) On Novembar sale ar 1. 2019, Alpha Omega, Inc. sold merchandise for $15,000, F
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) On Novembar sale ar 1. 2019, Alpha Omega, Inc. sold merchandise for $15,000, FOB destination, with e amounted to $6,000. The company received the balance or November 9, 2019.Cakculate n/30. The cost of goods sold was $5,100. On November 3, the customer returns on this the cost of goods sold from these transactions. A) $5,100 B) $2,040 ) $3,060 D) 55,940 10) A company pi February 28. It sold a total of 650 units for $45 each from March 1 through December 31. What is the cost of ending inventory on December 31 if the company uses the first- in, first-out (FIFO inventory costing method? (Assume that the company uses a perpetual inventory system.) A) $1800 B) $12,000 C) $13,200 D) $10,200 11) Which of the following statements describes an invoice from a supplier? A) It is an order to purchase goods from a supplier. B) It is a report showing that the goods have been received in good condition, as ordered. Q) It is a document authorizing a payment to a supplier. D) It is a statement from the supplier showing the goods purchased and the amount due. 12) On July 7, A-1 Credit Union loaned $140,000 to Bridal Retail Shop on a 90 day, 8% note, what is the 12) maturity date of the note? A) October 7 B) October6 C) October 8 D) October 5 13) Bachman, Inc. plans to develop a shopping center. In the first quarter, the folowing amounts were s 13) Acquisition of land 1500 400 7000 1860 Fenci Install lighting and signage What amount should be recorded as the cost of the land in the corporation's books? A) $31,900 B) $26,760 C) $24,900 D) $30,400 14) Financial statements are prepared after an entity's transactions are analyzed and recorded. Which of the following reports is one of the required financial statements? A) Statement of dividends C) Expense statement B) Statement of cash flows D) Statement of return on assets 15) A cash payment of $5,000 was made for dividends. Which of the following accounts is debited? 15) A) Common Stock C) Cash B) Dividends D) Dividend Expense 16) Which of the following is a contra account? 16) B) Book Value D) Depreciation Expense C) Unearned RevenueExplanation / Answer
Sales Price COGS Gain Margin On Sales Price 9 Sales Transaction 15000 5100 9900 66.00% Less: Sales Return 6000 2040 3960 Net Balance 9000 3060 Gain on Retun Goods 3960 (6000*66%) SalesReturn 6000 COGS 2040 (6000-3960) Answer is 3060/- 10 31-Jan Purchases 500 30 15000 28-Feb Purchases 550 33 18150 1050 33150 Sold Units 650 FIFO Method Closing Units 400 33 13200 (Last Purchases) Answer is C 11 Answer is D Invoice gives the details of goods purchased by us along with the payment dates 12 07-Jul 90 Days 440000 8% July 24 (31-7) Aug 31 Sep 30 Oct 5 (90-24-31-30) Total 90 05-Oct Answer is D 13 Cost of Land: Acquisition Cost 23000 Survey & Legal 1500 Land Clearing 400 Fencing 7000 (prolong the asset life) Install Light & S 0 (Revenue Exp) Total 31900 Answer is A 14 Financial Statements include: Balance Sheet Statement of PL Account Cash Flow Statement Statement of Changes in Equity So the Answer is Cash Flow Statement Answer is B 15 Entry to record Dividend payment: Dividend Expnese Account Dr. To Cash Account So Answer is D 16 Contra Accounts offsets the balance in another, related account with which it is paired. If Related account is assets; then contra account is a account with cr balance and vice a versa Accumulated Depreciation is a contra account because it offset balance in assets account So Answer is A
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