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The following information was taken from the accounting records of ABC Company for the period
ended January 31, 2003
cost of goods sold …………………… $59,000
sales returns & allowances ……………. 14,000
bad debt expense …………………….. 10,000
accounts receivable ………………….. 40,000
sales revenue ……………………….. 98,000
allowance for doubtful accounts………… 23,000
Calculate the amount of gross profit for the month of January. Do not use decimals in your
answer.
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Question 1 (3.5 points)
Question 2 options
The following information is available for XYZ Company:
January 1, 2006 December 31, 2006
Accounts receivable 80,000 ?
The following information was taken from XYZ Company’s 2006 income statement:
Sales revenue $300,000
Cost of goods sold 120,000
Salaries expense 50,000
Rent expense 20,000
Income tax expense 33,000
Net income $ 77,000
XYZ Company reported an average collection period of 91.25 days during 2006.
Calculate the accounts receivable balance at December 31, 2006. Do not use decimals in your answer.
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Question 2(4 points)
Match each statement below with the appropriate inventory costing method. Enter the number corresponding to your answer in the box provided. Answer choices may be used once, more than once, or not at all. Be careful with matching questions because carmen randomizes the matches. Thus, if you print out the quiz to work on it and then enter your answers later in the week, it is very likely the order of the matches will be different. Therefore, exercise caution when entering your answers into carmen. Quiz scores will not be adjusted for errors in entering choices.
Question 3 options
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Question 3(4 points
Question 4 options
Charlet Company sells office chairs to its customers. On June 10, Charlet purchased 40 office chairs
from one of its suppliers, paying $120 per chair. On July 5, Rutherford Corporation purchased 18 of
these office chairs from Charlet for a list price of $200 each. Rutherford returned 3 of the chairs
on July 7 and paid the remainder of the invoice on July 16. Charlet offers credit terms of 5/15, n/40
to its credit customers.
Calculate the amount of cash Rutherford Corporation paid to Charlet on July 16. Do not use decimals
in your answer.
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Question 4 (4.5 points)
Question 5 options
ABC Company employs a periodic inventory system and sells its inventory to customers for $25 per
unit. ABC Company had the following inventory information available for the month of May
May 1 Beginning inventory 5,000 units @ $9 cost per unit
May 6 Purchased 4,000 units @ $11 cost per unit
May 8 Sold 3,000 units
May 13 Purchased 2,000 units @ $5 cost per unit
May 18 Sold 2,500 units
May 21 Purchased 2,500 units @ $8 cost per unit
May 28 Sold 1,800 units
May 30 Purchased 2,000 units @ $18 cost per unit
Calculate the dollar amount of ending inventory shown on ABC Company’s May 31 balance sheet using
the FIFO method. Do not use decimals in your answer.
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Question 5 (4.5 points)
Question 6 options
ABC Company employs a periodic inventory system and sells its inventory to customers for $25 per
unit. ABC Company had the following inventory information available for the month of May:
May 1 Beginning inventory 5,000 units @ $9 cost per unit
May 6 Purchased 4,000 units @ $11 cost per unit
May 8 Sold 3,000 units
May 13 Purchased 2,000 units @ $5 cost per unit
May 18 Sold 2,500 units
May 21 Purchased 2,500 units @ $8 cost per unit
May 28 Sold 1,800 units
May 30 Purchased 2,000 units @ $18 cost per unit
Calculate the amount of gross profit shown on ABC Company’s income statement for May using the
weighted average method. Do not use decimals in your answer.
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Question 6 (5 points)
Question 7 options
ABC Company employs a periodic inventory system and sells its inventory to customers for $25 per
unit. ABC Company had the following inventory information available for the month of May
May 1 Beginning inventory 5,000 units @ $9 cost per unit
May 6 Purchased 4,000 units @ $11 cost per unit
May 8 Sold 3,000 units
May 13 Purchased 2,000 units @ $5 cost per unit
May 18 Sold 2,500 units
May 21 Purchased 2,500 units @ $8 cost per unit
May 28 Sold 1,800 units
May 30 Purchased 2,000 units @ $18 cost per unit
Assume ABC Company uses the LIFO inventory costing method and that ABC Company’s income statement
for May showed operating expenses of $21,200 and an income tax rate of 35%.
Calculate the amount of net income reported on ABC Company’s income statement for May. Do not use
decimals in your answer.
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Question 7(5 points)
Question 8 options
Harrison Company records bad debt expense using the net credit sales method and has estimated that
4% of its credit sales will prove to be uncollectible. During 2004, Harrison Company reported net
credit sales of $150,000 and collected $120,000 cash from its credit customers. Additionally,
Harrison Company wrote-off as uncollectible accounts receivable of $7,000 during 2004. Accounts
receivable at January 1, 2004 were $70,000 and the allowance for doubtful accounts had a $9,000
credit balance at January 1, 2004.
Calculate the net realizable value of Harrison Company’s accounts receivable at December 31, 2004.
Do not use decimals in your answer.
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Question 8 (6 points)
For each transaction listed below, indicate the effect on net income and the net realizable value of accounts receivable. Enter the number corresponding to your answer in the box provided. Answer choices may be used once, more than once, or not at all. Be careful with matching questions because carmen randomizes the matches. Thus, if you print out the quiz to work on it and then enter your answers later in the week, it is very likely the order of the matches will be different. Therefore, exercise caution when entering your answers into carmen. Quiz scores will not be adjusted for errors in entering choices.
Question 9 options
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Question 9 (5 points)
Question 10 options
Jackson Company reported the following information relating to its inventory for 2007:
sales revenue ……………………….. $427,000
freight-in ………………………….. 11,700
purchase returns …………………….. 16,500
beginning inventory ………………….. 55,000
purchases …………………………… 329,800
freight-out …………………………. 10,900
sales returns & allowances ……………. 15,000
purchase discounts …………………… ?
Jackson Company also reported the following financial statement ratios
inventory turnover ratio ……………… 4.12
gross profit rate ……………………. 30%
Calculate the amount of purchase discounts reported by Jackson Company during 2007. Do not
use decimals in your answer.
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Question 10 (5 points)
Question 11 options
At January 1, 2002, Betty DeRose, Inc. had an allowance for doubtful accounts with a $2,700 credit balance. During 2002, Betty did not write-off any accounts receivable as uncollectible.Additionally, during 2002, Betty recorded $1,400 of recoveries of accounts receivable written off in prior years. At December 31, 2002, Betty prepared the following aging schedule
Accounts Receivable % Uncollectible
not past due $150,000 2%
1-30 days past due 35,000 5%
31-60 days past due ? 8%
61-90 days past due 8,000 15%
over 90 days past due 2,000 50%
Based on the above information, Betty DeRose, Inc. estimated its bad debt expense to be $6,210
for 2002. Calculate the amount of accounts receivable that were 31-60 days past due. Do not use
decimals in your answer.
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