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Sources must be cited in APA format. Your response should be a minimum of one (1) single-spaced page to a maximum of two (2) pages in length; refer to the "Assignment Format" page for specific format requirements. 1. Jacksonville Technical College received $3,445,553 in state aid on September 15 for the fall academic semester. The vice-president for finance decided to invest $2,000,000 in a 2-month investment that pays 11.5% simple interest. How much interest will the college earn on the investment? (15 points) 2. Barney Casey borrowed $40,000 from his parents for 2 years. He paid them a total of $45,000 at the end of the 2-year term of the simple interest loan. What rate of interest did he pay his parents? (15 points) 3. Sarai Sherman agreed to deposit $4,450 in an account paying 16% simple interest per year for 60 days. If she made the deposit on February 25, determine (a) the date of the end of the term of the investment, and (b) the ordinary interest Sarai will earn. (15 points) 4. Anna Cavanaugh loaned her friend Jason $1,000 for 6 months at 6% simple interest. What is the future value of the loan and how much finance charge will Jason pay? (15 points) 5. Acton can choose from two loan offers: $12,000 at 8% simple interest for 9 months; or a $12,000 9-month discounted loan at 7% discount. Based on the actual interest paid and the true rate on the discounted loan, which of the two loan offers will Acton choose? Explain your answer. (40 points) This is the end of Assignment 05. Sources must be cited in APA format. Your response should be a minimum of one (1) single-spaced page to a maximum of two (2) pages in length; refer to the "Assignment Format" page for specific format requirements. Envision that you have served as business manager of Media World for over 2 years. You have noticed that for the last 12 months the business has regularly had cash assets of $20,000 or more at the end of each month. You have found a 6-month certificate of deposit that pays 6% compounded monthly. To obtain this rate of interest, you must invest a minimum of $2,000. You have also found a high interest savings account that pays 3% compounded daily. Based on the cash position of the business at this time, assume that you decide to invest $4,000. 1. Assume that you will invest the full amount in a certificate of deposit. a. What would be the future value of the CD at the end of the investment term? (14 points) b. How much interest would the investment earn for the period? (14 points) c. What would be the effective rate of the investment?(14 points) 2. Assume that you decide to invest the $4,000 in the high-interest savings account. a. What future value would you expect to receive at the end of 6 months? (14 points) b. How much interest would the investment earn for the period? (14 points) c. What would be the effective rate of the investment? (14 points) 3. Write a recommendation to the partners justifying a short-term investment of business funds at this time, recommending one of these investments. Include your analysis from questions 1 and 2 in your recommendation. (16 points) This is the end of Assignment 06.

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It will be my pleasure to do the assignment, but a little confusion is there, the assignmetn to be done on a formated pattern, if you could provide that and what it the meaning of one page lenght, it is not descriptive, all questions are numberical, please clarfiy it so answer may be given, also mention your deadline, thanks.

HI i hope u can help me with this two assignment on mathematic of business.

please let me know what also u need, i really appreciate it. in one week from now i should send in. Also i do have 5 test of 20 questions i am sure u can help, but need to know when u r available so i can start to open, it has time limit once i am connect with the test .later after 7 pm easter time i am back here. THANK U.

Writing Style APA (American Psychological Association)

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Paragraphs Single-space

Double-space between paragraphs

Indent first line of each paragraph

Headings Bold

Type Style and Size Times New Roman, 12 point

Software MS Word

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The following information should be on the first page on the top left side of the page in the format provided below. Do not provide a cover sheet.

i believe is about solving problems, equation or write a formula. once i open i have 23 hr time frame to answer each. i am going to open now and send to u thank u

Question 1 of 20 5.0 Points Solve for C: F = 32 + 9/5 C

A. C = F - 32

B. C = 9/5 + 32

C. C = 5/9(F - 32)

D. C = (F + 32) Reset Selection

Mark for Review What's This? Question 2 of 20 5.0 Points In the equation x = 6 - 2y, x and y are:

A. directly related.

B. inversely related.

C. both dependent variables.

D. not related. Reset Selection

Mark for Review What's This? Question 3 of 20 5.0 Points John puts $780 into his checking and savings accounts. He puts three times as much into the checking account as into the savings account. What amounts did he deposit in each account?

A. $600 and $180

B. $550 and $230

C. $585 and $195

D. $525 and $245 Reset Selection

Mark for Review What's This? Question 4 of 20 5.0 Points What is the slope between the points (2,3) and (6,5)?

A. 1/4

B. 1/2

C. 2/3

D. 3/2 Reset Selection

Mark for Review What's This? Question 5 of 20 5.0 Points There are 7/8 as many men as women in an entering freshman class at State College. If the total enrollment for freshmen is 450, how many women enrolled?

