A. Sales discount E. FOB shipping point H. Purchase discount B. Credit period F. Gross profit I. Cash discount C. Discount period G. Merchandise inventory J. Trade discount D. FOB destination 1. Goods a company owns and expects to sell to its customers. G 2. Time period that can pass before a customer’s payment is due. B 3. Seller’s description of a cash discount granted to buyers in return for early payment. A 4. Reduction below list or catalog price that is negotiated in setting the
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Review sheet Test 2 Chapters 4 & 5 (33 Multiple choice) Chapter 4 ▪ Definitions or calculations presentation on financial statements- Net Sales‚ COGS‚ gross profit‚ selling and administrative expenses o Sale - sale discount = Net sales o Net sale – COGS = Gross profit o Sale discount + net sale= sale o Sale – net sale = sale dis o Net sale – gross profit= COGS New asset -> inventory Expense -> COGS Revenue -> sales Contra revenue (debit)
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accounts of Fleury Corporation on December 31‚ 2005‚ the end of the current reporting year. Dr. Cr. Cash $ 116‚000 Accounts receivable‚ trade 337‚000 Short-term investment in marketable securities 440‚000 Inventory of merchandise‚ FIFO 1‚295‚000 Prepaid expense (short term) 11‚000 Investment in Hydro One Bonds (Held to Maturity – June 30‚ 2008) 147‚000 Advances to suppliers (short term) 24‚000 Dividends (cash) declared during 2005 120‚000 Rent receivable 34‚000
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Process Handling in Linux POS 420 October 11‚ 2005 In Linux processes communicate with each other and with the kernel to coordinate their activities. Linux supports a number of Inter-Process Communication (IPC) mechanisms. Signals and pipes are two of them but Linux also supports the System V IPC mechanisms named after the Unix TM release in which they first appeared. Signals are one of the oldest inter-process communication methods used by Unix TM systems. The common Linux shells all allow
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1. The final exam will be held from 9:30 to 11:30 am on Wednesday‚ October 19 in EX 200 (255 McCaul). 2. It is a closed book and closed note exam. No aid sheet is allowed. You will need a calculator‚ but no other electronic devices will be allowed during the exam. 3. The exam covers materials in classes 1 through 11 inclusive (i.e.‚ topics 1 through 8)‚ with more emphasis on topics 3 through 8. It will have both problem-solving and essay-type questions. It is not going to be an easy exam
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similar setting where the last one put in would be the first one sold. 4. The automobile dealer would not be wrong to use LIFO‚ however the automobile dealer should consider FIFO for tax benefits over LIFO. The hardware dealer is reflecting prices as if it was using the LIFO method‚ therefore you cannot consider this as FIFO. 5. a. Valid b. Valid c. Valid on certain conditions. The amount of inventory cannot increase/decrease and taxes needs to be unchanged. A bit of finance‚ you may want
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ACCT1B - Sample Exam 2 Name: __________________________ Date: _____________ 1. The current period’s ending inventory is: A) The next period’s beginning inventory. B) The current period’s cost of goods sold. C) The prior period’s beginning inventory. D) The current period’s net purchases. E) The current period’s beginning inventory. 2. Sales returns and allowances: A) Can provide useful information about dissatisfied customers and the possibility of lost future sales. B) Are recorded
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8/4/13 Chapter 1 Results 36% (9 out of 25 correct) Responses to questions are indicated by the symbol. 1. Corporations generally receive more favorable tax treatment than sole proprietorships and corporations. A. True B. False Correct! Sole proprietorships and partnerships generally receive more favorable tax treatment than corporations. 2. Which is not one of the three forms of business organization? A. Sole proprietorship B. Creditorship C. Partnership D. Corporation This
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Promotions and Price Cuts 4. Loss of Customers to cheap retailers with worse customer service Possible Solutions suggested by the various top level employees: Morris Meyers (CFO): 10% workforce reduction to generate enough profits‚ proposed FIFO (First in first out) policy. He suggested early retirement package to old employees. Lisa contradicted him by sighting an example of Meese Brothers‚ where they had to give compensation on 18 million dollars for getting rid-off the deadwood. Lisa
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= 71203/114777.5 = .62 h. Gross Profit Rate = 172420/393185 = .44 i. Profit Margin = 66388/393185 = .17 j. Inventory Turnover Ratio = 220765/41903.5 = 5.27 k. Days in Inventory = 365/5.27 = 69.26 l. Type of Inventory Cost Flow Assumption: FIFO m. Receivables Turnover Ratio = 393185/19523.5 = 20.13 n. Average Collection Period = 365/20.13 = 18.13 o. Return on Assets Ratio = 66388/632378 = .105 p. Asset Turnover Ratio = 393185/632378 = .62 q. Times Interest Earned Ratio= (66388+309+34099)/309
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