Chapter 10 - A $52,000 B $26,500 C $2,500 D none of the...

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Chapter 10 Response Pad Questions 1 XYC Co. sold $2,000 of inventory to a customer for $3,000 with the terms 2/10, n/30.  If the customer paid within the discount period, XYZ's net income is: A $940 B $1,000 C $1,960 D $2,940 2 What would be the balance in ending inventory under FIFO? A $7 B $35 C $42 D $80 3 What would be the balance in ending inventory under LIFO? A $7 B $35 C $42 D $87 1. What was the uncollectible accounts expense for the year if the company wrote off $12,000 of account receivables and the beginning and ending Allowance for Uncollectible Accounts balances were $37,500 and $52,000, respectively?
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Unformatted text preview: A $52,000 B $26,500 C $2,500 D none of the above 2 Trabert received $1,500,000 cash from customers. Accounts Receivable had beginning and ending balances of $350,000 and $550,000 respectively. What were Trabert's net sales for the year? A $1,700,000 B $1,500,000 C $1,300,000 D $550,000 3 Country Oak planned to sell 12,000 tables at $250 each. Actual sales were 13,000 tables at $240 each. What is the sales quantity variance? A $120,000 F B $130,000 U C $240,000 F D $250,000 F...
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This note was uploaded on 01/31/2011 for the course ACCT 2102 taught by Professor Clark during the Spring '10 term at Georgia State.

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