题目内容

Trudell, Inc., reported the following data:Freight in ...........................$26,000Purchases ..........................207,000Beginning inventory ........52,000Purchase discounts.............4,300Dividends...............................4,000Purchase returns ................6,300Sales revenue....................446,000Ending inventory.............47,000Trudell's gross profit percentage is

A. 51.0
B. 48.0
C. 49.0
D. 55.7

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Crystal Aquarium Supplies had the following beginning inventory, net purchases, net sales, and gross profit percentage for the first quarter of 2016:Beginning inventory, $57,000Net purchases, $72,000Net sales revenue, $92,000Gross profit rate, 20%By the gross profit method, the ending inventory should be

A. $110,600
B. $55,400
C. $129,000
D. $73,600

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An error understated Grand Company's December 31, 2016, ending inventory by $27,000. What effect will this error have on net income for 2017?

A. Understate
B. No effect
C. Overstate
D. Not sure

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Which statement is true?

A. The Sales account is used to record only sales on account.
B. Gross profit is the excess of sales revenue over cost of goods sold.
C. A service company purchases products from suppliers and then sells them.
D. Purchase returns and allowances increase the net amount of purchases.

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Cost of goods sold will appear on which financial statement?

A. statement of retained earnings
B. balance sheet
C. statement of cash flows
D. income statement

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A. 51.0 B. 48.0 C. 49.0 D. 55.7

An error understated Grand Company's December 31, 2016, ending inventory by $27,000. What effect will this error have on net income for 2017?

Which statement is true?

Cost of goods sold will appear on which financial statement?

A. 51.0
B. 48.0
C. 49.0
D. 55.7