answer the 7 accounting multiple choice questions

1- A company had sales of $721,000 and cost of goods sold of $291,000. Its gross profit equals:

A-$430,000

B- $1,012,000

C- $291,000

D- $721,000

E- $(430,000)

2-A company had sales of $379,000 and gross profit of $159,500. Its cost of goods sold was:

A- $379,000

B- $159,500

C- $538,500

D- $219,500

E- $(219,500)

3- A company had expenses other than cost of goods sold of $274,000. Determine sales and gross profit given cost of goods sold was $112,000 and net income was $174,000.

A- Sales: $560,000; gross profit: $448,000

B- Sales: $560,000; gross profit: $62,000

C- Sales: $386,000; gross profit: $62,000

D-Sales: $448,000; gross profit: $560,000

E- Sales: $386,000; gross profit: $174,000

4- A company purchased $3,700 of merchandise on December 5. On December 7, it returned $300 worth of merchandise. On December 8, it paid the balance in full, taking a 2% discount. The amount of the cash paid on December 8 is:

A-$300

B- $3,400

C- $3,328

D- $3,700

E- $3,332

5- A company purchased $8,700 worth of merchandise. Transportation costs were an additional $70. The company later returned $1,000 worth of merchandise and paid the invoice within the 4% cash discount period. The total amount paid for this merchandise is:

A- $7,770.00

B- $8,422.00

C- $7,459.20

D- $8,352.00

E- $7,462.00

6- Herald Company had sales of $138,000, sales discounts of $2,300 and sales returns of $3,500. Herald Company's net sales equals:

A- $132,200

B- $135,700

C- $143,800

D- $138,000

E- $5,800

7- A company has sales of $1,520,000, sales discounts of $104,000, sales returns and allowances of $125,000, shipping charges of $17,000, sales commissions of $36,000, net income of $265,500, and cost of goods sold of $422,000. What is the gross profit/margin for the period?

A- $869,000

B- $1,045,000

C- $816,000

D- $1,202,000

E- $1,098,000