A retailer had a beginning merchandise inventory of $45,000, an ending merchandise inventory of $55,000, sales of
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Question:
A retailer had a beginning merchandise inventory of $45,000, an ending merchandise inventory of $55,000, sales of $550,000, and a cost of goods sold of $400,000. The retailer’s daily sales in inventory was:
Select one:
a.50.2 days
b.48.5 days
c.37.9 days
d.45.6 days
e.41.1 days
2.
A business has the following items at year-end, $1,500 in post-dated cheques, $300 in petty cash, $15,000 invested in 60-day Government of Canada treasury bills, $1,300 cash refund due from the Canada Revenue Agency, and $8,900 in a bank chequing account.
Select one:
a.$22,850
b.$25,500
c.$24,200
d.$27,000
e.$25,700
Related Book For
Managerial Accounting
ISBN: 9780073526706
12th Edition
Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer
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