ACC 205 Week 3 Quiz

Feb 3rd, 2012
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Ashford University
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Grading SummaryThese are the automatically computed results of your exam. Grades for essay questions, and comments from your instructor, are in the "Details" section below.Date Taken:8/28/2011Time Spent:9 h , 13 min , 29 secsPoints Received:4 / 10 (40%)Question Type:# Of Questions:# Correct:True/False42Multiple Choice62Grade Details1.Question :Samson Company had the following balances and transactions during 2013.Beginning inventory10 units at $70March 10Sold 8 unitsJune 10Purchased 20 units at $80October 30S15 unitsWhat would the company's Inventory amount be on the December 31, 2013 balance sheet if the perpetual Last-In, First-Out costing method is used? (Answers are rounded to the nearest dollar.)Student Answer:$490$554$560$540None of these is correctPoints Received:1 of 1Comments:2.Question :A business has Beginning capital of $100,000. During the year, sales revenues were $20,000, Sales returns and allowances were $300, Sales discounts were $700, Cost of goods sold were $12,000, and all other expenses totaled $4,500. $1,000 of withdrawals were taken. The ending balance in Capital, after closing entries, would be:Student Answer:$119,000.$ 98,500.$101,500.$ 1,500.None of these is correctPoints Received:0 of 1Comments:3.Question :The entry to close Cost of goods sold results in a debit to Income summary.Student Answer:TrueFal

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