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YoumustcompletebothPart1(MAL)&Part2ofQuiz1

5Problems

Ch5,6,7,8,9,&10

MALPart1: 12 questions

-ACCT 301Due Sept.28,2014

Question1:

Assume Rustler’s Group made Net Sales Revenue of $137,500 and Cost of Goods Sold totaled $100,375. What was Rustler’s Group’s gross profit percentage for this period? (Round your answer to the nearest whole percent.)

Question2:

Assume: Deadwood Trading began March with 15 horses that cost a total of $1,500. During March, Deadwood Trading purchased and sold horses as follows:

3-Mar Purchased 12 $105

15-Mar Sold 18 $135

19-Mar Purchased 12 $55

30-Mar Sold 16 $135

A. Under the FIFO inventory costing Method and the perpetual inventory system, how much is Deadwood Trading’s cost of goods sold for the sale on March 15?

Question 3:

Assume Whole in the Gang.com began August with 22 holsters that cost a total of $1,276. During August, Whole in the Gang.com purchased and sold goods as follows:

5-Aug Purchased 42 $60

11-Aug Sold 35 $125

17-Aug Purchased 28 $55

25-Aug Sold 27 $125

A. Suppose Whole in the Gang.com used the LIFO inventory costing method and the periodic inventory system. Using the information above, determine Whole in the Gang.com’s cost of goods sold at the end of the month.

B. At the end of August, Whole in the Gang.com has how many holsters in inventory and what is the total cost of the holsters?

Question 4:

The Buffalo Bill Wild West Show had net sales of $152,000 for the year ended December 31, 2013. Its beginning and ending total assets were $211,600 and $288,800, respectively. Determine The Buffalo Bill Wild West Show’s asset turnover ratio for the year ended December 31, 2013. (Round the asset turnover ratio to two decimal places, X.XX)

Question 5:

Calculate Tombstone Laundry’s cash ratio using the following balance sheet:

(Round the cash ratio to three decimal places, X.XXX)

Tombstone Laundry
Balance Sheet
December 31, 2013
		Assets
Current Assets:
Cash				$ 6,000
3 month CD			$ 6,200
Accounts Receivable			6,300
Office Supplies			200
Total Current Assets				$ 18,700
Plant Assets:
Furniture		$ 8,000
Less: Accumulated Depreciation	(6000)	2,000
Building			42,000
Less: Accumulated Depreciation	(24000)	18,000
Land				10,000
Total Plant assets				30,000
Total Assets				$ 48,700
		Liabilities
Current Liabilities
Accounts Payable			$ 2,000
Salaries Payable			500
Unearned revenue			5,000
Total Current Liabilities				$ 7,500
Long -term Liabilities
Notes Payable				7,000
Total Liabilities				$ 14,500
		Owner's Equity
Earp Capital, 12/31/13				$ 34,200
Total Liabilities & Owner’s Equity		$ 48,700