143.During August, 2011, Joe’s Supply Store generated revenues of $60,000. The company’s expenses were as follows: cost of goods sold of $24,000 and operating expenses of $4,000. The company also had rent revenue of $1,000 and a gain on the sale of a delivery truck of $2,000.
Joe’s nonoperating income (loss) for the month of August, 2011 is
a.$0.
b.$1,000.
c.$2,000.
d.$3,000.
144.During August, 2011, Joe’s Supply Store generated revenues of $60,000. The company’s expenses were as follows: cost of goods sold of $24,000 and operating expenses of $4,000. The company also had rent revenue of $1,000 and a gain on the sale of a delivery truck of $2,000.
Joe’s operating income for the month of August, 2011 is
a.$60,000.
b.$39,000.
c.$37,000.
d.$32,000.
145.During August, 2011, Joe’s Supply Store generated revenues of $60,000. The company’s expenses were as follows: cost of goods sold of $24,000 and operating expenses of $4,000. The company also had rent revenue of $1,000 and a gain on the sale of a delivery truck of $2,000.
Joe’s net income for August, 2011 is
a.$36,000.
b.$35,000.
c.$33,000.
d.$32,000.
a146.Sampson Company's accounting records show the following at the year ending on December 31, 2011:
Purchase Discounts $ 8,400
Freight - in 11,700
Purchases 300,015
Beginning Inventory 35,250
Ending Inventory 43,200
Purchase Returns 9,600
Using the periodic system, the cost of goods purchased is
a.$270,315.
b.$306,315.
c.$312,915.
d.$293,715.
a147.Sampson Company's accounting records show the following at the year ending on December 31, 2011:
Purchase Discounts $ 8,400
Freight - in 11,700
Purchases 300,015
Beginning Inventory 35,250
Ending Inventory 43,200
Purchase Returns 9,600
Using the periodic system, the cost of goods sold is
a.$301,665.
b.$298,365.
c.$285,765.
d.$314,265.
a148.The following information is available for Norton Company:
Sales$260,000Freight-in$20,000
Ending Merchandise Inventory24,000Purchase Returns and Allowances10,000
Purchases180,000Beginning Merchandise Inventory30,000
Norton's cost of goods sold is
a.$230,000.
b.$220,000.
c.$196,000.
d.$190,000.
a149.At the beginning of September, 2011, GLF Company reported Merchandise Inventory of $4,000. During the month, the company made purchases of $11,700. At September 30, 2011, a physical count of inventory reported $4,800 on hand. Cost of goods sold for the month is
a.$900.
b.$11,700.
c.$10,900.
d.$17,700.
a150.At the beginning of the year, Hinz Company had an inventory of $400,000. During the year, the company purchased goods costing $1,600,000. If Hinz Company reported ending inventory of $600,000 and sales of $2,000,000, the company’s cost of goods sold and gross profit rate must be
a.$1,000,000 and 50%.
b.$1,400,000 and 30%.
c.$1,000,000 and 30%.
d.$1,400,000 and 70%.
a151.During the year, Carla’s Pet Shop’s merchandise inventory decreased by $30,000. If the company’s cost of goods sold for the year was $450,000, purchases must have been
a.$480,000.
b.$420,000.
c.$390,000.
d.Unable to determine.