A. 421

B. 369

C. 240

D. 210 Reset Selection

Mark for Review What's This? Question 6 of 20 5.0 Points Solve for x: 7 + x = 9 + 27

A. x = 21/3

B. x = 9

C. x = 29

D. x = 34 Reset Selection

Mark for Review What's This? Question 7 of 20 5.0 Points J and P are partners. J does four times the work of P, and also takes four times the profits. If total profit for the month of June is $8,000, what is J's share?

A. $2,000

B. $5,000

C. $6,000

D. $6,400 Reset Selection

Mark for Review What's This? Question 8 of 20 5.0 Points A firm's sales for the month total $30,000. If the ratio of cash to credit sales is 2:3, what do cash sales total?

A. $6,000

B. $10,000

C. $12,000

D. $18,000 Reset Selection

Mark for Review What's This? Question 9 of 20 5.0 Points Four partners, A,B,C,D, invest in the ratio of 5:3:3:1 in their firm. If partner A invests $20,000, what is the total invested?

A. $40,000

B. $48,000

C. $60,000

D. $80,000 Reset Selection

Mark for Review What's This? Question 10 of 20 5.0 Points Solve for x: x/3 = 12/20

A. x = 1.8

B. x = 2.2

C. x = 2.8

D. x = 5.4 Reset Selection

Mark for Review What's This? Question 11 of 20 5.0 Points Fuel oil prices averaged $0.93375 in the winter of 1998, then shot up to $1.02 in winter 1999. Calculate the additional fuel costs for a household that used 863 5/8 gallons of fuel oil during the winter of 1999.

A. $14.90

B. $74.49

C. $89.95

D. $105.45 Reset Selection

Mark for Review What's This? Question 12 of 20 5.0 Points A car has a tank that holds 12 3/8 gallons of gasoline. Mr. Brown fills his tank and drives along the highway until he runs out of gas. If his car averages 19 2/5 mpg, how far has he traveled?

A. 226 miles

B. 238 miles

C. 240 miles

D. 245 miles Reset Selection

Mark for Review What's This? Question 13 of 20 5.0 Points A start-up firm's sales increased by 350% from its first year of operation to its third year total of $1.68 million. What were its total sales in its first year of operation?

A. $ 480,000

B. $ 672,000

C. $2,030,000

D. $5,880,000 Reset Selection

Mark for Review What's This? Question 14 of 20 5.0 Points Find the sales tax on a luxury item priced at $1,475.00 if the rate of sales tax is 5 ½% of the sales price.

A. $73.75

B. $76.90

C. $81.13

D. $268.18 Reset Selection

Mark for Review What's This? Question 15 of 20 5.0 Points A state college has a total freshman enrollment of 2,200 students, of whom 42% are male. If the remainder of the total school enrollment of 6,800 students is divided evenly between male and female, determine the total male enrollment in the school.

A. 2,856

B. 3,224

C. 3,300

D. 3,576 Reset Selection

Mark for Review What's This? Question 16 of 20 5.0 Points A manufacturer reports production of 120,000 units in the third quarter of the year. This is an increase of 15,000 units over production in the second quarter. What was the rate of increase for the period?

A. 11.11%

B. 12.5%

C. 14.29%

D. 15% Reset Selection

Mark for Review What's This? Question 17 of 20 5.0 Points A consumer information magazine estimates that the real juice content of several drinks sold as snack drinks for children was 79.5% in 1999, compared to 86.25% in 1998. What is the percentage change in the real juice content?

A. -7.83%

B. -6.75%

C. 6.75%

D. 8.5% Reset Selection

Mark for Review What's This? Question 18 of 20 5.0 Points The CPI for a broad basket of goods in 1994 was 110, in 1999 the CPI for the same goods was 146. What was the percent inflation for the 6-year period?

A. 24.66%

B. 32.73%

C. 36%

D. 46% Reset Selection

Mark for Review What's This? Question 19 of 20 5.0 Points Determine the price index for a product that sold for $8.99 in 1999, compared to $6.99 in 1996.

A. 77.75

B. 122.25

C. 128.61

D. 177.75 Reset Selection

Mark for Review What's This? Question 20 of 20 5.0 Points The consumer price index for a new car in 1990 was 110.2, and in 1995 it was 136.5. If the price of the car was $12,880 in 1990, what was the price in 1995?

A. $15,362

B. $15,954

C. $16,060

D. $16,267

Customer:replied 4 years ago.

u are working on right? thank u

Customer:replied 4 years ago.

r u there?

Customer:replied 4 years ago.

hi i got it already, thank u for u effort. so no need for this exam

you can try this i do have few hr left if u can do it will be great

Question 1 of 20 5.0 Points The _________ method of inventory valuation uses the quantity times price equals cost concept of the basic business transaction.

A. specific identification

B. original cost

C. specific cost

D. average cost Question 2 of 20 5.0 Points The _________ method for determining the value of ending inventory closely resembles the way a company actually moves its physical inventory.

