A company’s annual physical inventory count took place on 6 January 2013. Inventory valueon this date was $38,750. During the period from 31 December 2012 to 6 January 2013 thefollowing events occurred:$Sales 5,740Purchases 3,990The mark-up is 25% on cost.What is the cost of the company’s inventory on 31 December 2012?

1 .A company’s physical inventory counting took place on 25 March 2012 and the inventorywas measured at $175,260. The company’s year end is 31 March 2012. In the interveningperiod goods valued at $5,952 were received and returns to suppliers were valued at $2,520.Sales in the period amounted to $17,500 and a gross profit percentage on sales of 20% isalways obtained. You discover that goods out on sale or return, at a sale price of $15,000,have been omitted from the physical count.What value should be placed on inventory at 31 March 2012?

A $164,692 B $176,192 C $176,692 D $178,692

题型: 单选题 提问时间: 2021-08-23

查看答案

---

2 .The draft statement of financial position of a company at 31 May 2012 includes current assetsas follows:Inventory $50,000Trade receivables $130,000Trade receivables include goods sent on sale or return at selling price of $15,000 (cost$12,000). These remained unsold at 31 May 2012.What amount should appear in the financial statements as at 31 May 2012?

A Inventory$62,000 Trade receivables$115,000 B Inventory$62,000 Trade receivables$118,000 C Inventory$65,000 Trade receivables$115,000 D Inventory$65,000 Trade receivables$118,000

题型: 单选题 提问时间: 2021-08-23

查看答案

---

3 .You are provided with the following information relating to a business:$000Receivables opening balance 120Receivables closing balance 84Cash received from credit customers 361Irrecoverable debts written off 12Discounts allowed 6Cash sales 18What was total revenue for the period?

A $343,000 B $349,000 C $355,000 D $361,000

题型: 单选题 提问时间: 2021-08-23

查看答案

---

4 .The following information relates to a company for the year ended 31 December 2012:$Cash received from credit customers 22,490Contra with supplier who is also acustomer on payables ledger 910Increase in allowance for receivables 600Receivables at 1 January 2012 7,290Receivables at 31 December 2012 7,870What figure for revenue should be recorded in the income and expenditure account forthe year ended 31 December 2012?

A $24,580 B $23,980 C $22,760 D $22,160

题型: 单选题 提问时间: 2021-08-23

查看答案

---

5 .The following information relates to a business for the year ended 30 June:$000Revenue 180Purchases 132Opening inventory 33Sales were all made at a uniform gross profit margin of 20%.What is the cost of closing inventory?

A $15,000 B $21,000 C $30,000 D $45,000

题型: 单选题 提问时间: 2021-08-23

查看答案

---

7 .The following information relates to a business for the year ended 31 March 2012:$000Revenue 300Purchases 230Opening inventory 55The business achieves a gross profit percentage of 20% on all sales.What is the cost of closing inventory?

A $35,000 B $45,000 C $65,000 D $75,000

题型: 单选题 提问时间: 2021-08-23

查看答案

---

8 .The following information relates to a wholesale business:$Inventory at cost 31 December 2012(excluding goods on sale or return) 27,500Revenue (including $8,000 goods on sale or returnof which half have been sold by the retailer by31 December 2012) 95,000The goods sent out on sale or return were at cost price plus 25%.What amounts should be shown in the financial statements at 31 December 2012?

A Revenue$87,000 Inventory$33,500 B Revenue$87,000 Inventory$33,900 C Revenue$91,000 Inventory$30,500 D Revenue$91,000 Inventory$30,700

题型: 单选题 提问时间: 2021-08-23

查看答案

---

9 .The memorandum discounts column in the cash receipts book has been undercast by $270.What correcting entry is required?

A Dr Receivables ledger control a/Cr Discounts allowed B Dr Discounts allowedCr Receivables ledger control a/c C Dr Payables ledger control a/cCr Discounts received D Dr Discounts receivedCr Payables ledger control a/c

题型: 单选题 提问时间: 2021-08-23

查看答案

---

10 .On 30 June 2012 a business had net assets of $74,000 compared with $62,000 on 1 July 2011.During the year ended 30 June 2012 the proprietor drew $11,000 out of the business and thebusiness paid his annual subscription to the proprietor sports club of $2,000.What was the profit made by the business for the year ended 30 June 2012?

A $1,000 B $12,000 C $25,000 D $27,000

题型: 单选题 提问时间: 2021-08-23

查看答案

---