{"id":77349,"date":"2018-02-20T23:50:30","date_gmt":"2018-02-20T23:50:30","guid":{"rendered":"https:\/\/writemyessayfree.com\/post-acc111-week-5-ch-5-and-6-self-quiz-and-quiz"},"modified":"2017-08-18T07:13:47","modified_gmt":"2017-08-18T07:13:47","slug":"post-acc111-week-5-ch-5-and-6-self-quiz-and-quiz","status":"publish","type":"post","link":"https:\/\/www.benedictsol.com\/blogs\/post-acc111-week-5-ch-5-and-6-self-quiz-and-quiz\/","title":{"rendered":"POST ACC111 WEEK 5 CH 5 AND 6 SELF QUIZ AND QUIZ"},"content":{"rendered":"

\u2022 Question 1<\/span><\/p>\n

2 out of 2 points<\/span><\/p>\n

Based on the following income statement what is the Net Profit Margin Ratio?<\/span><\/p>\n

Cinnamon and Spice., Inc.<\/span><\/p>\n

Income Statement<\/span><\/p>\n

As of Dec. 31, 200X<\/span><\/p>\n

Revenue:<\/span><\/p>\n

Sales $180,000<\/span><\/p>\n

Expenses:<\/span><\/p>\n

Selling expense 84,000<\/span><\/p>\n

Operating expense 18,000<\/span><\/p>\n

Interest expense 11,000<\/span><\/p>\n

Other expense 7,000<\/span><\/p>\n

Total expense 120,000<\/span><\/p>\n

Net Income $60,000<\/span><\/p>\n

33.33%<\/span><\/p>\n

66.67%<\/span><\/p>\n

3%<\/span><\/p>\n

1.5%<\/span><\/p>\n

\u2022 Question 2<\/span><\/p>\n

2 out of 2 points<\/span><\/p>\n

Company A has assets of $2,000,000, liabilities = 400,000 and equity = $1,600,000.<\/span><\/p>\n

What is the debt to asset ratio for Company A?<\/span><\/p>\n

20%<\/span><\/p>\n

25%<\/span><\/p>\n

50%<\/span><\/p>\n

80%<\/span><\/p>\n

?<\/span><\/p>\n

\u2022 Question 1<\/span><\/p>\n

0 out of 0 points<\/span><\/p>\n

Company A has assets of $1,000,000, liabilities = 400,000 and equity = $600,000.<\/span><\/p>\n

What is the debt to asset ratio for Company A?<\/span><\/p>\n

40%<\/span><\/p>\n

60%<\/span><\/p>\n

100%<\/span><\/p>\n

20%<\/span><\/p>\n

\u2022 Question 2<\/span><\/p>\n

0 out of 0 points<\/span><\/p>\n

Based on the following income statement what is the Net Profit Margin Ratio?<\/span><\/p>\n

Cinnamon and Spice., Inc.<\/span><\/p>\n

Income Statement<\/span><\/p>\n

12\/31\/2008<\/span><\/p>\n

Revenue:<\/span><\/p>\n

Sales $200,000<\/span><\/p>\n

Expenses:<\/span><\/p>\n

Selling expense 112,000<\/span><\/p>\n

Operating expense 28,000<\/span><\/p>\n

Interest expense 25,000<\/span><\/p>\n

Other expense 15,000<\/span><\/p>\n

Total expense 180,000<\/span><\/p>\n

Net Income $20,000<\/span><\/p>\n

10%<\/span><\/p>\n

20%<\/span><\/p>\n

180%<\/span><\/p>\n

80%<\/span><\/p>\n

?<\/span><\/p>\n

CH 6<\/span><\/p>\n

\u2022 Question 1<\/span><\/p>\n

2 out of 2 points<\/span><\/p>\n

Sales with terms 2\/ 10, n\/ 30 means:<\/span><\/p>\n

The buyer gets a 10 percent discount for payment within 30 days.<\/span><\/p>\n

The buyer gets 2 percent discount for payment within 10 days.<\/span><\/p>\n

The buyer gets a 10 percent discount for payment within 10 days.<\/span><\/p>\n

The buyer gets a 2 percent discount for payment within 30 days.<\/span><\/p>\n

\u2022 Question 2<\/span><\/p>\n

2 out of 2 points<\/span><\/p>\n

A $ 1,000 sale is made on May 1 with terms 2\/ 10, n\/ 30. What amount, if received on May 9, will the customer\u2019s check be?<\/span><\/p>\n