A. specific identification

B. FIFO

C. LIFO

D. inventory sold

Question 3 of 20 5.0 Points The _________ method uses the cost ratio to estimate the value of ending inventory.

A. retail

B. gross margin

C. average cost

D. specific cost

Question 4 of 20 5.0 Points Since continuous inventory systems are not common, most businesses use a _________ system.

A. current market value

B. periodic inventory

C. current cost estimate

D. specific identification

Question 5 of 20 5.0 Points _________ is a method used to value inventory that assumes purchases made during the first part of the year will be sold first.

A. Current cost estimate

B. Replacement value

C. LIFO

D. FIFO Question 6 of 20 5.0 Points Goods that are owned by the business and held for resale are called:

A. stock.

B. merchandise.

C. materials.

D. inventory. Question 7 of 20 5.0 Points The _________ method employs the percentage of sales revenues to determine cost of goods sold and the estimated value of ending inventory.

A. market value

B. replacement value

C. gross margin

D. cost estimate Question 8 of 20 5.0 Points Inventory may be valued at either the cost of the unit or at the current market value – whichever is lower. The name of this rule is the _________ method.

A. valuation

B. market value

C. lower of cost or market

D. replacement value Question 9 of 20 5.0 Points Please use the following information to answer questions 9-10. Beginning Inventory 600 units @ $3.50 per unit Purchases: January 20th 1,200 units @ $4.00 per unit February 20th 1,500 units @ $3.76 per unit March 20th 1,000 units @ $3.80 per unit Ending Inventory 800 units Using the average cost method, what is ending inventory valued at?

A. $2,976.42

B. $3,040.00

C. $3,999.00

D. $4,694.12 Question 10 of 20 5.0 Points If the current market value of the good was $3.75 per unit on March 30 (when ending inventory for the quarter was recorded), and the lower-of-cost-or-market method is used, then the value of ending inventory:

A. would not change.

B. would increase by $40.

C. would decrease by $40.

D. would decrease by $400. Question 11 of 20 5.0 Points Please use the following information to answer questions 11-13. A firm has the following inventory information for the first quarter:

01/01 Beginning Inventory 50 units @ $5 01/15 Purchases 80 units @ $5.50 02/15 Purchases 60 units @ $5.25 02/15 Purchases 40 units @ $5.75 Sales 170 units @ $10 Total operating expenses $500 What is ending inventory under FIFO?

A. $305

B. $322.17

C. $335

D. $350 Question 12 of 20 5.0 Points What is the cost of goods sold under FIFO?

A. $770

B. $800

C. $900

D. $930

Question 13 of 20 5.0 Points What is net profit under LIFO?

A. $250

B. $270

C. $300

D. $330 Question 14 of 20 5.0 Points Please use the following information for questions 14-15. Mahalyk's Water Fun Shoppe specializes in jet skis. Mahalyk's inventory records showed the following for the past year.

Purchase Date Number of Jet Skis Cost Per Jet Ski February 10 30 $4,000 May 12 80 $3,000 June 15 20 $3,500 July 20 15 $2,500 Use the LIFO method to determine Mahalyk's value of ending inventory at the end of July if they had 70 jet skis left in inventory.

A. $230,625

B. $240,000

C. $255,000

D. $212,500 Question 15 of 20 5.0 Points Use the FIFO method to determine Mahalyk's value of ending inventory at the end of July if they had 70.5 jet skis left in inventory.

A. $230,625

B. $210,000

C. $255,000

D. $212,500 Question 16 of 20 5.0 Points Estimate the cost of ending inventory based on the retail method using the following information:

D. $750,000 Question 17 of 20 5.0 Points A firm has beginning inventory of $50,000 and purchases of $290,000 for an accounting period. Sales totaled $400,000, and typical gross margin as a percentage of sales has been 30%. Using the gross margin method, what is the estimated ending inventory?

A. $60,000

B. $75,000

C. $90,000

D. $120,000 5.0 Points Determine the cost ratio (retail method) for Twilight Games and Comics Store if the cost of goods available for sale is $36,000 and the retail value of goods available for sale is $90,000 (round to the nearest one-thousandth).

A. 2.500

B. 0.667

C. 0.400

D. 2.000 Question 19 of 20 5.0 Points Estimate the cost of ending inventory for August for Roman's Jewelry Store using the retail method on the following data: Cost Retail Beginning inventory for August $180,000 $288,000 Purchases during August $70,000 $112,000 Net sales during August $80,000

A. $50,000

B. $156,250

C. $200,000

D. $128,000 Question 20 of 20 5.0 Points Herman's Confectionery Shoppe has a beginning inventory at cost of $22,000, and purchases at cost of $5,000 during the month of February. Retail sales for February were $8,000 and the gross margin for the month was assumed to be 45%. Estimate the value of ending inventory for February.

Question 1 of 20 5.0 Points The _________ method of inventory valuation uses the quantity times price equals cost concept of the basic business transaction.

