BACTNG1 QUIZ BEE
Question #1
List Price:
200,000
Trade Discount: 8%
Credit Term:
3/10, n/30
How much is the invoice price?
Question #2
List Price:
200,000
Trade Discount: 10%
Credit Term:
3/10, n/30
How much is the cash to be paid by the buyer if
the payment was made within the discount
period?
Question #3
List Price:
500,000
Trade Discount: 10%, 8%
Credit Term:
3/10, 2/15, n/30
How much is the invoice price?
Question #4
List Price:
Trade Discount:
Credit Term:
Transaction Date:
500,000
10%, 6%
3/10, 2/15, n/30
June 3, 2014
If the goods were paid on June 13, 2014, how
much was the cash paid by the buyer to the
seller?
Question #5
List Price:
Trade Discount:
Credit Term:
Transaction Date:
500,000
5%, 5%
3/10, 2/15, n/30
Sept. 3, 2014
If the goods were paid on Sept 17, 2014, how
much was the cash paid by the buyer to the
seller?
Question #6
List Price:
Trade Discount:
Credit Term:
Transaction Date:
500,000
5%, 5%
3/10, 2/15, n/30
Sept. 3, 2014
If the half of the goods were paid on Sept 12
and the other half was paid on Sept 18, how
much was the total cash paid by the buyer to
the seller?
Question #7
Sales Price:
600,000
Freight Cost:
4,000
Credit Term:
3/10, 2/15, n/30
Term:
FOB Shipping Point Freight Collect
How much is the cash collected by the seller
assuming the buyer paid the goods within 10
days?
Question #8
Sales Price:
600,000
Freight Cost:
4,000
Credit Term:
3/10, 2/15, n/30
Term:
FOB Shipping Point Freight Prepaid
How much is the cash collected by the seller
assuming the buyer paid the goods within 15
days?
Question #9
Sales Price:
600,000
Freight Cost:
4,000
Credit Term:
3/10, 2/15, n/30
Term:
FOB Destination Freight Prepaid
How much is the cash collected by the seller
assuming the buyer paid the goods within 15
days?
Question #10
Sales Price:
600,000
Freight Cost:
4,000
Credit Term:
3/10, 2/15, n/30
Term:
FOB Destination Freight Collect
How much is the cash collected by the seller
assuming the buyer paid the goods within 18
days?
Question #11
Sales Price:
Sales Return:
Sales Discount:
600,000
10,000
5,000
How much is the net sales?
Question #12
Sales Price:
Sales Return:
Sales Discount:
600,000
10% of Sales
1% of Sales
How much is the net sales?
Question #13
The business sold goods with list price of
350,000 and gave trade discount of 10% and
12%. Credit term is 2/10, n/30. Goods with
invoice price of 30,000 was returned by the
buyers and the remaining amount was paid
within the discount period.
How much is the net sales?
Question #14
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Sales
1,800,000
Purchases
800,000
Sales Returns
150,000
Purchase Discount
30,000
Sales Discount
43,000
Freight In
18,000
Inventory, Beginning
360,000
Inventory decreased by 60,000 during the year.
• How much is the net sales?
Question #15
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Sales
1,800,000
Purchases
800,000
Sales Returns
150,000
Purchase Discount
30,000
Sales Discount
43,000
Freight In
18,000
Inventory, Beginning
360,000
Inventory decreased by 60,000 during the year.
• How much is the net purchases?
Question #16
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Sales
1,800,000
Purchases
800,000
Sales Returns
150,000
Purchase Discount
30,000
Sales Discount
43,000
Freight In
18,000
Inventory, Beginning
360,000
Inventory decreased by 60,000 during the year.
• How much is the net cost of purchases?
Question #17
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Sales
1,800,000
Purchases
800,000
Sales Returns
150,000
Purchase Discount
30,000
Sales Discount
43,000
Freight In
18,000
Inventory, Beginning
360,000
Inventory decreased by 60,000 during the year.
• How much is the total goods available for sale?
Question #18
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Sales
1,800,000
Purchases
800,000
Sales Returns
150,000
Purchase Discount
30,000
Sales Discount
43,000
Freight In
18,000
Inventory, Beginning
360,000
Inventory decreased by 60,000 during the year.
• How much is the cost of sales?
Question #19
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Sales
1,800,000
Purchases
800,000
Sales Returns
150,000
Purchase Discount
30,000
Sales Discount
43,000
Freight In
18,000
Inventory, Beginning
360,000
Inventory decreased by 60,000 during the year.
• How much is the gross profit?
Question #20
Salaries Expense
Supplies Expense
Freight Out
Advertising Expense
Bad Debts Expense
Depreciation Expense
300,000
35,000
15,000
82,000
12,600
55,000
• Salaries, supplies and depreciation is shared by the
selling and admin department in the ratio of 65:35.
How much is total selling expense?
Question #21
Salaries Expense
Supplies Expense
Freight Out
Advertising Expense
Bad Debts Expense
Insurance Expense
Depreciation Expense
400,000
45,000
25,000
62,000
22,600
15,400
65,000
• Salaries, supplies and depreciation is shared by the
selling and admin department in the ratio of 70:30.
How much is total administrative expense?
Question #22
Net Sales
Gross Profit
Operating Expense
Finance Charge
1,300,000
40% of Net Sales
60% of Gross Profit
2% of Cost of Sales
How much is the net income?
Question #23
Net Sales
Gross Profit
Selling Expense
Admin Expense
Finance Charge
1,300,000
40% of Net Sales
30% of Cost of Sales
35% of Gross Profit
3% of Net Sales
How much is the net income?