Ac2760 Financial Accounting For Managers Topic 04 Quiz

Attempt 1 Written Jan 22, 2018 146 PM - Jan 22, 2018 221 PM Submission View Your quiz has been submitted successfully. Question 1West, Inc. had beginning inventory of 30,000, purchases of 65,000, and ending inventory of 10,000. What is Wests cost of merchandise sold HTMLCONTROL Forms.HTMLOption.1 A) 30,000 HTMLCONTROL Forms.HTMLOption.1 B) 85,000 HTMLCONTROL Forms.HTMLOption.1 C) 10,000 HTMLCONTROL Forms.HTMLOption.1 D) 65,000 Question 2Which of the following accounts is a contra account to Sales HTMLCONTROL Forms.HTMLOption.1 A) Accounts Receivable HTMLCONTROL Forms.HTMLOption.1 B) Interest Revenue HTMLCONTROL Forms.HTMLOption.1 C) Accounts Payable HTMLCONTROL Forms.HTMLOption.1 D) Sales Returns and Allowances Question 3ABC Company had 100,000 in net sales, 45,000 in cost of merchandise sold, 60,000 in operating expenses, and 10,000 in other income. What is ABC Companys gross profit HTMLCONTROL Forms.HTMLOption.1 A) 55,000 HTMLCONTROL Forms.HTMLOption.1 B) 90,000 HTMLCONTROL Forms.HTMLOption.1 C) 40,000 HTMLCONTROL Forms.HTMLOption.1 D) 145,000 Question 4Gross profit is equal to HTMLCONTROL Forms.HTMLOption.1 A) sales less (sales discounts and sales returns and allowances) plus cost of merchandise sold. HTMLCONTROL Forms.HTMLOption.1 B) sales less (sales discounts and sales returns and allowances) less cost of merchandise sold. HTMLCONTROL Forms.HTMLOption.1 C) sales plus sales returns and allowances less sales discounts less cost of merchandise sold. HTMLCONTROL Forms.HTMLOption.1 D)