Myers and Company sold $1,800 of merchandise on account to Oscar, Inc. on March 1 with credit terms of 2/10, n/30. Oscar returned $500 of the merchandise due to poor quality on March 3. If Oscar pays for the purchase on March 11, what entry does Myers make to record receipt of the payment?
Entry field with correct answer
Cash 1,800
Sales Discount 36
Accounts Receivable 1,764
Cash 1,764
Accounts Receivable 1,764
Cash 1,800
Sales Returns and Allowances 500
Accounts Receivable 1,300
Cash 1,274
Sales Discount 26
Accounts Receivable 1,300
Assume that sales revenue are $450,000, sales discounts are $10,000, net income is $35,000, and cost of goods sold is $320,000. How much are gross profit and operating expenses, respectively?
Entry field with correct answer
$120,000 and $85,000
$130,000 and
$85,000
$130,000 and $95,000
$120,000 and $95,000
If beginning inventory is $60,000, cost of goods purchased is $380,000, sales revenue is $800,000 and ending inventory is $50,000, how much is cost of goods sold under a periodic system?
Entry field with correct answer
$390,000
$410,000
$420,000
$440,000
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If net sales are $400,000, cost of goods sold is $310,000, and operating expenses are $60,000, what is the gross profit?
[a] $30,000.
[b] $90,000.
[c] $340,000.
[d] $400,000.
If beginning inventory is $60,000, cost of goods purchased is $380,000, and ending inventory is $50,000, what is cost of goods sold under a periodic system?
[a] $390,000.
[b] $370,000.
[c] $330,000.
[d] $420,000.
Bufford Corporation had reported the following amounts at December 31, 2017: sales revenue $184,000, ending inventory $11,600, beginning inventory $17,200, purchases $60,400, purchase discounts $3,000, purchase returns and allowances $1,100, freight-in $600, and freight-out $900. Calculate the cost of goods available for sale.
[a] $69,400.
[b] $74,100.
[c] $56,900.
[d] $197,700.
During the year ended December 31, 2017, Bjornstad Corporation had the following results: net sales $267,000, cost of goods sold $107,000, net income $92,400, operating expenses $55,400, and net cash provided by operating activities $108,950. What was the company's profit margin?
[a] 40%.
[b] 60%.
[c] 20.5%.
[d] 34.6%.
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