How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Manal Elkhoshkhany Your Own Question

Manal Elkhoshkhany
Manal Elkhoshkhany, Tutor
Category: Homework
Satisfied Customers: 9512
Experience:  More than 5000 online tutoring sessions.
3708793
Type Your Homework Question Here...
Manal Elkhoshkhany is online now
A new question is answered every 9 seconds

Online Exam 3_03 Table of Contents Time Remaining: 22:37:55 Part

Resolved Question:

Online Exam 3_03

Table of Contents
Time Remaining: 22:37:55

Part 1 of 1 -

Question 1 of 20
5.0 Points
A firm's __________ account is categorized as a current asset.
A. equipment
B. accounts payable
C. bonds payable
D. merchandise inventory
Reset Selection

Mark for Review What's This?
Question 2 of 20
5.0 Points
__________ accounts show the amount of money owed to the firm by customers.
A. Supply
B. Prepaid
C. Receivables
D. Payables
Reset Selection

Mark for Review What's This?
Question 3 of 20
5.0 Points
A firm has $200,000 in total assets and $120,000 in owner's equity. What are the total liabilities?
A. $80,000
B. $200,000
C. $320,000
D. Cannot be determined from the information given
Reset Selection

Mark for Review What's This?
Question 4 of 20
5.0 Points
Please use the following information to answer questions 4-5:

Cash $10,000 Accounts Payable $7,000
Accounts Receivable $6,400 Mortgage Payable $65,000
Supplies $1,500 Long-term Debt $36,000
Building $150,000 Notes Payable $9,000
Equipment $80,000 Preferred Stock $32,000
Merchandise Inventory $18,000 Retained Earnings ?
Prepaid Rent $3,000
Common Stock $60,000

Current Assets total:
A. $16,400
B. $37,400
C. $38,900
D. $268,900
Reset Selection

Mark for Review What's This?
Question 5 of 20
5.0 Points
Retained earnings total:
A. $59,900
B. $78,100
C. $92,000
D. $151,900
Reset Selection

Mark for Review What's This?
Question 6 of 20
5.0 Points
__________ expenses are costs incurred directly with the sale of merchandise or in the operations of business.
A. Purchasing
B. Net
C. Operating
D. Miscellaneous
Reset Selection

Mark for Review What's This?
Question 7 of 20
5.0 Points
A company develops the following information at the end of an accounting period:

Inventory, 01/99 $347,500
Net purchases $1,145,000
Cost of goods sold $1,216,000

What is the ending inventory for the period?
A. $71,000
B. $276,500
C. $797,500
D. Cannot be determined from the information given
Reset Selection

Mark for Review What's This?
Question 8 of 20
5.0 Points
Please use the following information to answer questions 8-10:

Gross Sales $1,555,000 Inventory, 01/99 $356,000
Purchases 812,000 Inventory, 12/99 382,000
Purchases discount 26,000 Sales Discount 22,000
Sales returns & allowances 35,000 Transportation in 16,000
Selling expenses 210,000 Administrative salaries 240,000
Advertising expense 40,000 Depreciation expense 22,000
Supplies expense 24,000 Other general expenses 112,000
Interest expense 8,000 Interest income 3,000

What are the total expenses?
A. $450,000
B. $544,000
C. $648,000
D. $656,000
Reset Selection

Mark for Review What's This?
Question 9 of 20
5.0 Points
What is the gross profit?
A. $696,000
B. $722,000
C. $776,000
D. $1,158,000
Reset Selection

Mark for Review What's This?
Question 10 of 20
5.0 Points
What is the net income?
A. $66,000
B. $69,000
C. $72,000
D. $95,000
Reset Selection

Mark for Review What's This?
Question 11 of 20
5.0 Points
The percentage analysis of changes of corresponding items in comparative financial statements is referred to as horizontal analysis.
A. True
B. False
Reset Selection

Mark for Review What's This?
Question 12 of 20
5.0 Points
Please use the following information to answer questions 12-16:

