Question 1Alpha Company used the periodic inventory system for purchase & sales ofmerchandise….

Question 1Alpha Company used the periodic inventory system for purchase & sales ofmerchandise. Discount terms for both purchase & sales are, FOB Destination,2/10, n30 and the gross method is used.> Alpha Company purchased on account $2,600 of merchandise from BravoCompany on May 2, 2016.> Alpha Company returned, to Bravo Company, $300 of this merchandise on May3, 2016.> Freight charges related to this transaction of $150 were paid by BravoCompany.Use this information to prepare the compound General Journal entry (withoutexplanation) for the payment for merchandise on May 12. If no entry is requiredthen write “No Entry Required.”Question 1 options:Question 2Alpha Company used the periodic inventory system for purchase & sales ofmerchandise. Discount terms for both purchase & sales are, FOB Destination,2/10, n30 and the gross method is used.> Alpha Company purchased on account $2,500 of merchandise from BravoCompany on May 2, 2016.> Alpha Company returned, to Bravo Company, $250 of this merchandise on May3, 2016.> Freight charges related to this transaction of $150 were paid by BravoCompany.Use this information to prepare the General Journal entries (without explanation)for May 2 & May 3 entries. If no entry is required then write “No Entry Required.”Question 2 options:Question 3Alpha Company used the periodic inventory system for purchase & sales ofmerchandise. Discount terms for both purchase & sales are, FOB Destination,2/10, n30 and the gross method is used.> Alpha Company sold on account $2,500 of merchandise to Bravo Company onMay 2, 2016. Selling price was $4,000> Bravo Company returned, to Alpha Company, $250 of this merchandise on May3, 2016. Merchandise was sold for $400> Freight charges related to this transaction of $150 were paid by AlphaCompany.Use this information to prepare the compound General Journal entry (withoutexplanation) for the payment for merchandise on May 12. If no entry is requiredthen write “No Entry Required.”Question 3 options:Question 4Alpha Company used the periodic inventory system for purchase & sales ofmerchandise. Discount terms for both purchase & sales are, FOB Destination,2/10, n30 and the gross method is used.> Alpha Company sold on account $3,000 of merchandise to Bravo Company onMay 2, 2016. Selling price was $4,500> Bravo Company returned, to Alpha Company, $300 of this merchandise on May3, 2016. Merchandise was sold for $450> Freight charges related to this transaction of $150 were paid by AlphaCompany.Use this information to prepare the General Journal entry (without explanation)for the payment for merchandise on May 15. If no entry is required then write “NoEntry Required.”Question 4 options:Question 5Alpha Company used the periodic inventory system for purchase & sales ofmerchandise. Discount terms for both purchase & sales are, FOB Destination,2/10, n30 and the net method is used.> Alpha Company purchased on account $2,600 of merchandise from BravoCompany on May 2, 2016.> Alpha Company returned, to Bravo Company, $250 of this merchandise on May3, 2016.> Freight charges related to this transaction of $150 were paid by BravoCompany.Use this information to prepare the General Journal entries (without explanation)for May 2 & May 3 entries. If no entry is required then write “No Entry Required.”Question 5 options:Question 6Alpha Company used the periodic inventory system for purchase & sales ofmerchandise. Discount terms for both purchase & sales are, FOB Destination,2/10, n30 and the net method is used.> Alpha Company purchased on account $2,500 of merchandise from BravoCompany on May 2, 2016.> Alpha Company returned, to Bravo Company, $250 of this merchandise on May3, 2016.