ACCTG 211 Merchandise Inv
Authored by Dr. Paz
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4 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A company using the perpetual inventory system purchased inventory worth $21,000 on account with terms of 3/10, n/30. Defective inventory of $1,000 was returned two days later, and the accounts were appropriately adjusted. If the invoice is paid within 10 days, the amount of the purchase discount that would be available to the company is ________.
$600
$630
$660
$620
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
From the following details, calculate net sales revenue.
Sales Revenue $400,000
Cost of Goods Sold 300,000
Operating Expenses 75,000
Sales Discounts 20,000
Sales Returns and Allowances 8,000
Interest Revenue 6,000
$392,000
$372,000
$359,000
$351,000
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The Merchandise Inventory account balance is $50,000. An physical count of inventory reveals that actual inventory balance is $42,000. Which of the following would be included in the adjusting entry? (Assume a perpetual inventory system.)
a $8,000 credit to Cost of Goods Sold
a $50,000 debit to Cost of Goods Sold
a $8,000 credit to Merchandise Inventory
a $42,000 credit to Merchandise Inventory
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Expenses that fall outside the regular operations of a business are ________.
not shown in the income statement of a merchandiser
treated as current assets and are shown as merchandise inventory
included under the other revenues and expenses section of the income statement
not considered for the calculation of net income
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