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Gg Noobs Essay

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Below is an essay on "Gg Noobs" from Anti Essays, your source for research papers, essays, and term paper examples.

PAGE   1



      MULTIPLE CHOICE


      Jinks Corp. offers a 10% quantity discount to customers who purchase
      10 or more of the same product.   Also, Jinks offers credit terms of
      2/10, n/30 to credit customers.   Hayes Corp. purchased 10 office
      chairs with a list price of $150 each on July 5, 1995.   Answer the
      following questions based on this information.


  1. If Hayes pays the invoice for its purchase on July 15, 1995, what
      amount of cash must be remitted to Jinks?

      a. $1,500
      b. $1,350
      c. $1,470
      d. $1,323

  2. If Hayes pays the invoice on July 31, 1995, Jinks will record a sales
      discount of:

      a. $ -0-
      b. $ 30
      c. $ 27
      d. $177

  3. Which of the following accounts is   NOT   used with the   GROSS   method of
      recording sales?

      a. Sales Discounts
      b. Sales
      c. Accounts Receivable
      d. Sales Discounts Lost


                                                                    PAGE   2



      For the following set of questions, use the information below from the
      Perry Co. 1995 income statement:

              Purchases                             $85,000
              Transportation-In                       1,200
              Inventory, January 1, 1995             16,500
              Inventory, December 31, 1995           18,800
              Purchase Returns & Allowances           1,400


  4. The amount that Perry would report as Cost of Goods Purchased in its
      1995 income statement is:

      a. $85,000
      b. $86,200
      c. $84,800
      d. $85,200

  5. An inventory count at the end of the accounting period should be made
      under

      a. only the periodic inventory system.
      b. only the perpetual inventory system.
      c. both the periodic and perpetual inventory systems.
      d. neither the periodic nor perpetual inventory systems.

  6. Which of...

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