A. specific identification

Question 2 of 20 5.0 Points The _________ method for determining the value of ending inventory closely resembles the way a company actually moves its physical inventory.

B. FIFO

Question 3 of 20 5.0 Points The _________ method uses the cost ratio to estimate the value of ending inventory.

A. retail

oints Since continuous inventory systems are not common, most businesses use a _________ system.

B. periodic inventory

Question 5 of 20 5.0 Points _________ is a method used to value inventory that assumes purchases made during the first part of the year will be sold first.

D. FIFO Question 6 of 20 5.0 Points Goods that are owned by the business and held for resale are called:

B. merchandise.

Question 7 of 20 5.0 Points The _________ method employs the percentage of sales revenues to determine cost of goods sold and the estimated value of ending inventory.

C. gross margin

Question 8 of 20 5.0 Points Inventory may be valued at either the cost of the unit or at the current market value – whichever is lower. The name of this rule is the _________ method.

C. lower of cost or market

Question 9 of 20 5.0 Points Please use the following information to answer questions 9-10. Beginning Inventory 600 units @ $3.50 per unit Purchases: January 20th 1,200 units @ $4.00 per unit February 20th 1,500 units @ $3.76 per unit March 20th 1,000 units @ $3.80 per unit Ending Inventory 800 units Using the average cost method, what is ending inventory valued at?

B. $3,040.00

Question 10 of 20 5.0 Points If the current market value of the good was $3.75 per unit on March 30 (when ending inventory for the quarter was recorded), and the lower-of-cost-or-market method is used, then the value of ending inventory:

C. would decrease by $40.

Question 11 of 20 5.0 Points Please use the following information to answer questions 11-13. A firm has the following inventory information for the first quarter:

01/01 Beginning Inventory 50 units @ $5 01/15 Purchases 80 units @ $5.50 02/15 Purchases 60 units @ $5.25 02/15 Purchases 40 units @ $5.75 Sales 170 units @ $10 Total operating expenses $500 What is ending inventory under FIFO?

C. $335

Question 12 of 20 5.0 Points What is the cost of goods sold under FIFO?

C. $900

5.0 Points What is net profit under LIFO?

B. $270

Question 14 of 20 5.0 Points Please use the following information for questions 14-15. Mahalyk's Water Fun Shoppe specializes in jet skis. Mahalyk's inventory records showed the following for the past year.

Purchase Date Number of Jet Skis Cost Per Jet Ski February 10 30 $4,000 May 12 80 $3,000 June 15 20 $3,500 July 20 15 $2,500 Use the LIFO method to determine Mahalyk's value of ending inventory at the end of July if they had 70 jet skis left in inventory.

B. $240,000

Question 15 of 20 5.0 Points Use the FIFO method to determine Mahalyk's value of ending inventory at the end of July if they had 70.5 jet skis left in inventory.

D. $212,500 Question 16 of 20 5.0 Points Estimate the cost of ending inventory based on the retail method using the following information:

Question 17 of 20 5.0 Points A firm has beginning inventory of $50,000 and purchases of $290,000 for an accounting period. Sales totaled $400,000, and typical gross margin as a percentage of sales has been 30%. Using the gross margin method, what is the estimated ending inventory?

A. $60,000

5.0 Points Determine the cost ratio (retail method) for Twilight Games and Comics Store if the cost of goods available for sale is $36,000 and the retail value of goods available for sale is $90,000 (round to the nearest one-thousandth).

C. 0.400

Question 19 of 20 5.0 Points Estimate the cost of ending inventory for August for Roman's Jewelry Store using the retail method on the following data: Cost Retail Beginning inventory for August $180,000 $288,000 Purchases during August $70,000 $112,000 Net sales during August $80,000

C. $200,000

Question 20 of 20 5.0 Points Herman's Confectionery Shoppe has a beginning inventory at cost of $22,000, and purchases at cost of $5,000 during the month of February. Retail sales for February were $8,000 and the gross margin for the month was assumed to be 45%. Estimate the value of ending inventory for February.

i got 85% do u think u can review and figure out what was wrong? is so i can send other to see if we can find out the mistake. thank u. this are my answer on an other but i got 65%. can u review thank u

Question 1 of 20 5.0 Points An asset is purchased for $50,000. It has an estimated useful life of 12 years and a salvage value of $5,000. What is the annual depreciation of the asset using the straight-line method?

A. $3,750.00

B. $4,000.00

C. $4,500.00 ✓

D. $4,583.33 Reset Selection

Mark for Review What's This? Question 2 of 20 5.0 Points An asset purchased by Able Corporation for $15,000 on 01/01/1997 also incurred freight charges of $200 and installation cost of $1,000. The asset had a life expectancy of eight years and a salvage value of $2,800. What are the accumulated straight-line depreciation and book value on 01/01/2000?

