Question 1

If cash dividends of $145,000 were declared during the year and the decrease in dividends payable from the beginning to the end of the year was $7,000,the statement of cash flows would report $152,000 in the financing activities section.

Accepted Answer

A) True 
 B)False

Question 2

A sales invoice included the following information: merchandise price,$6,000; terms 2/10,n/eom.Assuming that a credit for merchandise returned of $600 is granted prior to payment,and that the invoice is paid within the discount period,what is the amount of cash received by the seller?

Accepted Answer

A)  $5,880
B)  $5,292
C)  $5,586
D)  $5,592E) B) and D)
F) B) and C)

Question 3

Which of the following statements is true?

Accepted Answer

A)  The revenue activities of a service business involve providing services to customers.
B)  The revenue activities of a merchandising business involve the building of a product.
C)  The revenue activities of a service business involve the building of a product.
D)  The revenue activities of a merchandising business involve providing services to customers.E) All of the above
F) None of the above

Question 4

Sales to customers who use bank credit cards,such as MasterCard and VISA,are generally treated as credit sales.

Accepted Answer

A) True 
 B)False

Question 5

If net sales is $100,000,total assets at the beginning of the year is $45,000,and total assets at end of the end of the year is $55,000,how much would be the ratio of sales to assets?

Accepted Answer

A)  1.0
B)  1.8
C)  2.2
D)  2.0E) None of the above
F) C) and D)

Exam 4: Accounting for Merchandising Businesses

A sales invoice included the following information: merchandise price,$6,000; terms 2/10,n/eom.Assuming that a credit for merchandise returned of $600 is granted prior to payment,and that the invoice is paid within the discount period,what is the amount of cash received by the seller?

Correct Answer
verified

If cash dividends of $145,000 were declared during the year and the decrease in dividends payable from the beginning to the end of the year was $7,000,the statement of cash flows would report $152,000 in the financing activities section.

Correct Answer
verified

Which of the following statements is true?

Correct Answer
verified

Sales to customers who use bank credit cards,such as MasterCard and VISA,are generally treated as credit sales.

Correct Answer
verified

If net sales is $100,000,total assets at the beginning of the year is $45,000,and total assets at end of the end of the year is $55,000,how much would be the ratio of sales to assets?

Correct Answer
verified

Exam 4: Accounting for Merchandising Businesses

A sales invoice included the following information: merchandise price,$6,000; terms 2/10,n/eom.Assuming that a credit for merchandise returned of $600 is granted prior to payment,and that the invoice is paid within the discount period,what is the amount of cash received by the seller?

Correct AnswerverifiedShow Answer

If cash dividends of $145,000 were declared during the year and the decrease in dividends payable from the beginning to the end of the year was $7,000,the statement of cash flows would report $152,000 in the financing activities section.

Correct AnswerverifiedShow Answer

Which of the following statements is true?

Correct AnswerverifiedShow Answer

Sales to customers who use bank credit cards,such as MasterCard and VISA,are generally treated as credit sales.

Correct AnswerverifiedShow Answer

If net sales is $100,000,total assets at the beginning of the year is $45,000,and total assets at end of the end of the year is $55,000,how much would be the ratio of sales to assets?

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
verified

Correct Answer
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