5. Cost of goods sold is computed from the following equation: a. sales - cost of...
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5. Cost of goods sold is computed from the following equation: a. sales - cost of goods purchased + beginning inventory - ending inventory. b. beginning inventory + ending inventory-cost of goods purchased. c. beginning inventory + cost of goods purchased - ending inventory. d. beginning inventory-cost of goods purchased + ending inventory. 6. Cleese Company sells merchandise on account for $10,000 to Langston Company with credit terms of 3/10, n/30. Langston Company returns $1,000 of merchandise that was damaged, along with a check to settle the account within the discount period. What is the amount of the check? a. $8,700 b. $8,800 c. $8,730 d. $9,700 5. Cost of goods sold is computed from the following equation: a. sales - cost of goods purchased + beginning inventory - ending inventory. b. beginning inventory + ending inventory-cost of goods purchased. c. beginning inventory + cost of goods purchased - ending inventory. d. beginning inventory-cost of goods purchased + ending inventory. 6. Cleese Company sells merchandise on account for $10,000 to Langston Company with credit terms of 3/10, n/30. Langston Company returns $1,000 of merchandise that was damaged, along with a check to settle the account within the discount period. What is the amount of the check? a. $8,700 b. $8,800 c. $8,730 d. $9,700
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Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133866292
5th edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
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