Sellers allow customers to use credit cards for all of the following reasons except:
A. To speed up receipt of cash from the credit sale.
B. To lessen the risk of extending credit to customers who cannot pay.
C. To avoid having to evaluate a customer's credit standing for each sale.
D. To be able to charge more due to fees and interest.
E. To increase total sales
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A company has sales of $375,000 and its gross profit is $157,500. Its cost of goods sold equals:
A. $532500
B. $157500
C. $(217,000).
D. $217500
E. $375000
A company had sales of $350,000 and cost of goods sold of $200,000. Its gross profit equals $150,000.
Cost of goods sold:
A. Is another term for revenue.
B. Is another term for merchandise sales.
C. Is also called gross margin.
D. Is a term only used by service firms.
E. Is the term used for the expense of buying and preparing merchandise for sale.
The operating cycle for a merchandiser that sells only for cash moves from:
Accounts receivable to inventory to cash sales.
B. Accounts receivable to purchases of merchandise to inventory to cash sales.
C. Inventory to purchases of merchandise to cash sales.
D. Purchases of merchandise to inventory to accounts receivable to cash sales.
E. Purchases of merchandise to inventory to cash sales.
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