Trenton Supply Company
Comparative Income Statement, 12/31/99 and 12/31/2000
2000 1999
Net Sales $ 850,000 $ 780,000
Cost of goods sold:
Beginning inventory 42,000 36,000
Net purchases 410,000 382,000
Merchandise available for sale 452,000 418,000
Ending inventory 48,000 43,000
Total cost of goods sold 404,000 375,000
Gross profit 446,000 405,000
Operating expenses:
Supplies 7,400 6,500
Wages & salaries 195,000 147,000
Depreciation 13,000 15,000
Insurance 5,100 4,500
Advertising 8,000 6,000
Rent 25,000 22,000
Total operating expenses 253,500 201,000
Income before taxes 192,500 204,000
Provision for taxes 80,000 84,000
Net income 112,500 120,000

For the year 2000, cost of goods sold represents what percentage of net sales?
A. 47.53%
B. 48.1%
C. 52.0%
D. 52.47%
Reset Selection

Mark for Review What's This?
Question 13 of 20
5.0 Points
For the year 1999, net income represents what percentage of net sales?
A. 13.24%
B. 15.4%
C. 22.65%
D. 26.15%
Reset Selection

Mark for Review What's This?
Question 14 of 20
5.0 Points
In 2000, total operating expenses increased by _____% over 1999.
A. 5.98
B. 12.2
C. 26.12
D. 53.5
Reset Selection

Mark for Review What's This?
Question 15 of 20
5.0 Points
Between 12/31/1999 and 12/31/2000, gross profit:
A. fell by 1.33%.
B. fell by 7.73%.
C. rose by 8.13%.
D. rose by 10.12%.
Reset Selection

Mark for Review What's This?
Question 16 of 20
5.0 Points
Between 12/31/1999 and 12/31/2000, net income:
A. rose by
Submitted: 1 year ago.
Category: Homework
Expert:  Manal Elkhoshkhany replied 1 year ago.

Hello

Please post all questions as it seems the question were cut off.

When you do, please advise your deadline as well as the name of the book you are using: Title, author's name, and edition

Thank you

Customer: replied 1 year ago.

OK, so sorry about that. I really appreciate your assistance.


 




 


Online Exam 3_03



Time Remaining: 22:21:34
























































































A firm's __________ account is categorized as a current asset.















A. equipment
B. accounts payable
C. bonds payable
D. merchandise inventory

Reset Selection

Mark for Review What's This?










__________ accounts show the amount of money owed to the firm by customers.















A. Supply
B. Prepaid
C. Receivables
D. Payables

Reset Selection

Mark for Review What's This?










A firm has $200,000 in total assets and $120,000 in owner's equity. What are the total liabilities?















A. $80,000
B. $200,000
C. $320,000
D. Cannot be determined from the information given

Reset Selection

Mark for Review What's This?










Please use the following information to answer questions 4-5:

 





















































Cash$10,000Accounts Payable$7,000
Accounts Receivable$6,400Mortgage Payable$65,000
Supplies$1,500Long-term Debt$36,000
Building$150,000Notes Payable$9,000
Equipment$80,000Preferred Stock$32,000
Merchandise Inventory$18,000Retained Earnings?
Prepaid Rent$3,000
Common Stock$60,000

Current Assets total:

















A. $16,400
B. $37,400
C. $38,900
D. $268,900

Reset Selection

Mark for Review What's This?










Retained earnings total:















A. $59,900
B. $78,100
C. $92,000
D. $151,900

Reset Selection

Mark for Review What's This?










__________ expenses are costs incurred directly with the sale of merchandise or in the operations of business.















A. Purchasing
B. Net
C. Operating
D. Miscellaneous

Reset Selection

Mark for Review What's This?










A company develops the following information at the end of an accounting period:

 

















Inventory, 01/99$347,500
Net purchases$1,145,000
Cost of goods sold$1,216,000

What is the ending inventory for the period?

















A. $71,000
B. $276,500
C. $797,500
D. Cannot be determined from the information given

Reset Selection

Mark for Review What's This?










Please use the following information to answer questions 8-10:





















































Gross Sales$1,555,000Inventory, 01/99$356,000
Purchases812,000Inventory, 12/99382,000
Purchases discount26,000Sales Discount22,000
Sales returns & allowances35,000Transportation in16,000
Selling expenses210,000Administrative salaries240,000
Advertising expense40,000Depreciation expense22,000
Supplies expense24,000Other general expenses112,000
Interest expense8,000Interest income3,000

What are the total expenses?

















