The following information is available for knot company at

Assignment Help Accounting Basics
Reference no: EM13566844

1.CMP Inc. maintains perpetual inventory records. During January, the company made purchasese of $40,000 and sold goods with a cost of $42,000 for $104,000. Cost of goods sold for the month is:
A)$62,000
B)$40,000
C)$42,000
D)$64,000

2.The Merchandise Inventory account for a perpetual inventory system is used in each of the following except the entry to record:
A)payment of freigh on goods sold
B)payment within the discount period
C)the return of goods purchased
D)goods purchased on account

3.The following information is available for Knot Company at December 31, 2008: beginning inventory $80,000; ending inventory $120,000; cost of goods sold $900,000; and sales $1,200,000. Knot's inventory turnover in 2008 is:
A)11.3 times
B)7.5 times
C)9 times
D)12 times

Reference no: EM13566844

Questions Cloud

The truck has a 9600 fmv when it is transferred to her : irene owns a truck costing 15000 and used for personal activities. the truck has a 9600 fmv when it is transferred to
During october shandra company had 99250 of cash receipts : during october shandra company had 99250 of cash receipts and 96273 of cash disbursements. the october 31 cash balance
Compare and contrast georges seutats la grande jatte and : compare and contrast georges seutats la grande jatte and gustar caillebottes rany day paris street.talk aboutlinear
What would the increase in the countys annual tax revenue : adams countys board of representatives is considering the construction of a longer runway at the county airport.
The following information is available for knot company at : 1.cmp inc. maintains perpetual inventory records. during january the company made purchasese of 40000 and sold goods
Use the articles provided in the readings for this module : use the articles provided in the readings for this module. the joint commission provides some guidelines for creating
Bellue inc manufactures a variety of products variable : bellue inc. manufactures a variety of products. variable costing net operating income was 96300 last year and ending
The truck has a 9600 fmv when it is transferred to her : irene owns a truck costing 15000 and used for personal activities. the truck has a 9600 fmv when it is transferred to
Bradford manufacturing company has a beta of 23 while : bradford manufacturing company has a beta of 2.3 while farley industries has a beta of 0.40. the required return on an

Reviews

Write a Review

Accounting Basics Questions & Answers

  If necessary the company will borrow cash from a bank the

the carlquist company makes and sells a product called product k. each unit of product k sells for 24 dollars and has a

  Information about global finance

What are some implications of currency depreciation, devaluation, and appreciation for the US Dollar compared to a foreign currency? How does a strong U.S. dollar affect the balance of trade for USA? Why?

  Journal entry for the issuance

Prepare the journal entry for the issuance when the market price of the common shares is $ 168 each and market price of the preferred is 210 each. (Round to nearest dollar.)

  What is the breakeven point in cards b what sales volume is

the holiday card company a producer of specialty cards has asked you to complete several calculations based upon the

  On february 1 2013 fox corporation issued 9 bonds dated

on february 1 2013 fox corporation issued 9 bonds dated february 1 2013 with a face amount of 200000. the bonds sold

  Supposing steve collects 5000 not including interest of

steve drake sells a rental house on january 1 2011 and receives 130000 cash and a note for 55000 at 10 percent

  Adverse selection problems increased in prominence

Adverse selection problems increased in prominence in the 1980s - as deregulation required savings and loans and mutual savings banks to be more cautious.

  How is she taxed on the distribution

Lark Corporation is a calendar year taxpayer. At the beginning of the current year, Lark has accumulated E & P of $330,000. The corporation incurs a deficit in current E & P of $460,000 that accrues ratably throughout the year. On June 30, Lark di..

  Difference to a newly opened suspense account

In taking out a trial balance, a bookkeeper finds that he is out Rs 1600 excess debit. Being desirous of closing his books, heplaces the difference to a newly opened suspense account. In the next period he discovers the following discrepancies.

  The residual interest in a corporation belongs to

the residual interest in a corporation belongs to thea.management.b.creditors.c.common stockholders.d.preferred

  Baxtra inc pays 20000 in cash as interest to its lenders

baxtra inc. pays 20000 in cash as interest to its lenders during 2005. according to u.s. gaap in which section of the

  Approach to ethical decision making

Is the 5-question approach to ethical decision making superior to the moral standards or Pastin approach?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd