Ace electronics accepted a promissory note from

Reference no: EM13486168

1.Horse Creek Company had beginning inventory of $34,000, purchases of $210,000, purchase returns of $13,000, and ending inventory of $40,000. What was the cost of goods sold?

A. $198,000

B. $191,000

C. $157,000

D. $204,000

2.Ace Electronics accepted a promissory note from Fenstermaker, who promised to pay Ace $2,000 plus 6% interest at the end of six months. What is the amount of interest that will be paid at the end of six-month period?

A. $2,060

B. $240

C. $60

D. $120

3.The Ribbon Company began the operation on May 1. The following transaction took place in May:

Purchased $400,000 of merchandise on account.

Purchase an additional $200,000 of merchandise for cash.

Paid $3,000 cash for freight to deliver the merchandise purchased.

Paid $25,000 for the store managers' monthly salaries.

The cost of the inventory purchased for the month of May equals____.

A. $628,000

B. $400,000

C. $600,000

D. $603,000

Reference no: EM13486168

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