An examination of the company's current assets and current liabilities showed the following changes as a result of operating activities: accounts receivable decreased $9,400; merchandise inventory increased $18,000; prepaid expenses increased $6,200; accounts payable increased $3,400. Calculate the net cash provided or used by operating activities.    

A. $156,600.

B. $141,000.

C. $96,600.

D. $148,600.

E. $88,600.

107.A company's income statement showed the following: net income, $124,000 and depreciation expense, $30,000. An examination of the company's current assets and current liabilities showed the following changes as a result of operating activities: accounts receivable decreased $9,400; merchandise inventory increased $18,000; and accounts payable increased $3,400. Calculate the net cash provided or used by operating activities.    

A. $118,000.

B. $159,200.

C. $123,200.

D. $148,800.

E. $178,000.

108.Use the following information and the indirect method to calculate the net cash provided or used by operating activities: 

A. $69,900.

B. $108,900.

C. $93,900.

D. $85,700.

E. $81,600.

109.In preparing a company's statement of cash flows for the most recent year using the indirect method, the following information is available: 

A. $120,000.

B. $71,000.

C. $70,000.

D. $24,000.

E. $110,000.

110.In preparing a company's statement of cash flows for the most recent year using the indirect method, the following information is available: 

A. $120,000.

B. $60,000.

C. $70,000.

D. $80,000.

E. $130,000.

111.A machine with a cost of $130,000 and accumulated depreciation of $85,000 is sold for $50,000 cash. The amount that should be reported as a source of cash under cash flows from investing activities is:    

A. $50,000.

B. $5,000.

C. $45,000.

D. Zero. This is an operating activity.

E. Zero. This is a financing activity.

112.A machine with a cost of $130,000, accumulated depreciation of $85,000, and current year depreciation expense of $17,000 is sold for $40,000 cash. The amount that should be reported as a source of cash under cash flows from investing activities is:   

A. $45,000.

B. $5,000.

C. $17,000.

D. $28,000.

E. $40,000.

113.A machine with a cost of $130,000, current year depreciation expense of $17,000 and accumulated depreciation of $85,000 is sold for $40,000 cash. The amount(s) that should be reported in the operating section of the statement of cash flows is:   

A. $17,000.

B. $4,000.

C. $57,000.

D. $21,000.

E. $22,000.

114.A company reported that its bonds with a par value of $50,000 and a carrying value of $57,000 are retired for $60,000 cash, resulting in a loss of $3,000. The amount to be reported under cash flows from financing activities is:    

A. ($3,000).

B. $60,000.

C. ($57,000).

D. $7,000.

E. ($7,000).

115.Addams Corporation paid cash dividends totaling $75,000 during its most recent fiscal year. How should this information be reported on Addam's statement of cash flows?   

A. In operating activities as a source of funds.

B. In investing activities as a source of funds.

C. In investing activities as a use of funds.

D. In financing activities as a source of funds.

E. In financing activities as a use of funds.

 

 

default image
July 1, 2023
    

 

106.A company's income statement showed the following: net income, $134,000; depreciation expense, $30,000; and gain on sale of plant assets, $4,000. An examination of the company's current assets and current liabilities showed the following changes as a result of operating activities: accounts receivable decreased $9,400; merchandise inventory increased $18,000; prepaid expenses increased $6,200; accounts payable increased $3,400. Calculate the net cash provided or used by operating activities.    

A. $156,600.

B. $141,000.

C. $96,600.

D. $148,600.

E. $88,600.

107.A company's income statement showed the following: net income, $124,000 and depreciation expense, $30,000. An examination of the company's current assets and current liabilities showed the following changes as a result of operating activities: accounts receivable decreased $9,400; merchandise inventory increased $18,000; and accounts payable increased $3,400. Calculate the net cash provided or used by operating activities.    

A. $118,000.

B. $159,200.

C. $123,200.

D. $148,800.

E. $178,000.

108.Use the following information and the indirect method to calculate the net cash provided or used by operating activities: 

A. $69,900.

B. $108,900.

C. $93,900.

D. $85,700.

E. $81,600.

109.In preparing a company's statement of cash flows for the most recent year using the indirect method, the following information is available: 

A. $120,000.

B. $71,000.

C. $70,000.

D. $24,000.

E. $110,000.

110.In preparing a company's statement of cash flows for the most recent year using the indirect method, the following information is available: 

A. $120,000.

B. $60,000.

C. $70,000.

D. $80,000.

E. $130,000.

111.A machine with a cost of $130,000 and accumulated depreciation of $85,000 is sold for $50,000 cash. The amount that should be reported as a source of cash under cash flows from investing activities is:    

A. $50,000.

B. $5,000.

C. $45,000.

D. Zero. This is an operating activity.

E. Zero. This is a financing activity.

112.A machine with a cost of $130,000, accumulated depreciation of $85,000, and current year depreciation expense of $17,000 is sold for $40,000 cash. The amount that should be reported as a source of cash under cash flows from investing activities is:   

A. $45,000.

B. $5,000.

C. $17,000.

D. $28,000.

E. $40,000.

113.A machine with a cost of $130,000, current year depreciation expense of $17,000 and accumulated depreciation of $85,000 is sold for $40,000 cash. The amount(s) that should be reported in the operating section of the statement of cash flows is:   

A. $17,000.

B. $4,000.

C. $57,000.

D. $21,000.

E. $22,000.

114.A company reported that its bonds with a par value of $50,000 and a carrying value of $57,000 are retired for $60,000 cash, resulting in a loss of $3,000. The amount to be reported under cash flows from financing activities is:    

A. ($3,000).

B. $60,000.

C. ($57,000).

D. $7,000.

E. ($7,000).

115.Addams Corporation paid cash dividends totaling $75,000 during its most recent fiscal year. How should this information be reported on Addam's statement of cash flows?   

A. In operating activities as a source of funds.

B. In investing activities as a source of funds.

C. In investing activities as a use of funds.

D. In financing activities as a source of funds.

E. In financing activities as a use of funds.

 

 

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By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

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