1aexam2sample - ACCT1B Sample Exam 2 Name Date 1 The...

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ACCT1B - Sample Exam 2 Name: __________________________ Date: _____________ 1. The current period's ending inventory is: A) The next period's beginning inventory. B) The current period's cost of goods sold. C) The prior period's beginning inventory. D) The current period's net purchases. E) The current period's beginning inventory. 2. Sales returns and allowances: 3. The operating cycle of a merchandising company: 4. A merchandising company: 5. J.C. Penny had net sales of $28,496 million, its cost of goods sold was $19,092 million, and its net income was $997 million. Its gross margin ratio equals: A) 3.5%. B) 5.2%. C) 33%. D) 67%. E) 149.3%. Page 1
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ACCT1B - Sample Exam 2 6. The gross margin ratio: 7. Sales less sales discounts less sales returns and allowances equals: 8. A debit to Sales Returns and Allowances and a credit to Accounts Receivable: 9. A company purchased $1,500 of merchandise on credit with terms 3/15, n/30. How much will be debited to Accounts Payable if the company pays $485 cash on this account within ten days? A) $485 B) $500 C) Nothing will debited to Accounts Payable, the account should be credited in this situation. D) $470.45 E) $1,455
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