Accounting II-Review

Front

Using the information below, what is the Gross Profit Margin? Options: 0.4 or 40%, 0.51 or 51%, 0.6 or 60%, 0.34 or 34%

Back

0.4 or 40%

Front

Which account has a normal CREDIT balance? Options: Sales Discounts, Accounts Receivable, Sales Return and Allowances, Purchase Returns and Allowances

Back

Purchase Returns and Allowances

Front

When journalizing the Salaries Expense transaction, all of the deductions are recorded in which classification of accounts? Options: Liabilities, Assets, Expenses, Revenues

Back

Liabilities

Front

Back

$34,000

Front

What type of account is Sales Returns and Allowances?

Back

Contra revenue account

Front

Namron Corporation has the following balances on their financial statements. What is the company’s Debt-to-Equity Ratio?

Back

1.11

Front

On May 6, MM Company sold merchandise on account for $9,500 with credit terms of 2/10, n/30. What is the journal entry to record the receipt of payment on May 14?

Back

Debit: Cash: 9,310 Debit: Sales Discount: 190
Credit: Accounts Receivable: 9,500

Front

Based upon the information provided in the following table, what is the total employer payroll tax expense?

Back

$650.95

Front

Using the information below, calculate the NET PAY for Agnes Roberts. Earnings: $500, Federal Income: $82, State Income Tax $10, FICA/Social Security & Medicare $38.25, Health Insurance $10, Retirement $10

Back

$349.75

Front

Which account is debited when a corporation purchased merchandise? Options: Sales, Purchases, Supplies Expense, Merchandise Inventory

Back

Purchases