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MBA 5100 - Quiz 4 Questions and answers latest update
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MBA 5100 - Quiz 4Which of the following items is subtracted from sales to arrive at net sales? - correct answer sales
returns and allowances
A sales invoice included the following information: merchandise price, $8,000; tems 3/10, n/eom.
Assuming that a credit for merchandise returned of $1,000 is granted prior to payment and that the
invoice is paid within the discount period, what is the amount of cash received by the seller? - correct
answer $6,790
8,000 - 1,000 = 7,000
7,000 * 0.03 = 210
7,000 - 210 = 6,790
The difference btw sales and cost of goods sold for a retail business is ____. - correct answer gross profit
Which of the following is the formula to calculate gross profit percent? - correct answer (Sales -
COGS)/Sales
In credit terms of 1/10, n/30, the 10 represents the ____. - correct answer Number of days in the
discount period
Galaxy Inc. had the following merch transactions in October.
Purchases - $80,000
Purchase returns - $8,000
Purchase discounts - $7,200
Transportation in - $3,000
What is the total cost of merch purchased for Galaxy Inc? - correct answer $67,800
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