商业企业循环习题精选无答案.docx
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商业企业循环习题精选无答案.docx
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商业企业循环习题精选无答案
True/FalseQuestions
1.Merchandiseinventoryconsistsofproductsthatacompanyacquirestoreselltocustomers.
2.Aservicecompanyearnsnetincomebybuyingandsellingmerchandise.
3.Grossprofitisalsocalledgrossmargin.
4.Costofgoodssoldisalsocalledcostofsales.
5.Awholesalerisanintermediarythatbuysproductsfrommanufacturersorotherwholesalersandsellsthemtoconsumers.
6.Aretailerisanintermediarythatbuysproductsfrommanufacturersandsellsthemtowholesalers.
7.Costofgoodssoldrepresentsthecostofbuyingandpreparingmerchandiseforsale.
8.Acompanyhadsalesandcostofgoodssoldof$350,000and$200,000,respectively.Itsgrossprofitequals$150,000.
9.Acompanyhadnetsalesandcostofgoodsof$545,000and$345,000,respectively.Itsgrossmarginequals$890,000.
10.Acompanyhadagrossprofitof$300,000basedonsalesof$400,000.Itscostofgoodssoldequals$700,000.
11.Amerchandisingcompany'soperatingcyclebeginswiththesaleofmerchandiseandendswiththecollectionofcashfromthesale.
12.Merchandiseinventoryisreportedinthelong-termassetssectionofthebalancesheet.
13.Cashsalesshortentheoperatingcycleforamerchandiser;creditpurchaseslengthenoperatingcycles.
14.Assetstiedupininventoryarenotproductiveassets.
15.Aperpetualinventorysystemrequiresupdatingoftheinventoryaccountonlyatthebeginningofanaccountingperiod.
16.Aperpetualinventorysystemcontinuallyupdatesaccountingrecordsforinventorytransactions.
17.Beginningmerchandiseinventoryplusthenetcostofpurchasesisthemerchandiseavailableforsale.
18.Theacid-testratioisalsocalledthequickratio.
19.Quickassetsincludecash,inventory,andcurrentreceivables.
20.Theacid-testratioisdefinedascurrentassetsdividedbycurrentliabilities.
21.Acommonruleofthumbisthatacompany'sacid-testratioshouldbeatleast2oracompanymayfacenear-termliquidityproblems.
26.Theprofitmarginratioisgrossmargindividedbytotalassets.
27.Thegrossmarginratioreflectstherelationbetweensalesandcostofgoodssold.
28.Acompanyhadnetsalesof$340,500,itscostofgoodssoldwas$257,000,anditsnetincomewas$13,750.Thecompany'sgrossmarginratioequals24.5%.
29.J.C.Penneyhadnetsalesof$24,750million,costofgoodssoldof$16,150million,andnetincomeof$837million.Itsgrossmarginratioequals3.4%.
30.TheMerchandiseInventoryaccountbalanceattheendofthecurrentperiodisequaltotheamountofbeginningmerchandiseinventoryforthenextperiod.
MultipleChoiceQuestions
75.Amerchandisingcompany:
A.Earnsnetincomebybuyingandsellingmerchandise.
B.Canbuyproductsfrommanufacturersandselltoretailers.
C.Canbuyproductsfrommanufacturersandsellthemtoconsumers.
D.Canbeawholesaleroraretailer.
E.Allofthese.
76.Amerchandisingcompany:
A.Earnsnetincomebybuyingandsellingmerchandise.
B.Receivesfeesonlyinexchangeforservices.
C.Earnsprofitfromcommissionsonly.
D.Earnsprofitfromfaresonly.
E.Buysproductsfromconsumers.
78.Acompanyhadsalesof$695,000andcostofgoodssoldof$278,000.Itsgrossmarginequals:
A.$(417,000).
B.$695,000.
C.$278,000.
D.$417,000.
E.$973,000.
