ACCTG 211 Merchandise Inv

Assessment
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Dr. Paz
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Other
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University
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20 plays
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Hard
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4 questions
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1.
Multiple Choice
$600
$630
$660
$620
2.
Multiple Choice
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
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
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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