Question :
126. A company has net sales of $752,000 and cost of : 1257878
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 $191,470B. $191,470 and $209,000C. $525,470 and $227,000D. $227,000 and $525,470E. $734,000 and $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 InventoryB. SalesC. Sales Returns and AllowancesD. Accounts PayableE. 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.
Sales……………………….
5,800
Accounts receivable…………..
5,800
B.
Sales……………………….
5,800
Accounts receivable…………..
5,800
Cost of goods sold……………….
4,000
Merchandise Inventory…………
4,000
C.
Accounts receivable………………
5,800
Sales……………………
5,800
D.
Accounts receivable………………
5,800
Sales……………………
5,800
Cost of goods sold……………….
4,000
Merchandise inventory…………
4,000
E.
Accounts receivable………………
4,000
Sales……………………
4,000
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.
Cash
5,800
Accounts receivable…………..
5,800
B.
Cash…………………….
4,000
Accounts receivable…………..
4,000
C.
Cash
3,920
Sales discounts…………………
80
Accounts receivable…………..
4,000
D.
Cash
5,684
Accounts receivable…………..
5,684
E.
Cash
5,684
Sales discounts…………………
116
Accounts receivable…………..
5,800
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 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 allowances………
500
Accounts receivable…………..
500
Merchandise inventory………….
350
Cost of goods sold……………
350
B.
Sales returns and allowances…………
500
Accounts receivable…………..
500
C.
Accounts receivable………………
500
Sales returns and allowances……..
500
D.
Accounts receivable………………
500
Sales returns and allowances……..
500
Cost of goods sold……………….
350
Merchandise inventory…………
350
E.
Sales returns and allowances…………
350
Accounts receivable…………..
350
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.
Cash
5,800
Accounts receivable…………..
5,800
B.
Cash…………………….
4,000
Accounts receivable…………..
4,000
C.
Cash
5,194
Sales discounts…………………
106
Accounts receivable…………..
5,300
D.
Cash
5,684
Accounts receivable…………..
5,684
E.
Cash
5,684
Sales discounts…………………
116
Accounts receivable…………..
5,800
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.
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.
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.
or Waypoint 
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