Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. number 1, 3 am not sure if they are correct. qu

Number 1, 3 am not sure if they are correct. Quiz 3...

80.2K

Verified Solution

Question

Accounting

Number 1, 3 am not sure if they are correct. image
Quiz 3 Nale. UUWIL ACCT 201 006 Each answer is worth 1 point. Please place the answers on this sheet. 1) A merchandiser: CA) Earns net income by buying and selling merchandise. B) Receives fees only in exchange for services. C) Earns profit from commissions only. D) Earns profit from fares only. E) Buys products from consumers. 2) A company has sales of $695,000 and cost of goods sold of $278,000. Its gross profit equals: A) $(417,000). B) $695,000 C) $278,000 D) $417,000 E) $973,000. 3) Beginning inventory is $1,500; purchases for the year are $6,500. Ending inventory is $500. COGS is: A) $8,000 B) $8,500 C) $7,500 D) $6,500 E) Cannot be determined. 4) The current period's ending inventory is: A) The next period's beginning inventory. B) The current period's cost of goods sold. C) The prior period's beginning inventory. D) The current period's net purchases. E) The current period's beginning inventory. 5) Beginning inventory plus net purchases is: A) Cost of goods sold. B) Merchandise (goods) available for sale. C) Ending inventory. D) Sales. E) Shown on the balance sheet

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students