1. An imprest petty cash fund of $400 was established for minor disbursements. At the end of the month, the fund included petty cash tickets for the purchase of $185 in supplies, $41 for postage, $86 for fuel and a delivery charge of $65. How much cash is required to replenish the fund?
A.$ 23B.$226
C.$312D.$377
2. An unrealized loss on a marketable security means that the:
A.value of the security at the time of sale exceeded the historical cost of the security.
B.current market value of the security exceeds its original cost.
C.historical cost of the security is less its current market value.
D.historical cost of the security exceeds its current market value.
3. Bigg and Talle Corporation uses the percentage-of-sales method to estimate uncollectibles. Net credit sales for the current year amount to $5,000,000 and management estimates 2% will be uncollectible. Allowance for Doubtful Accounts prior to adjustment has a credit balance of $16,000. After all necessary adjusting entries are made, the balance in Allowance for Uncollectible Accounts will be:
A.$116,000.B.$100,000.
C.$ 84,000.D.$ 16,000.
4. Alex Rhodes’ net sales for the current period were $114,000 and average receivables were $96,250. What is the amount of one day’s sales (rounded)?
A.$312B.$264
C.$427D.$557
5. A company has $40,000 in cash, $75,000 in short-term investments, $263,000 in net current receivables, and $110,000 in inventory. The total current liabilities of the firm are $305,000. The quick ratio of the company is:
A.0.63.B.1.24.
C.1.60.D.1.76.
6. A company with net sales of $800,000, a beginning balance of net receivables of $70,000, and an ending balance of net receivables of $90,000 has a collection period of (rounded):
A.110 days.B. 41 days.
C. 36 days.D. 32 days.
7.BMX Co. sells item XJ15 for $1,000 per unit, and has a cost of goods sold percentage of 80%. The gross profit to be found for selling 20 items is:
A.$20,000.B.$16,000.
C.$ 4,000.D.No gross margin can be calculated with a cost of goods sold percentage greater than 50%.
8. Tonga Industries reported the following:
Net Sales$450,000Cost of goods sold$360,000
Operating expenses $60,000Tax Rate40%
The gross profit percentage is:
A.80%.B.60%.
C.32%.D.20%.
A.$ 23B.$226
C.$312D.$377
2. An unrealized loss on a marketable security means that the:
A.value of the security at the time of sale exceeded the historical cost of the security.
B.current market value of the security exceeds its original cost.
C.historical cost of the security is less its current market value.
D.historical cost of the security exceeds its current market value.
3. Bigg and Talle Corporation uses the percentage-of-sales method to estimate uncollectibles. Net credit sales for the current year amount to $5,000,000 and management estimates 2% will be uncollectible. Allowance for Doubtful Accounts prior to adjustment has a credit balance of $16,000. After all necessary adjusting entries are made, the balance in Allowance for Uncollectible Accounts will be:
A.$116,000.B.$100,000.
C.$ 84,000.D.$ 16,000.
4. Alex Rhodes’ net sales for the current period were $114,000 and average receivables were $96,250. What is the amount of one day’s sales (rounded)?
A.$312B.$264
C.$427D.$557
5. A company has $40,000 in cash, $75,000 in short-term investments, $263,000 in net current receivables, and $110,000 in inventory. The total current liabilities of the firm are $305,000. The quick ratio of the company is:
A.0.63.B.1.24.
C.1.60.D.1.76.
6. A company with net sales of $800,000, a beginning balance of net receivables of $70,000, and an ending balance of net receivables of $90,000 has a collection period of (rounded):
A.110 days.B. 41 days.
C. 36 days.D. 32 days.
7.BMX Co. sells item XJ15 for $1,000 per unit, and has a cost of goods sold percentage of 80%. The gross profit to be found for selling 20 items is:
A.$20,000.B.$16,000.
C.$ 4,000.D.No gross margin can be calculated with a cost of goods sold percentage greater than 50%.
8. Tonga Industries reported the following:
Net Sales$450,000Cost of goods sold$360,000
Operating expenses $60,000Tax Rate40%
The gross profit percentage is:
A.80%.B.60%.
C.32%.D.20%.