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What is the ending Accounts Receivable

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Reference no: EM132473102

Question 1 - Two important profitability measures that investors use in assessing efficiency and effectiveness of a merchandiser's operations are:

a. earnings after retail numbers (EARN) and net income

b. dividends and total assets

c. cash and retained earnings

d. gross profit and operating profit

Question 2 - If the cost of merchandise sold is overstated by $50,000, what is the effect on net income?

a. It is understated by $50,000 (too low)

b. It is overstated by $50,000 (too high)

c. It is correct

d. None of the above (don't pick me)

Question 3 - Assume that beginning accounts receivable are $30,000, that there are sales on account of $20,000 during the period, and customers paid $10,000 on their accounts. What is the ending Accounts Receivable?

a. $10,000

b. $20,000

c. $50,000

d. $30,000

e. $40,000

Question 4 - Which of the following is an example of a purchase of inventory on account?

a. Merchandise Inventory XXX

Cost of Merchandise Sold XXX

b. Merchandise Inventory XXX

Accounts Payable XXX

c. Accounts Payable XXX

Merchandise Inventory XXX

d. Merchandise Inventory XXX

Cash XXX

Reference no: EM132473102

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