Minitest5 Answer Key

Minitest5 Answer Key - 9.00 10 d Inventory Cost $6,000 Less...

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Bus 230A Minitest 5 Answer Key 1 a 2 d 3 b 4 b 5 c 6 a 7 a 8 b Sales  $500,000  Less: Cost of Goods Sold  (250,000)   Gross Profit  $250,000  Gross Profit Ratio = Gross Profit/Sales =  $250,000/$500,000 = 50.00% 9 c Net Sales  $500,000  Less: Cost of Goods Sold  (250,000)   Gross Profit  250,000  Less:   Selling Expenses  $115,000    Administrative Expenses  90,000   (205,000)     Net Profit  $45,000  Profit Margin Ratio = Profit/Sales = $45,000/$500,000 =
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Unformatted text preview: 9.00% 10 d Inventory Cost $6,000 Less 1% Discount (60) Inventory net of discount 5,940 Add: Freight-In 200 Total Inventory Value $6,140 11 d Services revenue $1,500 Less 4% handling fee (60) Net cash received $1,440 Journal Entry: Cash 1,440 increase in assets Handling fee expense 60 increase in expenses Revenue 1,500 increase in revenue...
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This homework help was uploaded on 04/16/2008 for the course BUS 230A taught by Professor S during the Spring '08 term at Sonoma.

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