Mid-Term 2 - Practice Test Answer Key.docx

5 Pages
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Department
Business - Marketing
Course Code
Business - Marketing ACC120
Professor
murielmckenna

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Description
Answer Key Question 1 1. C 2. A 3. C 4. B 5. A 6. D 7. A 8. C 9. D 10. A 11. D 12. C 13. B 14. C 15. A Question 2 1. H 2. C 3. J 4. B 5. E 6. A 7. G 8. F 9. I 10. D Question 3 1. B [2000 * 4 + 1 * 2600]= $10,600. 2. C [(4 * 2000) – (2*2000) + (9 *2600) – (3*2491)] = $19,927. Question 4 1. A (2,200,000 – 420,000)/86,000 = 20.7 times 2. 365 / 20.7 = 17.63 days (2012) 30 days (2011) Deteriorated by approximately 12 days. Question 5 Sept. 3 Inventory [(40  $1,800) 72,000 Accounts Payable 72,000 3 No entry for freight. It would be paid for by Moncton 6 Accounts Payable 7,200 Inventory 7,200 7 Accounts Payable ($72,000 - $7,200) 64,800 Cash 64,800 9 Accounts Receivable (20  $3,000) 60,000 Sales 60,000 Cost of Goods Sold (20  $1,800) 36,000 Inventory 36,000 13 Accounts Receivable (15  $3,000) 45,000 Sales 45,000 Cost of Goods Sold (15  $1,800) 27,000 Inventory 27,000 21 Inventory (25  $1,800) 45,000 Accounts Payable 45,000 30
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