11. The ending Merchandise Inventory for Yr. 1 was $100,000 and for Yr. 2 was $94,000. The Accounts Payable balance for Yr. 1 was $40,000 and for Yr. 2 was $42,000. Cost of Goods Sold for the year was $360,000. What was the total amount of cash payments for merchandise for Yr. 2? O A. $352,000 O B. $356,000 OC. $360,000 OD. $364,000 O E. $368,000

11. The ending Merchandise Inventory for Yr. 1 was $100,000 and for Yr. 2 was $94,000. The Accounts Payable balance for Yr. 1 was $40,000 and for Yr. 2 was $42,000. Cost of Goods Sold for the year was $360,000. What was the total amount of cash payments for merchandise for Yr. 2? O A. $352,000 O B. $356,000 OC. $360,000 OD. $364,000 O E. $368,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question: The cost of goods sold as a percentage of net sales revenue is (round your answer to two decimal places). Sales Revenue $420,000 Sales Returns and Allowances 1,400 Sales Discounts Net Sales Revenue Cost of Good Sold a) 62.45% b) 62.58% c) 61.90% d) 62.24% 850 417,750 260,000
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The entry to record the sale of $20,000 of merchandise on account with cost of $14,000, would include: a. credit to accounts receivable for $14,000 b. debit to accounts receivable for $20,000 c. debit to cost of goods sold for $20,000 d. credit to inventory for $20,000