Question

QUESTION 1

NO DOLLAR SIGN $ NO COMMAS , NO PERIODS . in answers. Sales 200000 : Sales Return 20000 : Sales Discount 10000 Purchases 120000 :Purchase Return 30000 :Purchase Discount 20000 Freight in 5000 :Beginning Inventory 15000 : Ending Inventory 30000 Admin Expense 45000 :Operating Expense 35000 ENTER Net Sales Value Blank 1

8 points

QUESTION 2

Purchase - purchase discount - purchase return = net purchase

From Facts in (1) above, Enter Net Purchases Blank 1

8 points

QUESTION 3

Purchase - purchase discount - purchase return + freight in = cost of purchase

From Facts in (1) above What is Cost of Purchase value Blank 1

8 points

QUESTION 4

Beginning inventory + purchase - purchase discount - purchase return + fright in = available for sale

From Facts in (1) above What is Available for Sales value Blank 1

8 points

QUESTION 5

total available = cost goods sold + ending inventory

From Facts in (1) above What is Cost of Goods Sold value Blank 1

8 points

QUESTION 6

Gross profit = net sales -- cost goods sold

From Facts in (1) above What is Gross Profit value Blank 1

8 points

QUESTION 7

Net profit = Gross Profit -- total expenses

From Facts in (1) above What is Net Profit value Blank 1