79.Acompanyhadsalesof$375,000anditsgrossprofitwas$157,500.Itscostofgoodssoldequals:
A.$(217,000).
B.$375,000.
C.$157,500
D.$217,500.
E.$532,500.
80.Grossprofit:
A.Isalsocalledgrossmargin.
B.Lessotheroperatingexpensesequalsincomefromoperations.
C.Equalsnetsaleslesscostofgoodssold.
D.Mustcoveralloperatingexpensestoyieldareturnfortheownerofthebusiness.
E.Allofthese.
81.Merchandiseinventory:
A.Isreportedonthebalancesheetasacurrentasset.
B.Referstoproductsacompanyownsandintendstosell.
C.Canincludethecostofshippingthegoodstothestoreandmakingthemreadyforsale.
D.Doesnotappearonthebalancesheetofaservicecompany.
E.Allofthese.
82.Theoperatingcycleofamerchandisingcompany:
A.Beginswiththepurchaseofmerchandise.
B.Endswiththecollectionofcashfromthesaleofmerchandise.
C.Canvaryinlengthamongdifferentmerchandisingcompanies.
D.Sometimesinvolvesaccountsreceivable.
E.Allofthese.
83.Merchandiseinventory:
A.Isalong-termasset.
B.Isacurrentasset.
C.Includessupplies.
D.Isclassifiedwithinvestmentsonthebalancesheet.
E.Mustbesoldwithinonemonth.
84.Theoperatingcycleforamerchandiserthatsellsonlyforcashmovesfrom:
A.Purchasesofmerchandisetoinventorytocashsales.
B.Purchasesofmerchandisetoinventorytoaccountsreceivabletocashsales.
C.Inventorytopurchasesofmerchandisetocashsales.
D.Accountsreceivabletopurchasesofmerchandisetoinventorytocashsales.
E.Accountsreceivabletoinventorytocashsales.
85.Thecurrentperiod'sendinginventoryis:
A.Thenextperiod'sbeginninginventory.
B.Thecurrentperiod'scostofgoodssold.
C.Thepriorperiod'sbeginninginventory.
D.Thecurrentperiod'snetpurchases.
E.Thecurrentperiod'sbeginninginventory.
86.Beginninginventoryplusnetpurchasesis:
A.Costofgoodssold.
B.Merchandiseavailableforsale.
C.Endinginventory.
D.Sales.
E.Shownonthebalancesheet.
87.Theacid-testratio:
A.Isalsocalledthequickratio.
B.Measuresprofitability.
C.Measuresinventoryturnover.
D.Isgenerallygreaterthanthecurrentratio.
E.Allofthese.
88.Thequickassetsaredefinedas:
A.Cash,short-terminvestments,andinventory.
B.Cash,short-terminvestments,andcurrentreceivables.
C.Cash,inventory,andcurrentreceivables.
D.Cash,noncurrentreceivables,andprepaidexpenses.
E.Accountsreceivable,inventory,andprepaidexpenses
89.ABCCorporation'stotalquickassetswere$5,888,000,itscurrentassetswere$11,700,000anditscurrentliabilitieswere$8,000,000.Itsacid-testratioequals:
A.0.50.
B.0.68.
C.0.74.
D.1.50.
E.2.20.
90.Acompany'scurrentassetswere$17,980,itsquickassetswere$11,420anditscurrentliabilitieswere$12,190.Itsquickratioequals:
A.0.94.
B.1.07.
C.1.48.
D.1.57.
E.2.40.
92.Theacid-testratiodiffersfromthecurrentratiointhat:
A.Liabilitiesaredividedbycurrentassets.
B.Prepaidexpensesandinventoryareexcludedfromthecalculationoftheacid-testratio.
C.Theacid-testratiomeasuresprofitabilityandthecurrentratiodoesnot.
D.Theacid-testratioexcludesshort-terminvestmentsfromthecalculation.
E.Theacid-testratioisameasureofliquiditybutthecurrentratioisnot.