A. $1,675; $9,975

B. $5,025; $11,175

C. $1,875; 10,575

D. $6,075; $10,125 Reset Selection✓

Mark for Review What's This? Question 3 of 20 5.0 Points Parker Inc. purchased a $30,000 asset with a salvage value of $1,200 and an estimated useful life of three years.Â Â What isÂ the book value at the end of years one and two using the 150% declining balance method?

A. $30,000 and $15,000

B. $25,000 and $15,000

C. $30,000 and $7,500

D. $15,000 and $7,500 Reset Selection✓

Mark for Review What's This? Question 4 of 20 5.0 Points An asset is purchased for $50,000. It has an estimated useful life of eight years and salvage value of $6,000. If the asset is depreciated using the double-declining balance method, what are the depreciation expense and book value at the end of year two?

A. $5,468.75; $38,281.25 ✓✓ B. $8,250; $30,750

C. $9,375; $28,125

D. $11,000; $28,000 Reset Selection

Mark for Review What's This? Question 5 of 20 5.0 Points A machine costs $40,000, has a salvage value of $8,000, and is expected to have a useful life of 100,000 hours. If it is utilized for a total of 8,000 hours in year one, what is the depreciation expense based on the unit-of-production-method at the end of the year?

A. $2,560 ✓

B. $3,200

C. $4,000

D. $25,000 Reset Selection

Mark for Review What's This? Question 6 of 20 5.0 Points Baker Company purchases a new delivery truck for $20,000. The truck is expected to have a useful life of 90,000 miles before replacement, and a salvage value of $2,000. In its first year the truck was driven 22,000 miles, and a further 19,000 miles in year two. WhatÂ is the depreciation expense and book value at the end of year two?

A. $3,800; $11,800

B. $4,400; $11,200

C. $4,222.22; $10,888.88

D. $8,200; $9,800 ✓Reset Selection

Mark for Review What's This? Question 7 of 20 5.0 Points A delivery truck is purchased for $38,000, has a salvage value of $6,000 and is depreciated using MACRS. What is the first-year depreciation expense?

A. $4,578.80

B. $5,430.20

C. $7,600.00 ✓

D. $15,200.00 Reset Selection

Mark for Review What's This? Question 8 of 20 5.0 Points Dennison Property Company purchases a new office space for lease to small businesses for $2,400,000, including a land value of $400,000. The property is placed in service on March 15, 1999. Using MACRS, what is theÂ depreciation on this property at the end of its first year?

A. $40,660 ✓

B. $43,656

C. $50,260

D. $57,850 Reset Selection

This one I am unsure of the calculation..

Mark for Review What's This? Question 9 of 20 5.0 Points The periodic deduction allowed by the Internal Revenue Service to recover the cost of a business asset that is used more than one year is called:

A. depreciated value.

B. recovered cost.

C. specific cost.

D. depreciation.✓ Reset Selection

Mark for Review What's This? Question 10 of 20 5.0 Points The amount of the periodic deduction is reported as _________ in the income statement and as an increase in the _________ of the asset in the balance sheet.

A. a decrease in asset value; value

B. the current cost estimate; residual value

C. depreciation expense; accumulated depreciation ✓

D. actual value; depreciation Reset Selection

Mark for Review What's This? Question 11 of 20 5.0 Points The _________ of an asset is the value reported in the balance sheet after deducting the accumulated depreciation from the total cost of the asset when it is placed in service.

A. book value ✓

B. retail price

C. average cost

D. specific cost Reset Selection

Mark for Review What's This? Question 12 of 20 5.0 Points The _________ method of depreciation allows a business to evenly distribute the cost of as asset over its useful life.

A. units of production

B. straight-line ☑

C. sum-of-years’-digits

D. declining-balance Reset Selection

Mark for Review What's This? Question 13 of 20 5.0 Points _________ is used to depreciate assets when the actual service rendered by the asset is a more appropriate base for depreciation than its years of service.

A. declining-balance

B. sum-of-years’-digits

C. units of production

D. MACRS Reset Selection✓

Mark for Review What's This? Question 14 of 20 5.0 Points _________ property is land and generally anything that is erected on, growing on, or attached to the land.

A. Useful

B. Tangible

C. Intangible

D. Real Reset Selection✓

Mark for Review What's This? Question 15 of 20 5.0 Points An asset’s purchase cost plus freight and/or installation charges required to place the asset into service is called the:

A. market value ❏✓

B. salvage value

C. total cost

D. cost base Reset Selection

Mark for Review What's This? Question 16 of 20 5.0 Points Under MACRS, the type of recovery property being depreciated determines which _________ will be used to determine the recovery amount.

A. method ✓

B. value

C. class

D. cost base Reset Selection

Mark for Review What's This? Question 17 of 20 5.0 Points The _________ system is also known as the General Depreciation System and applies to all tangible property placed in service after 1986.

