10)During the year, Bubba's Sport Shop's merchandise inventory decreased by $50,000. If the company's cost of goods sold for the year was $1,000,000, purchases would have been Group of answer choices a)Unable to determine. b)$950,000. c)$1,000,000. c)$1,050,000.
10)During the year, Bubba's Sport Shop's merchandise inventory decreased by $50,000. If the company's cost of goods sold for the year was $1,000,000, purchases would have been Group of answer choices a)Unable to determine. b)$950,000. c)$1,000,000. c)$1,050,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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10)During the year, Bubba's Sport Shop's merchandise inventory decreased by $50,000. If the company's cost of goods sold for the year was $1,000,000, purchases would have been
Group of answer choices
a)Unable to determine. b)$950,000. c)$1,000,000. c)$1,050,000.
11)The collection of a $3,500 account within the 4 percent discount period will result in a
a)debit to Accounts Receivable for $3,360
b)credit to Cash for $3,360.
c)debit to Sales Discounts for $140.
d)credit to Accounts Receivable for $3,360.
14)An aging of a company's accounts receivable indicates that $7,000 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $2,000 debit balance, the adjustment to record bad debts for the period will require a
a)credit to Allowance for Doubtful Accounts for $12,200.
b)credit to Bad Debt Expense for $9,000.
c)credit to Allowance for Doubtful Accounts for $9,000.
d)debit to Bad Debt Expense for $5,800.
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