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41 for the current fiscal year purchases were 245 000 purchase returns and allowance 4301869

 

41. For the current fiscal year, Purchases were $245,000, Purchase Returns and Allowances were $8,600, Purchase Discounts were $2,200 and Freight In was $32,000. If the beginning merchandise inventory was $60,000 and the ending merchandise inventory was $75,000, the Cost of Goods Sold is: 
A. $266,200
B. $281,200
C. $272,800
D. $251,200

42. The beginning capital balance shown on a statement of owner's equity is $43,000. Net income for the period is $18,000. The owner withdrew $22,000 cash from the business and made no additional investments during the period. The owner's capital balance at the end of the period is 
A. $39,000.
B. $47,000.
C. $61,000.
D. $83,000.

43. The beginning capital balance shown on a statement of owner's equity is $86,000. Net income for the period is $36,000. The owner withdrew $44,000 cash from the business and made no additional investments during the period. The owner's capital balance at the end of the period is 
A. $78,000.
B. $94,000.
C. $122,000.
D. $166,000.

44. The beginning capital balance shown on a statement of owner's equity is $100,000. Net income for the period is $50,000. The owner withdrew $25,000 cash from the business and made no additional investments during the period. The owner's capital balance at the end of the period is 
A. $175,000.
B. $150,000.
C. $125,000.
D. $100,000.

45. The balance of the owner's drawing account is 
A. listed in the Other Expenses section of the income statement.
B. listed in the Current Assets section of the balance sheet.
C. used in the calculation of ending capital on a statement of owner's equity.
D. listed in the Operating Expenses section of the income statement.

46. Which of the following is not a current asset? 
A. Accounts Receivable
B. Prepaid Insurance
C. Merchandise Inventory
D. Equipment

47. Prepaid expenses appear in the 
A. Operating Expenses section of the income statement.
B. Other Expenses section of the income statement.
C. Current Assets section of the balance sheet.
D. Current Liabilities section of the balance sheet.

48. Which of the following would not be classified as a Current Asset? 
A. Equipment
B. Supplies
C. Accounts Receivable
D. Cash

49. Which of the following is not a section on a Classified Balance Sheet? 
A. Current Assets
B. Long-Term Liabilities
C. Selling Expenses
D. Plant and Equipment

50. Which of the following accounts is not closed? 
A. Purchases
B. Rent Expense
C. Sales
D. Merchandise Inventory

 

 

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