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
(89) Local Jobs Paying $18-$97 Per Hour- Available Today. Apply Now!
Get Hired Today! (89) Local Jobs Paying $24-$89 Per Hour. See Jobs!
Over 483 Local Jobs Now Hiring In Your Area. $18-$87/Hr - Apply Today!
Over 471 Local Jobs Available. Hiring Now – Apply Today!
Other Career Questions
What jobs are there in the business field that are night jobs? Places and job titles please. Im have a BA in Business Admin and looking for a night job, already have a morning/day job.
Enumerate these jobs Say, patent application writting. patent application writing. In a company, what jobs are needed to keep confidential?
Content is not owned or controlled by Monster. Any content concerns should be addressed with Yahoo!
Yahoo! Does not evaluate or guarantee the accuracy of any Yahoo! Answers content. Yahoo! Disclaimer.
Best-Paying Work-from-Home Jobs
It’s easier than ever to work from home. Of course, not every job is a mobile job, and some companies aren’t interested in having their employees work from home.
2013 Marketing Jobs Outlook
The US may be facing another year of anemic hiring overall, but that won't be the case in the high-orbit world of multichannel, digital media marketing.
2013 Engineering Jobs Outlook
Engineers will find job opportunities in select disciplines in 2013, with candidates who are all-around, client-oriented businesspeople in demand.
Best-Paying Jobs by Major
What could you earn with a particular four-year degree? Find out by checking out this list of the top-paying jobs for 20 of the most common majors.
Eight High-Paying, Secure Jobs
Want to earn a good salary and enjoy a measure of job security as well? Check out these well-paying jobs on tap for fast growth in the coming years.