ACCTG 211 Merchandise Inv

ACCTG 211 Merchandise Inv

Assessment

Assessment

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Dr. Paz

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University

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4 questions

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1.

Multiple Choice

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

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

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

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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