A. $450,000
B. $544,000
C. $648,000
D. $656,000

Reset Selection

Mark for Review What's This?










What is the gross profit?















A. $696,000
B. $722,000
C. $776,000
D. $1,158,000

Reset Selection

Mark for Review What's This?










What is the net income?















A. $66,000
B. $69,000
C. $72,000
D. $95,000

Reset Selection

Mark for Review What's This?










The percentage analysis of changes of corresponding items in comparative financial statements is referred to as horizontal analysis.









A. True
B. False

Reset Selection

Mark for Review What's This?










Please use the following information to answer questions 12-16:






































































































Trenton Supply Company
Comparative Income Statement, 12/31/99 and 12/31/2000
20001999
Net Sales$ 850,000$ 780,000
Cost of goods sold:
Beginning inventory42,00036,000
Net purchases410,000382,000
Merchandise available for sale452,000418,000
Ending inventory48,00043,000
Total cost of goods sold404,000375,000
Gross profit446,000405,000
Operating expenses:
Supplies7,4006,500
Wages & salaries195,000147,000
Depreciation13,00015,000
Insurance5,1004,500
Advertising8,0006,000
Rent25,00022,000
Total operating expenses253,500201,000
Income before taxes192,500204,000
Provision for taxes80,00084,000
Net income112,500120,000


For the year 2000, cost of goods sold represents what percentage of net sales?















A. 47.53%
B. 48.1%
C. 52.0%
D. 52.47%

Reset Selection

Mark for Review What's This?










For the year 1999, net income represents what percentage of net sales?















A. 13.24%
B. 15.4%
C. 22.65%
D. 26.15%

Reset Selection

Mark for Review What's This?










In 2000, total operating expenses increased by _____% over 1999.















A. 5.98
B. 12.2
C. 26.12
D. 53.5

Reset Selection

Mark for Review What's This?










Between 12/31/1999 and 12/31/2000, gross profit:















A. fell by 1.33%.
B. fell by 7.73%.
C. rose by 8.13%.
D. rose by 10.12%.

Reset Selection

Mark for Review What's This?










Between 12/31/1999 and 12/31/2000, net income:















A. rose by 5.97%.
B. fell by 5.64%.
C. fell by 6.25%.
D. rose by 6.67%.

Reset Selection

Mark for Review What's This?










The ratio of __________ to __________ is an example of a __________ ratio.















A. quick assets; current liabilities; leverage
B. cost of goods sold; total assets; asset utilization
C. net credit sales; average owner's equity; leverage
D. net income after taxes; net sales; profit

Reset Selection

Mark for Review What's This?










A firm's balance sheet shows the following assets:

 

























Cash$5,000
Accounts Receivable$8,000
Inventories$10,000
Prepaid Insurance$2,500

Marketable Securities


$7,000

If the firm has current liabilities totaling $15,000, what is its acid test ratio?

















A. 0.67:1
B. 1:1
C. 1.33:1
D. 1.5:1

Reset Selection

Mark for Review What's This?










Please use the following information to answer questions 19-20:

Assume the balances on 12/31/99 were carried over to 01/01/2000:













































































Trenton Supply Company
Comparative Balance Sheet, 12/31/99 and 12/31/2000
20001999
Current Assets:
Cash70,00064,000
Accounts receivable50,00045,000
Prepaid rent10,00012,000
Merchandise Inventory120,000135,000
Total Current Assets250,000256,000
Fixed Assets:
Equipment (net)200,000164,000
Building (net)300,000310,000
Total Assets750,000730,000
Total current Liabilities120,000100,000
Total Long-term Debt225,000245,000
Owner's Equity405,000385,000
Total Liabilities and Owner's Equity750,000730,000



 


 


 


 


 


 


 


 


 


 


 


 




 


From 1999 to 2000, the what is the asset turnover ratio?















A. 1.52
B. 1.54
C. 2.00
D. 2.05

Reset Selection

Mark for Review What's This?










Given a net income of $90,000, what is the return on investment for 2000?