BreannaBoutiquereportedthefollowingyear-endinformation:
$52,00012;00054.000
325.000
17.500
106,300
25®00
93.Thecurrentratioandacid-testratiofortheboutiqueareand,
respectively:
A.1.8and1
B.1.97and1.52
C.2.73and1.52
D.3.50and0.90
E.Noneofthese
Currentratio=$460,500/$131,500=3.50
Acid-testratio=$118,000/$131,500=0.90
94.BasedontheratiosandanalysisoftheaccountbalancesforBreannaBoutique,thecompanyis:
A.likelytofacenear-termliquidityproblems.
B.unlikelytofacenear-termliquidityproblems.
C.likelyraisingliquidityconcernsuniesscashcanbegeneratedfrominventorysales.
D.unlikelyraisingliquidityconcerns.
E.BothAandC.
96.Acompany'sgrossprofitwas$83,750anditsnetsaleswere$347,800.Itsgrossmarginratioequals:
A.4.2%.
B.24.1%.
C.75.9%.
D.$83,750.
E.$264,050.
97.Acompany'snetsaleswere$676,600,itscostofgoodsoldwas$236,810andits
netincomewas$33,750.Itsgrossmarginratioequals:
A.5%.
B.9.6%.
C.35%.
D.65%.
E.285.7%.
98.Acompanyhadnetsalesandcostofgoodssoldof$752,000and$543,000,respectively.Itsnetincomewas$17,530.Thecompany'sgrossmarginratioequals:
A.18.9%
B.24.5%
C.27.8%
D.34.7%
E.35.2%
以下习题进作业本
162.CeresComputerSalesusestheperpetualinventorysystemandhadthefollowingtransactionsduringDecember.
Dec1SoldmerchandiseoncreditforS5,000;terms3/10,n/30.Theitemssoldhadacostof$3,500.
3Purchasedmerchan由胆foreasily$720L
4Purchasedmerchandiseoncreditfor$2;600,terms1720,n/30.
5L&uedacreditmemorandumfor$300toaoilstonierwhoreturnedmerchandisepurchasedNovember29.lhereturnedit^mshadacostof$210.
11Reccivedpaymentformerch^ndisesold1Jecemberl+
15ReceivedacreditmemorandumforthereturnoffaultymerchandisepurchasedonDecember4for$600.
18PaidfreightchargesofS200formerchandiseorderedla^tmonth.(FOBshippingpoint)
23PaidforthemerchandisepurchasedDecember4lesstheportionthatwasreturned.
24Soldmerchandiseoncreditlbr$7,000,terms2/10,n/30.Theitemshadacostof$4,900.
31ReceivedpaymentlormerchandisesoldonDecember24.
Required:
Preparethegeneraljournalentriestorecordthesetransactions.
165.Followingistheyear-endadjustedtrialbalaneeforYakima'sSportingGoodsfortheeurrentyear:
Yakima'sSpoilingGoodsAdjustedTrialBalanceDecember31
Dr.
$47,500
382,450
44,000
塔,1旳
24;325
450
□55
$642.480$642480
Accountsreceivable46,000
Merchandiseinventory50?
000
OfficesuppliesSOO
Accountspayable16-000
Salariespayable850
P-Yfikima,Capiltil.-…**.…*“*+...+*125,630
P.Yakima,Withdrawals25s000
Sales500,000
Salesreturns&allowances4,500
Salesdiscounts4,250
Costofgoodssold一
Salessalariesexpense,…Advertisingexpense
Officesalariesexpense
Officesuppliesexpense..
Interestexpense”一
Totals
PreparetheelosingentriesatDecember31fortheeurrentyear.
166.Theyear-endadjustedtrialbalaneeofABCSupplyforthecurrentyear,isshownbelow:
ABCSUPPLY
AcljustcdTrialBalance
December31
D沁Cr巳di]
Cash$1,500
Officesupplies500
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