Web Exam 1 answers

Web Exam 1 answers - Exam#1 Once you have completed the...

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Exam #1 Once you have completed the exam below, you must enter your answers in the Assignments section of Blackboard on the answer sheet provided. Your answer sheet is due by 5pm on Monday, Sept. 29, 2008; print or save your conformation page to verify that your exam was successfully submitted. If you have any clarification questions about the exam, please post a note on 01. Which of the following accurately reflects a cost-volume-profit relationship? A. Sales - Total Variable Costs + Fixed Costs = Net Income B. Contribution Margin = Net Income + Fixed Costs C. Contribution Margin = Sales - Fixed Costs D. Sales - Total Variable Costs = Net Income E. Sales - Total Variable Costs - Fixed Costs = Contribution Margin 02. Just Juice produces quality fruit juices and related products. Which of the following would be classified as a period cost for the company? A. the price paid for apples. B. the wage paid to a factory worker. C. the price paid for labels. D. the rent paid on the factory = steven, Kevin……. E. none of the above. ??? <<<<<<<<<< <….Don=part 2- day 2 – slide 4….?>Ll 03. Which of the following is not an example of an overhead cost: A. utility costs for the factory B. lease payments on production line equipment =period cost C. delivery costs for finished products – service? D. maintenance costs on production line equipme nt E. salary of production line managers Use the following information from the accounting records of Sling Blade Farming Company to answer questions #04 and #05. Cost of goods sold 220,000 Cash 15,000 Equipment 45,000 Accounts receivable 20,000 Wage expense 3,000 Notes payable 50,000 Land 30,000 Income tax expense 1,000 Selling expense 15,000 Accounts payable 10,000 Sales 300,000 Inventory 60,000 Withdrawals 2,000 Rent expense 4,000 04. What are Sling Blade's total assets? Answer 170,000 05. What is Sling Blade's net income? Answer 57,000 Net sales- cost and expenses = 300,000 – (220,000+3,000+1,000+15,000+4,000) = 57,000 -- Page 1 --
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06. A balance sheet reports = Equity, liabilities, assets A. revenues, liabilities and equity. B. expenses, withdrawals and equity. C. revenues, expenses and withdrawals. D.
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Web Exam 1 answers - Exam#1 Once you have completed the...

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