Post university acc 111 all chapter quizess 32844

 

Company A has assets of $2,000,000, liabilities = 400,000 and equity = $1,600,000.

What is the debt to asset ratio for Company A?

     

Selected Answer:

Correct Answer:

 

Response Feedback:

%

 

 

 

 

 

 

 

Unit 5 chapter 6 quiz

 

 

 

· Question 1

2 out of 2 points

   
 

Sales with terms 2/ 10, n/ 30 means:

     
       

· Question 2

2 out of 2 points

   
 

A $ 1,000 sale is made on May 1 with terms 2/ 10, n/ 30. What amount, if received on May 9, will the customer’s check be?

     
       

· Question 3

2 out of 2 points

   
 

A company has net sales of $500,000 and cost of goods sold of $400,000. The company’s gross profit percentage is:

     
       

· Question 4

2 out of 2 points

   
 

Company Alpha has Sales of $800,000, Sales Discounts of $40,000 and Sales Returns of $50,000. How will this be shown on the Income Statement?

     
       

· Question 5

2 out of 2 points

   
 

On March 1, 200X Bravo Company sells $6,000 of services on credit terms offering a 2% discount if paid within ten days.They are paid on March 3.The customer takes the discount, what is Bravo Company’s accounting entry on March 3, 200X?

     

Selected Answer:

Correct Answer:

 

Response Feedback:

   
     
     
     
   
     
         
     

· Question 6

2 out of 2 points

   
 

The accounting entry for a sales return includes:

     

Selected Answer:

Correct Answer:

 

Response Feedback:

     
           

Sales returns is a contra sales account.

 
               
     

Thursday, November 2

 

 

 

 

 

 

 

 

 

 

 

Unit 6 chapter 7 quiz

 

 

· Question 1

2 out of 2 points

   
 

The 200X records of Thompson Company showed beginning inventory of $6,000, cost of goods sold of $14,000 and ending inventory of $8,000. The cost of purchases for 200X was:

     
       

· Question 2

2 out of 2 points

   
 

Post Company began the current month with $10,000 in inventory, then purchased inventory at a cost of $35,000. The inventory at the end of the month was $20,000.The cost of goods sold would be:

     
       

· Question 3

2 out of 2 points

   
 

Following is the inventory activity for July:

 

Beginning Balance 10 sweaters @ $12 each

1-Jul

Purchased 5 sweaters at $14 each

8-Jul

Purchased 8 sweaters at $17 each

17-Jul

Purchased 6 sweaters at $20 each

24-Jul

Sold 12 sweaters for $30 each

What is the ending inventory $ amount using the FIFO method?

     
       

· Question 4

2 out of 2 points

   
 

Following is the inventory activity for July:

 

Beginning Balance 10 sweaters @ $12 each

1-Jul

Purchased 5 sweaters at $14 each

8-Jul

Purchased 8 sweaters at $17 each

17-Jul

Purchased 6 sweaters at $20 each

24-Jul

Sold 12 sweaters for $30 each

What is the ending inventory $ amount using the LIFO method?

     

Selected Answer:

 

$224

Correct Answer:

 

$224

 

Response Feedback:

LIFO Ending Inventory consists of:

   

10 sweaters @ $12 each

10

$120

5 sweaters @ $14 each

5

$70

2 sweaters @ $17 each

2

$34

LIFO Ending Inventory consists of:

17

$224

     

 

 

 

Unit 6 chapter 8 quiz

 

 

 

· Question 1

2 out of 2 points

   
 

A company lends its CEO $150,000 for 3 years at a 6% annual interest rate. Interest payments are to be made twice a year. Each interest payment will be for:

     
       

· Question 2

2 out of 2 points

   
 

Which of the following is true?

     

Selected Answer:

Correct Answer:

 

     

· Question 3

2 out of 2 points

   
 

Post Company lends Blue Company $40,000 on April 1, accepting a 4 month, 4.5% interest note. Post Company prepares financial statements on April 30. What adjusting entry should they make?

     
       

Thursday, Novembe

     

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