Chapter 10

# 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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