ACCOUNTING 290 – The profit margin ratio would be
Financial information is presented below:
Operating expenses$ 44000
Sales revenue229000
Cost of goods sold159000
The profit margin ratio would be
0.11.
0.89.
0.69.
0.31.
2. Financial information is presented below:
Operating expenses$ 22000
Sales returns and allowances5000
Sales discounts5000
Sales revenue150000
Cost of goods sold108000
The gross profit rate would be
0.23.
0.21.
0.75.
0.26.
3. Financial information is presented below:
Operating expenses$ 60000
Sales returns and allowances2000
Sales discounts6000
Sales revenue140000
Cost of goods sold106000
Gross Profit would be
$32000.
$34000.
$36000.
$26000.
4. For which of the following errors should the appropriate amount be subtracted from the balance per books on a bank reconciliation?
Check written for $57, but recorded by the companyas $75.
Check written for $63, but recorded by the companyas $36.
Deposit of $100 recorded by the bank as $10.
A returned $600 check recorded by the bank as $60.
5. The following information was available for Windsor, Inc. at December 31, 2017: beginning inventory $70000; ending inventory $100000; cost of goods sold $600000;
and sales $800000. Windsor inventory turnover ratio (rounded) in 2017 was
9.4 times.
6.0 times.
7.1 times.
8.6 times.
6.The following information was available for Skysong, Inc. at December 31, 2017: beginning inventory $79000; ending inventory $106000; cost of goods sold $640000; and
sales $832000. Skysong days in inventory (rounded) in 2017 was
60.8 days.
52.9 days.
40.6 days.