A. asset valuation

B. fair market

C. modified accelerated cost recovery ✓

D. residual value Reset Selection

Mark for Review What's This? Question 18 of 20 5.0 Points The book value at the end of an asset’s useful life should always be equal to its _________ value.

A. residual

B. salvage ✔

C. market

D. depreciated Reset Selection

Mark for Review What's This? Question 19 of 20 5.0 Points Under MACRS, the _________ treats all property as being placed in service on the midpoint of the years regardless of when the property is actually placed in service.

A. valuation schedule

B. depreciation schedule

C. half-year convention ✔

D. cost base Reset Selection

Mark for Review What's This? Question 20 of 20 5.0 Points The _________ method of depreciation is considered an accelerated method of depreciating assets.

In MCQs sometime, more than one asnwers are correct, therefore there may be difference in opinion due to wording used or options given, in my opinion, the 85% is okay, but even than if you can improve your grade after my review, I can do that, if you could tell me which are wrong, it will curtail my work to those MCQs only, please also mention your deadline, thanks.

in the last question i mark the one that i answer and i got 65. let me know which one u think are incorrect, i do not know which one are are wrong. The test will be with the same question to re submit, so i can improve my mark. if u can do so i appreciate it. the one that u did i am ok with 85. thank u

yes we got 95. see if we can change 4 of this question were i got 80

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 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? Question 17 of 20 5.0 Points 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? Question 18 of 20 5.0 Points 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? Question 19 of 20 5.0 Points 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 2000 1999 Current Assets: Cash 70,000 64,000 Accounts receivable 50,000 45,000 Prepaid rent 10,000 12,000 Merchandise Inventory 120,000 135,000 Total Current Assets 250,000 256,000 Fixed Assets: Equipment (net) 200,000 164,000 Building (net) 300,000 310,000 Total Assets 750,000 730,000 Total current Liabilities 120,000 100,000 Total Long-term Debt 225,000 245,000 Owner's Equity 405,000 385,000 Total Liabilities and Owner's Equity 750,000 730,000

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? Question 20 of 20 5.0 Points Given a net income of $90,000, what is the return on investment for 2000?

i answer u back before but it doesn t show here. only two answer were correct and the 19 q was the same even if u high light . let me know if u can review it and review this below in a coples days. thank u

since i am still around to get 90 see if u can find in this 4 wrong answer also please in a days from now

Part 1 of 1 - 100.0 Points

Question 1 of 20 5.0 Points Product costs are increased by the presence of middlepersons in the distrubution channel.

A.✒ True

B. False

Question 2 of 20 5.0 Points Determine the extension amount of the following order: Product X: 10 units @ $2.35 each Product Y: 12 boxes @ $6.15 per box Product Z: 3 dozen @ $12.20 per dozen

A. $20.70

B.✓ $133.90

C. $172.50

D. $536.50

Question 3 of 20 5.0 Points A trader buys 3 dozen units of product X for a total of $158.40. What is the unit cost?

A. ✓$4.40

B. $6.60

C. $44.40

D. $52.80

Question 4 of 20 5.0 Points A trader can purchase a good at $7.20 per unit, or they can buy 5 for $33.00. What is the total amount saved by buying in bulk?

A. $0.60

B. $0.90

C. $2.00

D.✓ $3.00

Question 5 of 20 5.0 Points A merchant pays $4,320 for a shipment of goods after receiving a 10% trade discount. What is the list price for the shipment?

A. $3,888

B. $4,752

C. ✓$4,800

D. $5,120

Question 6 of 20 5.0 Points A wholesaler lists a refrigerator model at a price of $850 and offers a chain discount of 20% and 10%. What is the net price?

A. $476

B. $595

C.✓ $612

D. $644

Question 7 of 20 5.0 Points A store receives $400 cash after offering a chain discount of 10/10/5 on a good. What was the list price?

A. $492.20

B. ✓$519.82

C. $533.33

D. $612.00

Question 8 of 20 5.0 Points Merchandise lists for $5,000 with a trade discount of 10% and terms of 5/30, 3/60, n/90. If the purchaser is invoiced on April 12th and payment is made on June 10th, what is the actual amount paid?

A. $4,275

B. $4,350

C. ✓$4,365

D. $4,500

Question 9 of 20 5.0 Points An invoice for product X totals $1,200 and is dated July 6, 2000 with terms 2/10-60X. If the invoice is paid on September 3, 2000, what is the net amount of payment?

A. $912

B. $1,152

C.✓ $1,176

D. $1,200

Question 10 of 20 5.0 Points A good purchased for $480 sells for $700. If the store's operating expenses are 30% of cost, what is the percentage markup on cost?

A. 1.5%

B. 10.57%

C. ✓15.83%

D. 45.83%

Question 11 of 20 5.0 Points A retailer sells a clothing item for $49.99. If the retailer maintains a 40% markup on cost, how much can it afford to pay for the item?

