Financial Accounting Certification Exam Questions With Multiple Choices Verified Answers.
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Module
SCM 4380
Institution
SCM 4380
Milton's Tool and Tile sells a range of products. This week, the shipping department received 500 gallons of paint, purchased at a cost of $20 each, which were distributed among 18 stores. 420 were sold for $30 each across all stores.The cost of goods sold equals ___________. - correct answer ...
Financial Accounting
Milton's Tool and Tile sells a range of products. This week, the shipping department received 500 gallons
of paint, purchased at a cost of $20 each, which were distributed among 18 stores. 420 were sold for
$30 each across all stores.The cost of goods sold equals ___________. - correct answer
$8,400
Paulsen Hardware offered a discount to customers who used the store credit card to purchase lumber. If
a customer paid his or her bill in full within 30 days of a lumber purchase, 5% was deducted from the
invoice amount, to be used as store credit on the customer's next purchase.
A frequent customer of the Paulsen Hardware store, George, bought $25,000 worth of lumber using his
store credit card. George paid his balance in full 27 days after making the purchase.$1,250 would be
recorded in the __________. - correct answer sales discount account
Carson Hardware offers a discount to customers who use the store credit card on purchases of building
materials. When customers pay their bill in full within 15 days of a purchase, 2% can be deducted from
the invoice amount, to be used as store credit on their next purchase.A frequent customer of the
Pleasantville Carson Hardware store, Moira, used her store credit card to buy 20 interior doors for $125
each. Moira paid her balance in full 10 days after the purchase.Moira will record $50 in the __________.
- correct answer sales discount account
The shipment Frederick ordered for the paint department at his hardware store arrived. As he checked
the shipment, he referred to his expanded income statement below.
The Goods Available for Sale total is __________. - correct answer $97,000
Mark reviewed the following expanded income statement to ensure that all accounts were accurate and
up to date.
Based on the portion of an expanded income statement below, the Total Cost of Goods Sold is
__________. - correct answer $20,825
Shauna calculated the net sales for her company using the following figures:Gross sales = $72,900Sales
discounts = $2,450Purchase returns and allowances = $3,750Sales returns and allowances = $2,550The
net sales of Shauna's company are __________. - correct answer $67,900
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