1. BACTNG1 QUIZ BEE

2. Question #1 List Price:200,000 Trade Discount:8% Credit Term:3/10, n/30 How much is the invoice price?

3. 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?

4. Question #3 List Price:500,000 Trade Discount:10%, 8% Credit Term:3/10, 2/15, n/30 How much is the invoice price?

5. Question #4 List Price:500,000 Trade Discount:10%, 6% Credit Term:3/10, 2/15, n/30 Transaction Date:June 3, 2014 If the goods were paid on June 13, 2014, how much was the cash paid by the buyer to the seller?

6. Question #5 List Price:500,000 Trade Discount:5%, 5% Credit Term:3/10, 2/15, n/30 Transaction Date:Sept. 3, 2014 If the goods were paid on Sept 17, 2014, how much was the cash paid by the buyer to the seller?

7. Question #6 List Price:500,000 Trade Discount:5%, 5% Credit Term:3/10, 2/15, n/30 Transaction Date: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?

8. 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?

9. 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?

10. 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?

11. 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?

12. Question #11 Sales Price:600,000 Sales Return:10,000 Sales Discount:5,000 How much is the net sales?

13. Question #12 Sales Price:600,000 Sales Return:10% of Sales Sales Discount:1% of Sales How much is the net sales?

14. 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?

15. Question #14 Sales1,800,000 Purchases800,000 Sales Returns150,000 Purchase Discount30,000 Sales Discount43,000 Freight In18,000 Inventory, Beginning360,000 Inventory decreased by 60,000 during the year. How much is the net sales?

16. Question #15 Sales1,800,000 Purchases800,000 Sales Returns150,000 Purchase Discount30,000 Sales Discount43,000 Freight In18,000 Inventory, Beginning360,000 Inventory decreased by 60,000 during the year. How much is the net purchases?

17. Question #16 Sales1,800,000 Purchases800,000 Sales Returns150,000 Purchase Discount30,000 Sales Discount43,000 Freight In18,000 Inventory, Beginning360,000 Inventory decreased by 60,000 during the year. How much is the net cost of purchases?

18. Question #17 Sales1,800,000 Purchases800,000 Sales Returns150,000 Purchase Discount30,000 Sales Discount43,000 Freight In18,000 Inventory, Beginning360,000 Inventory decreased by 60,000 during the year. How much is the total goods available for sale?

19. Question #18 Sales1,800,000 Purchases800,000 Sales Returns150,000 Purchase Discount30,000 Sales Discount43,000 Freight In18,000 Inventory, Beginning360,000 Inventory decreased by 60,000 during the year. How much is the cost of sales?

20. Question #19 Sales1,800,000 Purchases800,000 Sales Returns150,000 Purchase Discount30,000 Sales Discount43,000 Freight In18,000 Inventory, Beginning360,000 Inventory decreased by 60,000 during the year. How much is the gross profit?

21. Question #20 Salaries Expense300,000 Supplies Expense35,000 Freight Out15,000 Advertising Expense82,000 Bad Debts Expense12,600 Depreciation Expense55,000 Salaries, supplies and depreciation is shared by the selling and admin department in the ratio of 65:35. How much is total selling expense?

22. Question #21 Salaries Expense400,000 Supplies Expense45,000 Freight Out25,000 Advertising Expense62,000 Bad Debts Expense22,600 Insurance Expense15,400 Depreciation Expense65,000 Salaries, supplies and depreciation is shared by the selling and admin department in the ratio of 70:30. How much is total administrative expense?

23. Question #22 Net Sales1,300,000 Gross Profit40% of Net Sales Operating Expense60% of Gross Profit Finance Charge2% of Cost of Sales How much is the net income?

24. Question #23 Net Sales1,300,000 Gross Profit40% of Net Sales Selling Expense30% of Cost of Sales Admin Expense35% of Gross Profit Finance Charge3% of Net Sales How much is the net income?