need help with accounting question?
1. In 2003, Deckers Outdoors gross profit percentage was 42.4% while their competitor, Timberland's percentage was 46.5%. Which was the most likely reason for Timberland's higher percentage? A. Lower selling prices B. Lower product cost as a percentage of sales C. Ability to differentiate their product in consumers' eyes D. Both B and C are likely reasons for Timberland's higher percentage E. All of the above cause the higher percentage 2.When preparing the monthly bank reconciliation, the accountant for Marion Motors noted that a check received from a customer last month for $100 was marked NSF and returned along with the bank statement. In reconciling the bank balance with the company's cash account, the $100 should be A. deducted from the company's cash balance. B. added to the bank balance. C. deducted from the bank balance. D. added to the company's cash balance. E. None of the above is correct. 3.In 2004, Coca-Cola reported net operating revenues of $18.2 billion and cost of goods sold for $10.8 billion. Their gross profit percentage for 2004 was A. 29.9% B. 40.7% C. 69.6% D. None of the above 4. When preparing the monthly bank reconciliation, the accountant for Marion Motors noted that a check received from a customer last month for $200 was marked NSF and returned along with the bank statement. To correct the cash account balance, the accountant recorded an adjusting entry. This entry required a debit to A. Cash. B. Bad debt expense. C. Accounts receivable. D. Sales. E. None of the above is correct. 5. In 2003, Deckers Outdoor reported a receivables turnover ratio of 6.1 and their competitor, Timberland, reported a ratio of 10.4. Which of the following is false? A. Deckers needs to increase their ratio in order to improve collection time. B. Deckers needs to focus on improving their credit and collection process. C. Deckers has done a better job of collecting their receivables than Timberland. D. Deckers requires more time to collect receivables than Timberland. 6. Albert Company agreed to build a bowling complex for Pins R Us for a price of $2,000,000. The project is expected to take three years to complete. Albert estimated that the total cost of the project would be $1,600,000. During the first year, construction costs amount to $600,000. If Albert uses the completed- contract method, the amount of net income recognized for the first year will be A. $750,000. B. $400,000. C. $150,000. D. $0. E. None of the above is correct. 7.Albert Company agreed to build a bowling complex for Pins R Us for a price of $2,000,000. The project is expected to take three years to complete. Albert estimated that the total cost of the project would be $1,600,000. During the first year, construction costs amount to $600,000. If Albert uses the completed- contract method, the amount of net income recognized for the first year will be A. $750,000. B. $400,000. C. $150,000. D. $0. E. None of the above is correct. 8.Under the completed-contract method, revenue is recognized A. when construction begins on the project. B. when the project is complete. C. throughout the project as cash payments are received from the customer. D. throughout the project as bills are sent to the customer. E. None of the above is correct.
Asked By: sahren - 3/31/2009
Best Answer - Chosen by Asker
1 D - differentation would increase sales, lower cost = higher margin. 2 A 3 B 4 C 5 C 6 D 7 Same as 6, duplicate 8 B
Answered By: Joseph T - 3/31/2009
Additional Answers (1)
1.E 2.A. 3.B 4.C 5.C 6.D 7.D 8.B
Answered By: Nick - 3/31/2009
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