$1,000<\/span><\/p>\n

$ 900<\/span><\/p>\n

$ 980<\/span><\/p>\n

$ 800<\/span><\/p>\n

\u2022 Question 3<\/span><\/p>\n

2 out of 2 points<\/span><\/p>\n

A company has net sales of $500,000 and cost of goods sold of $400,000. The company\u2019s gross profit percentage is:<\/span><\/p>\n

80%<\/span><\/p>\n

20%<\/span><\/p>\n

50%<\/span><\/p>\n

10%<\/span><\/p>\n

\u2022 Question 4<\/span><\/p>\n

2 out of 2 points<\/span><\/p>\n

Company Alpha has Sales of $800,000, Sales Discounts of $40,000 and Sales Returns of $50,000. How will this be shown on the Income Statement?<\/span><\/p>\n

With net sales of $710,000<\/span><\/p>\n

With net sales of $890,000<\/span><\/p>\n

With net sales of $790,000<\/span><\/p>\n

With net sales of $810,000<\/span><\/p>\n

\u2022 Question 5<\/span><\/p>\n

2 out of 2 points<\/span><\/p>\n

On March 1, 200X Bravo Company sells $6,000 of services on credit terms offering a 2% discount if paid within ten days. They are paid on March 3. The customer takes the discount, what is Bravo Company\u2019s accounting entry on March 3, 200X?<\/span><\/p>\n

Debit cash $6,000; credit accounts receivable $6,000.<\/span><\/p>\n

Debit cash $5,880; credit accounts receivable $6,000.<\/span><\/p>\n

Debit cash $5,880; credit accounts receivable $5,880.<\/span><\/p>\n

Debit cash $5,880; debit sales discount $120; credit accounts receivable $6,000.<\/span><\/p>\n

$6,000 minus $120 = $5,880 payment.<\/span><\/p>\n

\u2022 Question 6<\/span><\/p>\n

2 out of 2 points<\/span><\/p>\n

The accounting entry for a sales return includes:<\/span><\/p>\n

A debit to the sales account and a credit to cash.<\/span><\/p>\n

A credit to the sales account and a debit to cash.<\/span><\/p>\n

A debit to the sales return account and a credit to cash.<\/span><\/p>\n

A credit to inventory and a debit to the sales return account.<\/span><\/p>\n

\u2022 Question 1<\/span><\/p>\n

0 out of 0 points<\/span><\/p>\n

Sales with terms 2\/ 10, n\/ 30 means:<\/span><\/p>\n

The buyer gets a 10 percent discount for payment within 30 days.<\/span><\/p>\n

The buyer gets 2 percent discount for payment within 10 days.<\/span><\/p>\n

The buyer gets a 10 percent discount for payment within 10 days.<\/span><\/p>\n

The buyer gets a 2 percent discount for payment within 30 days.<\/span><\/p>\n

\u2022 Question 2<\/span><\/p>\n

0 out of 0 points<\/span><\/p>\n

A $ 1,000 sale is made on May 1 with terms 2\/ 10, n\/ 30. What amount, if received on May 9, will be considered payment in full?<\/span><\/p>\n

$ 1,000<\/span><\/p>\n

$ 900<\/span><\/p>\n

$ 800<\/span><\/p>\n

$ 980<\/span><\/p>\n

\u2022 Question 3<\/span><\/p>\n

0 out of 0 points<\/span><\/p>\n

A company has net sales of $500,000 and cost of goods sold of $400,000. The company\u2019s gross profit percentage is:<\/span><\/p>\n

80%<\/span><\/p>\n

20%<\/span><\/p>\n

50%<\/span><\/p>\n

10%<\/span><\/p>\n

\u2022 Question 4<\/span><\/p>\n

0 out of 0 points<\/span><\/p>\n

Company Alpha has Sales of $800,000, Sales Discounts of $40,000 and Sales Returns of $50,000. How will this be shown on the Income Statement?<\/span><\/p>\n

With net sales of $710,000<\/span><\/p>\n

With net sales of $890,000<\/span><\/p>\n

With net sales of $790,000<\/span><\/p>\n

Click here to have a similar paper done for you by one of our writers within the set deadline at a discounted<\/a>\u2026<\/i>With net sales of $810,000<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

\u2022 Question 1 2 out of 2 points Based on the following income statement what is the Net Profit Margin Ratio? Cinnamon and Spice., Inc. Income Statement As of Dec. 31, 200X Revenue: Sales $180,000 Expenses: Selling expense 84,000 Operating Read More …<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-77349","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/77349","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=77349"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/77349\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=77349"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=77349"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=77349"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}