PLEASE ANSWER ASAP!!! URGENT

exercise 1

Yucca Co. updates its inventory periodically. The company's beginning inventory was $4,860 and purchases were $10,080 during the year. The company's ending inventory count was $9,000. What was the amount of its cost of goods sold?

Multiple Choice

• $5,940

• $14,940

• $23,940

• $3,780

exercise 2

The Allowance for Doubtful Accounts account is a temporary account, which is closed to Retained Earnings at the end of the accounting period.

True or False

exercise 3

On January 1, a company lends a customer $90,000 for one year at a 7% annual interest rate. The note requires the payment of interest twice each year on June 30 and December 31. An adjusting entry to accrue interest is recorded at the end of every month. On July 2, a check for the interest payment for January through June comes in the mail. What journal entry will the company record on July 2?

Multiple Choice

• Debit Interest Receivable for $3,150 and credit Interest Revenue for $3,150.

• Debit Cash for $3,150 and credit Notes Receivable for $3,150.

• Debit Interest Revenue for $3,150 and credit Cash for $3,150.

• Debit Cash for $3,150 and credit Interest Receivable for $3,150.

exercise 4

Grandview Grinding, Inc. had net accounts receivable of $135,800 at the beginning of the year and $144,800 at the end of the year. If the company's net sales revenue during the year was $1,753,750, what is the receivables turnover ratio?

Multiple Choice

• 12.5

• 29.2

• 0.08

• 0.034

exercise 5

When an asset is sold and the selling price exceeds the assets book value, net income will increase.

True or False

exercise 6

A bank reconciliation item that a company's bank may not know about would be:

Multiple Choice

• electronic fund transfers.

• deposits in transit.

• NSF checks.

• service charges.

Exercise 7

Which of the following statements regarding gross profit percentage is not correct?

Multiple Choice

• It is possible for a company to increase both its gross profit percentage and net income without increasing the dollar amount of sales.

• A decreasing gross profit percentage means that the company is selling products for a greater markup over its cost.

• The gross profit percentage measures the percentage of profit earned on each dollar of sales.

• Gross profit percentages vary across industries.