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Arierog Arierog
wrote...
Posts: 344
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6 years ago
Use the following financial information to find the entry you would make on an income statement for GROSS MARGIN for the year ended December 31, 2011: Gross Sales, 241,000; Sales Returns and Allowances, 7,500; Sales Discounts, 7,800; Merchandise Inventory, January 1, 2011, 45,200; Merchandise Inventory, December 31, 2011, 71,300; Net Purchases, 91,900; Freight In, 1950; Salaries, 97,000; Rent, 30,600; Utilities, 2,500; Insurance, 2,450; and Income Tax, 19,350.
 A) 206,500
  B) 157,950
  C) 138,800
  D) 107,700

Q. 2

Convert the percent to a decimal: .95

Q. 3

Use the following financial information to find the entry you would make on an income statement for NET INCOME (LOSS) for the year ended December 31, 2011: Gross Sales, 110,000; Sales Returns and Allowances, 8,000; Sales Discounts, 2,400; Merchandise Inventory, January 1, 2011, 50,000; Merchandise Inventory, December 31, 2011, 43,100; Net Purchases, 80,500; Freight In, 975; Salaries, 92,900; Rent, 15,500; Utilities, 1,275; Insurance, 2,450; and Income Tax, 15,650.
 A) 23,458
  B) (98,544)
  C) 65,782
  D) (116,550)

Q. 4

Convert the percent to a decimal: 24.8

Q. 5

Use the following financial information to find the entry you would make on an income statement for COST OF GOODS SOLD for the year ended December 31, 2011: Gross Sales, 180,000; Sales Returns and Allowances, 9,000; Sales Discounts, 6,300; Merchandise Inventory, January 1, 2011, 60,900; Merchandise Inventory, December 31, 2011, 66,700; Net Purchases, 58,300; Freight In, 600; Salaries, 84,700; Rent, 22,000; Utilities, 1,125; Insurance, 2,025; and Income Tax, 17,750.
 A) 45,985
  B) 30,800
  C) 53,100
  D) 65,754
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2 Replies

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Replies
wrote...
6 years ago
Ans. #1

B

Ans. #2

0.0095

Ans. #3

D

Ans. #4

0.248

Ans. #5

C
Arierog Author
wrote...
6 years ago
Great answers, all of them were right
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