23. Mrs. Racelis, an entrepreneur, purchased 500 bags of cement at P 240 per bag If she sold 500 bags at P35,000.Compute for the percentage of gross margin.a.45.71%b. 55.5%C.42.1%d.31.45%24.A final price after deducting all discounts and rebates.d. Purchase price25.It is the amount by which the retail price of a product is reduced by the manufacturer when it is sold to thea.Net saleb. Net earningsc. Net pricereseller or customer.a. Trade discountc. Net priced. Net earningsRetail Price26.This will be obtained by dividing the trade discount to selling price..Trade discountb. Discount ratec. Net earnings d. Net price27. These are given to customers in order to encourage them to purchase in volume. It is also effective in promotingseasonal items and to entice new set of customers.a. List priceb. Discount seriesc. Discountd. Trade discount28. An item worth 10,000 is now selling with discount. Of the following discount series, which has a greater discount?d. 15%, 25%, and 5%a.20%, 15%, and 10% b.10%, 25%, and 15%c.5%, 25%, and 10%29.What single discount is equivalent to two successive discounts of 30% and 15%?b.39.75%a.41.50%c.40.50%d.42.75%30. The furniture originally cost at P 87,985 and is sold for P 109,981.25. How much is the cost of the furniture?109,981.2531.The difference between what a merchant invests into business and what he receives in returna. Pb. P 110,989.50c. P 97, 250.50 d.P 87,985a. Profit b. Net salesc. Sales32.The amount of money received from selling goodsd. Lossa. ProfitLossc. Net salesd. Cost of Sales33. To acquire something by paying for it.a. Cost of salesb. Purchasesc. Salesd. Net Sales34.Aris bought 50 dozens of pencils at P 60 a dozen.Out of these, 20 pencils were found broken. He sold theremaining pencils at P 7.00 each. Find his percent gain or percent loss.a.P 1,940b. P 2,010c.P 1,840d. P 1,98035.Julius went to Bicol and bought 25 packs of pili nuts for P875 with 10% discount. When he got back to Manila, hesold 15 packs for P 725 and the rest at P 45 each. How much profit did Alden gain?a.P 424 b. P 318c. P 412d. P 38836.Greg bought a laptop for P 25,000 and spent P 2,500 on its spares. He later sold it for P 25,000. How much isGreg's loss?b. P 2,05037.Kim sold a watch to his friend at a loss of 5% If his friend paidDeEOa.P 12,500c. P 1,050d. P 2,500

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23. Mrs. Racelis, an entrepreneur, purchased 500 bags of cement at P 240 per bag If she sold 500 bags at P 35,000.Compute for the percentage of gross margin. a.45.71% b. 55.5% c.42.1% d.31.45% 24.A final price after deducting all discounts and rebates

23. Mrs. Racelis, an entrepreneur, purchased 500 bags of cement at P 240 per bag If she sold 500 bags at P 35,000.Compute for the percentage of gross margin. a.45.71% b. 55.5% c.42.1% d.31.45% 24.A final price after deducting all discounts and rebates

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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