A. 7.9%
B. 22.22%
C. 22.78%
D. 24.8%

Reset Selection

Mark for Review What's This?






















Customer: replied 1 year ago.

My deadline is 3pm CST Sunday (tomorrow) and the book for this class is Mathematics of Business John E Rogers & Bruce F Haney published 1993


 


Once again thank you for your assistance


 

Expert:  Manal Elkhoshkhany replied 1 year ago.

Thank you

Do you need to show calculations?

Customer: replied 1 year ago.

No thank you, XXXXX XXXXX will be sufficient. Sorry for all of those gaps!

Expert:  Manal Elkhoshkhany replied 1 year ago.

That's ok :)

For future posts, you can upload the files to www.mediafire.com then copy and paste the share link here. This would preserve the formating

Will post the solutions as soon as I can

Regards,

Customer: replied 1 year ago.

Great info. Thanks!

Expert:  Manal Elkhoshkhany replied 1 year ago.
You are welcome :)
Expert:  Manal Elkhoshkhany replied 1 year ago.
THIS ANSWER IS LOCKED!
You can view this answer by clicking here to Register or Login and paying $3.
If you've already paid for this answer, simply Login.
Manal Elkhoshkhany, Tutor
Category: Homework
Satisfied Customers: 9512
Experience: More than 5000 online tutoring sessions.
Manal Elkhoshkhany and 4 other Homework Specialists are ready to help you

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
< Last | Next >
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin Kernersville, NC
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther Woodstock, NY
  • Thank you so much for taking your time and knowledge to support my concerns. Not only did you answer my questions, you even took it a step further with replying with more pertinent information I needed to know. Robin Elkton, Maryland
  • He answered my question promptly and gave me accurate, detailed information. If all of your experts are half as good, you have a great thing going here. Diane Dallas, TX
 
 
 

Meet The Experts:

 
 
 
  • Manal Elkhoshkhany

    Tutor

    Satisfied Customers:

    4522
    More than 5000 online tutoring sessions.
< Last | Next >
  • http://ww2.justanswer.com/uploads/BU/BusinessTutor/2012-2-2_115741_Kouki2.64x64.jpg Manal Elkhoshkhany's Avatar

    Manal Elkhoshkhany

    Tutor

    Satisfied Customers:

    4522
    More than 5000 online tutoring sessions.
  • http://ww2.justanswer.com/uploads/ComputersGuru/2010-02-13_051118_Photo41.JPG LogicPro's Avatar

    LogicPro

    Engineer

    Satisfied Customers:

    3458
    Expert in Java C++ C C# VB Javascript Design SQL HTML
  • http://ww2.justanswer.com/uploads/LI/lindaus/2012-6-10_04811_IMG20120609164157.64x64.jpg Linda_us's Avatar

    Linda_us

    Finance, Accounts & Homework Tutor

    Satisfied Customers:

    3124
    Post Graduate Diploma in Management (MBA)
  • http://ww2.justanswer.com/uploads/chooser77/2009-08-18_162025_Chris.jpg Chris M.'s Avatar

    Chris M.

    M.S.W. Social Work

    Satisfied Customers:

    2385
    Master's Degree, strong math and writing skills, experience in one-on-one tutoring (college English)
  • http://ww2.justanswer.com/uploads/JawaadAhmed/2009-6-27_12137_SIs_SHadi.jpg F. Naz's Avatar

    F. Naz

    Chartered Accountant

    Satisfied Customers:

    1988
    Experience with chartered accountancy
  • http://ww2.justanswer.com/uploads/JK/jkcpa/2011-1-16_182614_jkcpa.64x64.jpg Bizhelp's Avatar

    Bizhelp

    CPA

    Satisfied Customers:

    1876
    Bachelors Degree and CPA with Accounting work experience
  • http://ww2.justanswer.com/uploads/avremote/photoa.jpg Seanna's Avatar

    Seanna

    Tutor

    Satisfied Customers:

    1781
    3,000+ satisfied customers, all topics, A+ work
 
 
 
Chat Now With A Tutor
Manal Elkhoshkhany
Manal Elkhoshkhany
4524 Satisfied Customers
More than 5000 online tutoring sessions.