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acct exam 3 - ACC 2301 exam 3 answers spring 2011(Dr Said...

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ACC 2301 exam 3 answers, spring 2011 (Dr. Said) 1.What is the term applied to the excess of net revenue from sales over the cost of merchandise sold? a. gross profit b. income from operations c. net income d. gross sales 2.The form of income statement that derives its name from the fact that the total of all expenses is deducted from the total of all revenues is called a 3.Merchandise inventory is classified on the balance sheet as a 4.The primary difference between a periodic and perpetual inventory system is that a Use the following information to answer questions 5 - 8 Purchases $28,00 0 Purchases discounts $800 Merchandise inventory April 1 6,500 Merchandise inventory April 30 7,800 Sales returns and allowances 750 Sales 57,000 Purchases returns &allowances 1,000 Transportation In 880 5. what is the amount of cost of merchandise sold? a. 25,780 b. 23,270 c. 31,220 d. 24,020 6. what is the amount of gross profit? 7. what is the amount of net sales? 8. What is the amount of merchandise available for sale? 1
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9.Where are operating expenses found on the multi-step income statement? a. before gross profit b. after sales and before gross profit c. after net income before expenses d. after gross profit 10.Which of the following accounts has a normal debit balance? 11.Using a perpetual inventory system, the entry to record the return from a customer of merchandise sold on account includes a
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