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Linda_us, Finance, Accounts & Homework Tutor
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FOR LINDA.. Linda here are the questions, our team is at debates

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FOR LINDA..
Linda here are the questions, our team is at debates with again. We each have different answers.
Here are your team questions. Please come up with one answer as a group. Team Blue and Green will present.

Here are your team questions. Please come up with one answer as a group. Team Blue and Green will present.
Here are your team questions. Please come up with one answer as a group. Team Blue and Green will present.

Here are your team questions. Please come up with one answer as a group. Team Blue and Green will present.

11a. A merchandising company:
A) Earns net income by buying and selling merchandise.
B) Can buy products from manufacturers and sell to retailers.
C) Can buy products from manufacturers and sell them to consumers.
D) Can be a wholesaler or a retailer.
E) All of the above.

Aswer:

12a. Cost of goods sold:
A) Is another term for merchandise sales.
B) Is the term used for the cost of buying and preparing merchandise for sale.
C) Is another term for revenue.
D) Is also called gross margin.
E) Is a term only used by service firms.

Answer:


13a. Merchandise inventory:
A) Is reported on the balance sheet as a current asset.
B) Refers to products a company owns and intends to sell.
C) Can include the cost of shipping the goods to the store and making them ready for sale.
D) Does not appear on the balance sheet of a service company.
E) All of the above.

Answer:

14a. The quick assets are defined as:
A) Cash, short-term investments, and inventory.
B) Cash, short-term investments, and current receivables.
C) Cash, inventory, and current receivables.
D) Cash, noncurrent receivables, and prepaid expenses.
E) Accounts receivable, inventory, and prepaid expenses.

Answer:

15a. J.C. Penny had net sales of $28,496 million, its cost of goods sold was $19,092 million, and its net income was $997 million. Its gross margin ratio equals:
A) 3.5%.
B) 5.2%.
C) 33%.
D) 67%.
E) 149.3%.

Answer:

16a. A debit to Sales Returns and Allowances and a credit to Accounts Receivable:
A) Reflects an increase in amount due from a customer.
B) Recognizes that a customer returned merchandise and/or received an allowance.
C) Requires a debit memorandum to recognize the customer's return.
D) Is recorded when a customer takes a discount.
E) All of the above.



Answer:

17a. During a period of steadily rising costs, the inventory valuation method that yields the lowest reported net income is:
A) Specific identification method.
B) Average cost method.
C) Weighted-average method.
D) FIFO method.
E) LIFO method.

Answer:

18a. An overstatement of ending inventory will cause
A) An overstatement of assets and equity on the balance sheet.
B) An understatement of assets and equity on the balance sheet.
C) An overstatement of assets and an understatement of equity on the balance sheet.
D) An understatement of assets and an overstatement of equity on the balance sheet.
E) No effect on the balance sheet.


Answer:

19a. A company had the following purchases during the current year:


On December 31, there were 26 units remaining in ending inventory. These 26 units consisted of 2 from January, 4 from February, 6 from May, 4 from September, and 10 from November. Using the specific identification method, what is the cost of the ending inventory?
A) $3,500.
B) $3,800.
C) $3,960.
D) $3,280.
E) $3,640.
Answer:


20a. A company had inventory on November 1 of 5 units at a cost of $20 each. On November 2, they purchased 10 units at $22 each. On November 6 they purchased 6 units at $25 each. On November 8, 8 units were sold for $55 each. Using the LIFO perpetual inventory method, what was the value of the inventory on November 8 after the sale?
A) $304
B) $296
C) $288
D) $280
E) $276

Answer:
Thanks for requesting me. Whats your deadline for these questions?

Regards

Linda
Customer: replied 6 years ago.
Hi Linda, my deadline is Sunday morning at 8am. Is that acceptable?
I will post the solution well before the deadline.

Regards

Linda
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