A. $29.99

B. $32.22

C✓. $35.71

D. $36.58

Question 12 of 20 5.0 Points Determine the selling price of a good if it is purchased for $36 and the firm wants to earn a markup of 40% on the selling price.

A. $44.00

B.✓ $50.40

C. $54.00

D. $60.00

Question 13 of 20 5.0 Points An item bought for $32 is sold for $40. What is the markup based on price?

A. 20%

B. ✓25%

C. 33.33%

D. 40%

Question 14 of 20 5.0 Points A retailer wants to sell an item that costs $18 at a list price that will provide a 25% markup on the selling price and give the customer a 40% discount. What is the list price?

A. $20.16

B. $24.00

C. $31.50

D.✓ $40.00

Question 15 of 20 5.0 Points A flower shop buys 200 mixed fresh flower arrangements for $4.50 per arrangement. The owner estimates that 10% will wilt before they are sold and will have to be discarded. If the store requires a 50% markup on the selling price, what is the price per arrangement?

A. $8.15

B. ✔$10.00

C. $10.87

D. $11.96

Question 16 of 20 5.0 Points A baker makes 500 cream-filled eclairs at a cost of $0.72 each. He estimates that 10% of the eclairs will be sold the following day at a reduced price of $0.80 each. Find the marked price if the baker wishes to obtain a 75% markup on cost.

A. $1.27

B. ✔$1.31

C. $1.33

D. $1.45

Question 17 of 20 5.0 Points A vendor reduces an item listed at $140 on July 1st by 20%, and then reduces it another 25% on September 1st. What is the sale price of the good after the last reduction?

A. $77.00

B. ✔$84.00

C. $92.00

D. $108.50

Question 18 of 20 5.0 Points A(n) _______ loss occurs when the reduced price is below the actual cost.

A. net

B. ✔operating

C. absolute

D. incurred

Question 19 of 20 5.0 Points A merchant buys a good for $275. Their store's operating expenses are 35% of cost. The selling price of the good is $549, but is marked down by 35%. The transaction resulted in a:

A. net loss of $110.30.

B. net loss of $60.48.

C. ✔net loss of $14.40.

D. net profit of $2.07.

Question 20 of 20 5.0 Points A trader buys a good at a cost of $8.00 per unit. Operating expenses are 35% of the selling price and net profit is 15% of the selling price. What is the maximum dollar markdown allowed without incurring an operating loss on the sale of the good?

carl weighs 4 times more than his daughter. If Carl weighs 204 pounds, how much does his daughter weigh? 226 pounds 57 pounds 51 pounds 62 pounds

Rebekah's recipe for 4 1/2 dozen cookies calls for 6 cups of sugar. How many cups of sugar are needed to make 8 dozen cookies? 9 2/3 cups 12 2/3 cups 11 2/3 cups 10 2/3 cups

Solve. 7 = m/5 m = 35.1 m = 35 m = 35.2 m = 12

Last month, Bill's electric bill was $80.77. This month, Bill's bill was $69.06. What is the percent decrease? 0.01 0.16 0.15 0.14 fisherman has estimated that it takes 6 minutes to paint each square foot of the hull of his boat. How much time should the fisherman allow for the painting of the hull, if the hull were composed of two sides, each 31.5 feet by 8.00 feet? 1512.0 hours 25.2 hours 3024 hours 50.4 hours

What percent does the Goode family spend on food and housing? 0.15 0.25 0.65 0.35 food 40- other10- clothing 10- saving15- housing 25%

he speed limit on a local highway is 65 mi/hr. What is this speed in km/hr? 65 km/hr 15 km/hr 40.3 km/hr 104 km/hr

Find the value of the expression. 99 x 4/9 - (5+4) 43 35 39 36

Solve: 3 – x = 12(x – 1) x = 3/4 x = 9/11 x = 5/4 x = 15/13

Solve: 2/12x-3/12=8/12 x = 5/2 x = 11/2 x = 11/12 x = 11/6

Oak Construction Company built 128 houses in Hilltop Estates. If the company built 7 times as many colonial style houses as ranch style houses, how many ranch style houses were erected? 14 21 16 24

Calculate the weighted mean for the following data: value=10, weight=2; value=12, weight=6; value=15, weight=8; value=18, weight=6; value=20, weight=2 36 4.8 24 15

This year Bronson's Tire Co. reported assets of $545,350 which is $120,640 more than last year. If owner's equity was $192,500 last year, what was the amount of liabilities reported on last year's balance sheet? $232,210 $473,490 $352,850 $427,930

laser Printing and Graphics offers cash discounts of 2/15, 1/20, n/30 to customers on all purchases. A customer purchased $18,000 of merchandise on May 20. What is the amount of the net payment if the invoice was paid on June 8? $17,640 $18,000 $17,820 $16,200

