Session 3 - Ch 4.docx

Session 3 - Ch 4.docx - MGT 11A Discussion Session Ch 4 1...

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MGT 11A – Discussion Session - Ch 4 (10/18/2017) 1. Merchandise inventory: a) Is a long-term asset. b) Is a current asset. c) Includes supplies. d) Is classified with investments on the balance sheet. e) Must be sold within one month. 2. ABC Corporation had total quick assets of $5,888,000, current assets of $11,700,000, and current liabilities of $8,000,000. Its acid-test ratio equals: a) 0.50. b) 0.68. c) 0.74. d) 1.50. e) 2.20. 3. A company had cash sales of $49,527, credit sales of $38,540, sales returns and allowances of $7,100, and sales discounts of $4,375. The company's net sales for this period equal: 4. On October 1, Robertson Company sold merchandise in the amount of $5,800 to Alberts, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Robertson uses the perpetual inventory system. The journal entry or entries that Robertson will make on October 1 is:
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