POST ACC111 UNIT 5 CHAPTER 5 AND 6 QUIZES

· UNIT 5 CH 5···· Question 12 out of 2 points33.33%66.67%3%1.5%Response Feedback:· Question 22 out of 2 pointsCompany A has assets of $2,000,000, liabilities = 400,000
and equity = $1,600,000.What is the debt to asset ratio for Company A?:20%25%50%80%CHAPTER 5 SELFQUIZ· Question 10 out of 0 pointsCompany A has assets of $1,000,000, liabilities = 400,000
and equity = $600,000.What is the debt to asset ratio for Company A?40%60%100%20%Response Feedback:· Question 20 out of 0 pointsBased on the following income statement what is the Net
Profit Margin Ratio?Cinnamon and Spice., Inc.Income Statement12/31/2008Revenue:Sales$200,000Expenses:Selling expense112,000Operating expense28,000Interest expense25,000Other expense15,000Total expense180,000Net Income$20,000Answers:10%20%180%80%UNIT 5 CHAPTER 6 QUIZ·· Question 12 out of 2 pointsSales with terms 2/ 10, n/ 30 means:The buyer gets a 10 percent discount for payment within 30
days.The buyer gets 2 percent discount for payment within 10
days.The buyer gets a 10 percent discount for payment within 10
days.The buyer gets a 2 percent discount for payment within 30
days.· Question 22 out of 2 pointsA $ 1,000 sale is made on May 1 with terms 2/ 10, n/ 30.
What amount, if received on May 9, will the customer’s check be?$1,000$ 900$ 980$ 800Response Feedback:· Question 32 out of 2 pointsA company has net sales of $500,000 and cost of goods sold
of $400,000. The company’s gross profit percentage is:80%20%50%10%Response Feedback:.· Question 42 out of 2 pointsCompany Alpha has Sales of $800,000, Sales Discounts of
$40,000 and Sales Returns of $50,000. How will this be shown on the Income
Statement?With net sales of $710,000With net sales of $890,000With net sales of $790,000With net sales of $810,000· Question 52 out of 2 pointsOn March 1, 200X Bravo Company sells $6,000 of services on
credit terms offering a 2% discount if paid within ten days.They are paid on
March 3.The customer takes the discount, what is Bravo Company’s accounting
entry on March 3, 200X?Debit cash $6,000; credit accounts receivable $6,000.Debit cash $5,880; credit accounts receivable $6,000.Debit cash $5,880; credit accounts receivable $5,880.Debit cash $5,880; debit sales discount $120; credit
accounts receivable $6,000.· Question 62 out of 2 pointsThe accounting entry for a sales return includes:A debit to the sales account and a credit to cash.A credit to the sales account and a debit to cash.A debit to the sales return account and a credit to cash.A credit to inventory and a debit to the sales return
account.CHAPTER 6 SELF Q· Question 10 out of 0 pointsSales with terms 2/ 10, n/ 30 means:The buyer gets a 10 percent discount for payment within 30
days.The buyer gets 2 percent discount for payment within 10
days.The buyer gets a 10 percent discount for payment within 10
days.The buyer gets a 2 percent discount for payment within 30
days.· Question 20 out of 0 pointsA $ 1,000 sale is made on May 1 with terms 2/ 10, n/ 30.
What amount, if received on May 9, will be considered payment in full?$ 1,000$ 900$ 800$ 980· Question 30 out of 0 pointsA company has net sales of $500,000 and cost of goods sold of
$400,000. The company’s gross profit percentage is:80%20%50%10%· Question 40 out of 0 pointsCompany Alpha has Sales of $800,000, Sales Discounts of
$40,000 and Sales Returns of $50,000. How will this be shown on the Income
Statement?:With net sales of $710,000With net sales of $890,000With net sales of $790,000With net sales of $810,000