> Freight charges related to this transaction of $150 were paid by BravoCompany.Use this information to prepare the compound General Journal entry (withoutexplanation) for the payment for merchandise on May 15. If no entry is requiredthen write “No Entry Required.”Question 6 options:Question 7Alpha Company uses the periodic inventory system and had the following inventory &sales activity for the month of May 2016:DateActivityQuantityUnit PriceMay 1Beginning Inventory100$10May 5Purchase200$11May 15Purchase300$13May 25Purchase150$15Sales were 500 units at $20. Using the LIFO method, determine the dollar values followingfor the month of May:1. Ending Inventory2. Cost of Goods Available for Sale3. Cost of Goods SoldQuestion 7 options:1.2.3.Question 8Alpha Company uses the periodic inventory system and had the following inventory &sales activity for the month of May 2016:DateActivityQuantityUnit Price5/1Beginning Inventory100$105/5Purchase200$115/15Purchase300$135/25Purchase150$15Sales were 500 units at $20. Using the FIFO method, determine the dollar values followingfor the month of May:1. Ending Inventory2. Cost of Goods Available for Sale3. Cost of Goods SoldQuestion 8 options:1.2.3.Question 9Alpha Company uses the periodic inventory system and had the following inventory &sales activity for the month of May 2016: (Round all per unit calculations to the nearestpenny.)DateActivityQuantityUnit Price5/1Beginning Inventory100$10.105/5Purchase200$11.155/15Purchase300$13.005/25Purchase150$15.00Sales were 525 units at $22.00. Using weighted-average method, determine the dollarvalues following for the month of May: (Enter only whole dollar values.)1. Ending Inventory2. Cost of Goods Available for Sale3. Cost of Goods SoldQuestion 9 options:1.2.3.Question 10The following is a partial Adjusted Trial Balance for Alpha Company for the month:Alpha CompanyAdjusted Trial Balance (partial)January 31, 2016AccountsDebitCreditInventory$2,750SalesSales Discounts$11,500200Sales Returns & Allowances1,200Purchases4,000Purchases Discounts150Purchase Returns & Allowances450Freight In50Advertising Expense150Depreciation Expense130Freight Out70Income Tax Expense500Salaries Expense550Utilities Expense100Additionally, Inventory for December 31, 2015 was $2,600. Prepare a multiple-step incomestatement.What amount should Alpha Company report on a Multi-Step Income Statement for thefollowing items:1. Net Sales2. Cost of Goods Available for Sales3. Gross Profit4. General & Administrative Expenses5. Income before TaxesQuestion 10 options:1.2.3.4.5.Question 11On March 15, 2016 the Smoky Bear Company inventory storage facility was completelydestroyed in a fire. Offsite accounting records reflect the normal gross profit rate is 40% ofsales. Sales to the date of the fire were $1,500,000. The April 30, 2016 inventory value was$500,000. Two purchases were made during March, before the fire, for the values of$500,000 and $700,000. Using the Gross Profit Method determine the estimated inventoryloss due to the fire.Question 11 options:1.Question 12The following are selected account balances for Charlie Company’s operations for the FYended December 31, 2016. (All balances are normal):AccountsAmountNet Sales$225,500Administrative Expenses22,000Selling Expenses12,000Cost of Goods Sold175,250Interest Expense2,000Income Tax Expense1,000Prepaid Expenses$5,000Interest Receivable$1,000What is the Net Profit on Sales ratio for the year 2016? (Enter the value as a percentagerounded to one decimal place. Example, 0.105134 would be entered as 10.5%)Question 12 options:1.Question 13The following are selected account balances for Charlie Company’s operations for the FYended December 31, 2016. (All balances are normal):AccountsAmountNet Sales$225,500Administrative Expenses22,000Selling Expenses12,000Cost of Goods Sold175,250Interest Expense2,000Income Tax Expense1,000Prepaid Expenses$5,000Interest Receivable$1,000What is the Gross Profit Margin ratio for the year 2016? (Enter the value as a percentagerounded to one decimal place. Example, 0.105134 would be entered as 10.5%)Question 13 options:1.Question 14Alpha Company has the following account balances information for fiscal year 2015 &2016 (all balances are normal):Alpha CompanyDecember 31AccountsMerchandise Inventory20162015$1,200,000$800,00025,00020,000Sales3,000,0002,500,000Cost of Goods Sold2,000,0001,600,00015,00010,000Office SuppliesFreight OutWhat is the FY 2016 inventory turnover ratio? Enter the answer as a number rounded toone decimal place followed by a space and the word times. (Example 1.123 would beentered 1.1 times)Question 14 options:1.