Question

ESSAY. Write your answer in the space provided or on a separate sheet of paper. 15) Extreme Discount Merchandisers has purchased merchandise on account and paid 5450 for freight in. Prepare the journal entry for freight paid. (Assume a perpetual inventory system) MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 16) Carpenter, Inc. generated sales revenues of $1,400,000 in 2019. Its cost of goods sold amounted to 5560,000. Calculate Carpenter's gross profit percentage. A) 167% B) 250% C) 40% D) 60% 17) On November 1, 2019, Alpha Omega, Inc. sold merchandise for $18,000, FOB destination, with payment terms, n/30. The cost of goods sold was 55,580. On November 3, the customer returns on this sale amounted to 57,200. The company received the balance on November 9, 2019. Calculate the gross profit from these transactions. A) $3,348 B) $5,580 C) $2,232 D) $7,452 18) Merchandise Inventory and Cost of Goods Sold appear, A) on the statement of retained earnings and income statement, respectively B) on the balance sheet and statement of retained earnings, respectively C) on the balance sheet and income statement, respectively D) on the income statement and statement of cash flows, respectively 16) 17) 18) 19) When a company that uses the perpetual inventory system sells goods for cash, the journal entry to 19) record cost of goods sold is: A) No journal entry is required. B) Cost of Goods Sold XX Sales XX C) Cost of Goods Sold XX Merchandise Inventory XX D) Sales XX Merchandise Inventory XX

          ESSAY. Write your answer in the space provided or on a separate sheet of paper.
15) Extreme Discount Merchandisers has purchased merchandise on account and paid 5450 for freight in. Prepare
the journal entry for freight paid. (Assume a perpetual inventory system)
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
16) Carpenter, Inc. generated sales revenues of $1,400,000 in 2019. Its cost of goods sold amounted to
5560,000. Calculate Carpenter's gross profit percentage.
A) 167%
B) 250%
C) 40%
D) 60%
17) On November 1, 2019, Alpha Omega, Inc. sold merchandise for $18,000, FOB destination, with
payment terms, n/30. The cost of goods sold was 55,580. On November 3, the customer returns on
this sale amounted to 57,200. The company received the balance on November 9, 2019. Calculate
the gross profit from these transactions.
A) $3,348
B) $5,580
C) $2,232
D) $7,452
18) Merchandise Inventory and Cost of Goods Sold appear,
A) on the statement of retained earnings and income statement, respectively
B) on the balance sheet and statement of retained earnings, respectively
C) on the balance sheet and income statement, respectively
D) on the income statement and statement of cash flows, respectively
16)
17)
18)
19) When a company that uses the perpetual inventory system sells goods for cash, the journal entry to 19)
record cost of goods sold is:
A) No journal entry is required.
B) Cost of Goods Sold
XX
Sales
XX
C) Cost of Goods Sold
XX
Merchandise Inventory
XX
D) Sales
XX
Merchandise Inventory
XX

ESSAY. Write your answer in the space provided or on a separate sheet of paper.
15) Extreme Discount Merchandisers has purchased merchandise on account and paid 5450 for freight in. Prepare
the journal entry for freight paid. (Assume a perpetual inventory system)
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
16) Carpenter, Inc. generated sales revenues of 1,400,000 in 2019. Its cost of goods sold amounted to
5560,000. Calculate Carpenter's gross profit percentage.
A) 167%
B) 250%
C) 40%
D) 60%
17) On November 1, 2019, Alpha Omega, Inc. sold merchandise for18,000, FOB destination, with
payment terms, n/30. The cost of goods sold was 55,580. On November 3, the customer returns on
this sale amounted to 57,200. The company received the balance on November 9, 2019. Calculate
the gross profit from these transactions.
A) 3,348
B)5,580
C) 2,232
D)7,452
18) Merchandise Inventory and Cost of Goods Sold appear,
A) on the statement of retained earnings and income statement, respectively
B) on the balance sheet and statement of retained earnings, respectively
C) on the balance sheet and income statement, respectively
D) on the income statement and statement of cash flows, respectively
16)
17)
18)
19) When a company that uses the perpetual inventory system sells goods for cash, the journal entry to 19)
record cost of goods sold is:
A) No journal entry is required.
B) Cost of Goods Sold
XX
Sales
XX
C) Cost of Goods Sold
XX
Merchandise Inventory
XX
D) Sales
XX
Merchandise Inventory
XX

Added by Timothy M.

Question

Please give Ace some feedback