BUSI 1003 Quiz: Quiz#3.Ch.4.Sept.27,2013.docx

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Select one: fees earned, accounts receivable, net sales, the cost of merchandise purchased. Select one: gross profit, cost of merchandise sold, income from operations and net income, neither gross profit nor net income, gross profit but not net income, gross profit but not cost of merchandise sold. The correct answer is: gross profit, cost of merchandise sold, income from operations and net income. A sales invoice included the following information: merchandise price, ,500; transportation, On april 6, 2010, an invoice dated april 4, 2010, with terms of 2/10, net 30 for ,150 which included a prepaid freight cost, was received. Using a perpetual inventory system, the return of merchandise purchased on account includes a(n): Select one: decrease in merchandise inventory, increase in sales, increase in merchandise inventory, decrease in sales. The correct answer is: decrease in merchandise inventory. The arrangements between buyer and seller as to when payments for merchandise are to be made are called:

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