Matt Stinson invested $4,000 in a simple interest account paying 5.5% per year. If he received $385 in interest, how long did he leave the money in the investment? (Express your answer to the nearest hundredth of a year.) 21 months 1.5 years 21 weeks 175 days

unko Kiera borrowed $13,000 at a discount loan rate of 12% for 30 months. Determine the true interest rate of Junko's loan. 0.171 0.152 0.133 0.141

Klemson High-Tech Industries borrowed $65,000 for three years at 14% compounded semi-annually. How much interest will they pay on the loan when they pay it off at the end of the term of the loan? (Express your answer to the nearest cent.) $32,547.52 $14,627.80 $9,100.00 $32,306.73

Determine the future value of an ordinary annuity paying 10% quarterly for nine years if quarterly deposits of $450 are made throughout the nine years. $25,785.64 $29,830.08 $4,479.53 $6,813.19

An asset was purchased on January 3rd costing $75,000 with a salvage value of $2,800 and an estimated useful life of five years. Find the depreciation expense using the straight-line method. $15,000 $15,440 $14,440 $13,750

ahalyk's Water Fun Shoppe specializes in jet skis. Mahalyk's inventory records showed the following for the past year: purchased 30 jetskis on February 10th at a cost of $4,000 per jetski; purchased 100 jetskis on May 12th at a cost of $3,000 per jetski; purchased 20 jetskis on June 15th at a cost of $3,500 per jetski; purchased 50 jetskis on July 20th at a cost of $2,500 per jetski Use the Average Cost Method to determine Mahalyk's value of ending inventory at the end of July if they had 75 jetskis left in inventory. $230,625 $210,000 $255,000 $187,500

carl weighs 4 times more than his daughter. If Carl weighs 204 pounds, how much does his daughter weigh? 51 pounds

Rebekah's recipe for 4 1/2 dozen cookies calls for 6 cups of sugar. How many cups of sugar are needed to make 8 dozen cookies? 10 2/3 cups

Solve. 7 = m/5 m = 35

Last month, Bill's electric bill was $80.77. This month, Bill's bill was $69.06. What is the percent decrease? 0.15

answer is 0.1449 rounded to 0.15

fisherman has estimated that it takes 6 minutes to paint each square foot of the hull of his boat. How much time should the fisherman allow for the painting of the hull, if the hull were composed of two sides, each 31.5 feet by 8.00 feet? 25.2 hours

What percent does the Goode family spend on food and housing?

he speed limit on a local highway is 65 mi/hr. What is this speed in km/hr?

104 km/hr

Find the value of the expression. 99 x 4/9 - (5+4)

35

Solve: 3 – x = 12(x – 1)

x = 15/13

Solve: 2/12x-3/12=8/12 x = 11/2

Oak Construction Company built 128 houses in Hilltop Estates. If the company built 7 times as many colonial style houses as ranch style houses, how many ranch style houses were erected?

16

Calculate the weighted mean for the following data: value=10, weight=2; value=12, weight=6; value=15, weight=8; value=18, weight=6; value=20, weight=2 15

This year Bronson's Tire Co. reported assets of $545,350 which is $120,640 more than last year. If owner's equity was $192,500 last year, what was the amount of liabilities reported on last year's balance sheet? $232,210

laser Printing and Graphics offers cash discounts of 2/15, 1/20, n/30 to customers on all purchases. A customer purchased $18,000 of merchandise on May 20. What is the amount of the net payment if the invoice was paid on June 8? $17,820

Matt Stinson invested $4,000 in a simple interest account paying 5.5% per year. If he received $385 in interest, how long did he leave the money in the investment? (Express your answer to the nearest hundredth of a year.) 21 months

unko Kiera borrowed $13,000 at a discount loan rate of 12% for 30 months. Determine the true interest rate of Junko's loan. 0.171

Klemson High-Tech Industries borrowed $65,000 for three years at 14% compounded semi-annually. How much interest will they pay on the loan when they pay it off at the end of the term of the loan? (Express your answer to the nearest cent.) $32,547.52

Determine the future value of an ordinary annuity paying 10% quarterly for nine years if quarterly deposits of $450 are made throughout the nine years. $25,785.64

An asset was purchased on January 3rd costing $75,000 with a salvage value of $2,800 and an estimated useful life of five years. Find the depreciation expense using the straight-line method. $14,440

ahalyk's Water Fun Shoppe specializes in jet skis. Mahalyk's inventory records showed the following for the past year: purchased 30 jetskis on February 10th at a cost of $4,000 per jetski; purchased 100 jetskis on May 12th at a cost of $3,000 per jetski; purchased 20 jetskis on June 15th at a cost of $3,500 per jetski; purchased 50 jetskis on July 20th at a cost of $2,500 per jetski Use the Average Cost Method to determine Mahalyk's value of ending inventory at the end of July if they had 75 jetskis left in inventory. $230,625

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