BACTNG1 QUIZ BEE. Question #1 List Price:200,000 Trade Discount:8% Credit Term:3/10, n/30 How much...

BACTNG1 QUIZ BEE

Question #1

List Price: 200,000Trade Discount: 8%Credit Term: 3/10, n/30

How much is the invoice price?

Question #2

List Price: 200,000Trade Discount: 10%Credit Term: 3/10, n/30

How much is the cash to be paid by the buyer if the payment was made within the discount period?

Question #3

List Price: 500,000Trade Discount: 10%, 8%Credit Term: 3/10, 2/15, n/30

How much is the invoice price?

Question #4

List Price: 500,000Trade Discount: 10%, 6%Credit Term: 3/10, 2/15, n/30Transaction Date: June 3, 2014

If the goods were paid on June 13, 2014, how much was the cash paid by the buyer to the seller?

Question #5

List Price: 500,000Trade Discount: 5%, 5%Credit Term: 3/10, 2/15, n/30Transaction Date: Sept. 3, 2014

If the goods were paid on Sept 17, 2014, how much was the cash paid by the buyer to the seller?

Question #6

List Price: 500,000Trade Discount: 5%, 5%Credit Term: 3/10, 2/15, n/30Transaction Date: Sept. 3, 2014

If the half of the goods were paid on Sept 12 and the other half was paid on Sept 18, how much was the total cash paid by the buyer to the seller?

Question #7

Sales Price: 600,000Freight Cost: 4,000Credit Term: 3/10, 2/15, n/30Term: FOB Shipping Point Freight Collect

How much is the cash collected by the seller assuming the buyer paid the goods within 10 days?

Question #8

Sales Price: 600,000Freight Cost: 4,000Credit Term: 3/10, 2/15, n/30Term: FOB Shipping Point Freight Prepaid

How much is the cash collected by the seller assuming the buyer paid the goods within 15 days?

Question #9

Sales Price: 600,000Freight Cost: 4,000Credit Term: 3/10, 2/15, n/30Term: FOB Destination Freight Prepaid

How much is the cash collected by the seller assuming the buyer paid the goods within 15 days?

Question #10

Sales Price: 600,000Freight Cost: 4,000Credit Term: 3/10, 2/15, n/30Term: FOB Destination Freight Collect

How much is the cash collected by the seller assuming the buyer paid the goods within 18 days?

Question #11

Sales Price: 600,000Sales Return: 10,000Sales Discount: 5,000

How much is the net sales?

Question #12

Sales Price: 600,000Sales Return: 10% of SalesSales Discount: 1% of Sales

How much is the net sales?

Question #13

The business sold goods with list price of 350,000 and gave trade discount of 10% and 12%. Credit term is 2/10, n/30. Goods with invoice price of 30,000 was returned by the buyers and the remaining amount was paid within the discount period.

How much is the net sales?

Question #14

• Sales 1,800,000• Purchases 800,000• Sales Returns 150,000• Purchase Discount 30,000• Sales Discount 43,000• Freight In 18,000• Inventory, Beginning 360,000• Inventory decreased by 60,000 during the year.

• How much is the net sales?

Question #15

• Sales 1,800,000• Purchases 800,000• Sales Returns 150,000• Purchase Discount 30,000• Sales Discount 43,000• Freight In 18,000• Inventory, Beginning 360,000• Inventory decreased by 60,000 during the year.

• How much is the net purchases?

Question #16

• Sales 1,800,000• Purchases 800,000• Sales Returns 150,000• Purchase Discount 30,000• Sales Discount 43,000• Freight In 18,000• Inventory, Beginning 360,000• Inventory decreased by 60,000 during the year.

• How much is the net cost of purchases?

Question #17

• Sales 1,800,000• Purchases 800,000• Sales Returns 150,000• Purchase Discount 30,000• Sales Discount 43,000• Freight In 18,000• Inventory, Beginning 360,000• Inventory decreased by 60,000 during the year.

• How much is the total goods available for sale?

Question #18

• Sales 1,800,000• Purchases 800,000• Sales Returns 150,000• Purchase Discount 30,000• Sales Discount 43,000• Freight In 18,000• Inventory, Beginning 360,000• Inventory decreased by 60,000 during the year.

• How much is the cost of sales?

Question #19

• Sales 1,800,000• Purchases 800,000• Sales Returns 150,000• Purchase Discount 30,000• Sales Discount 43,000• Freight In 18,000• Inventory, Beginning 360,000• Inventory decreased by 60,000 during the year.

• How much is the gross profit?

Question #20

Salaries Expense 300,000Supplies Expense 35,000Freight Out 15,000Advertising Expense 82,000Bad Debts Expense 12,600Depreciation Expense 55,000

• Salaries, supplies and depreciation is shared by the selling and admin department in the ratio of 65:35.

How much is total selling expense?

Question #21

Salaries Expense 400,000Supplies Expense 45,000Freight Out 25,000Advertising Expense 62,000Bad Debts Expense 22,600Insurance Expense 15,400Depreciation Expense 65,000

• Salaries, supplies and depreciation is shared by the selling and admin department in the ratio of 70:30.

How much is total administrative expense?

Question #22

Net Sales 1,300,000Gross Profit 40% of Net SalesOperating Expense 60% of Gross ProfitFinance Charge 2% of Cost of Sales

How much is the net income?

Question #23

Net Sales 1,300,000Gross Profit 40% of Net SalesSelling Expense 30% of Cost of SalesAdmin Expense 35% of Gross ProfitFinance Charge 3% of Net Sales

How much is the net income?