AIS100_Practice_Exam_1_Solutions

AIS100_Practice_Exam_1_Solutions - AIS 100 Practice Exam 1...

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Unformatted text preview: AIS 100 Practice Exam 1 Answer Key I. Multiple Choice 1 C 2 A 3 A 4 B 5 A 6 B 7 A 8 B 9 D 10 B 11 A 12 D 13 D 14 B 15 B 16 D 17 B 18 C 19 C 20 C 21 C 22 A 23 D 24 D 25 C II. Introduction to Financial Statements A. (1) 112,500 (2) 133,000 (3) 51,000 B. (4) 1.76 (5) 0.44 III. Multiple Step Income Statement Zimmerman Zithers Income Statement For the Year Ended December 31, 2005 Sales ...................................................................... $575,000 Less: Sales Returns and Allowances ................................ $ 50,000 Sales Discounts ....................................................... 9,500 59,500 Net Sales ...................................................................... 515,500 Cost of Goods Sold.............................................................. 347,000 Gross Profit ...................................................................... 168,500 Operating Expenses Store Salaries Expense..................................................$ 74,000 Utilities Expense............................................................. 18,000 Advertising Expense....................................................... 15,000 Depreciation Expense ................................................... 3,500 Freight-out...................................................................... Freight-out....
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AIS100_Practice_Exam_1_Solutions - AIS 100 Practice Exam 1...

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