Rains Company is a furniture retailer. On January 14, 2022, Rains purchased merchandise inventory at a cost of $58000. Credit terms were 2/10, n/30. The inventory was sold on account for $170000 on January 21, 2022. Credit terms were 1/10, n/30. The accounts payable was settled on January 23, 2022, and the accounts receivables were settled on January 30, 2022. Which statement is correct?

There is not enough information available to answer this question.

Cash flows were affected on January 14 and January 21.

Gross profit percentage is 60%.

On January 30, 2022, customers should remit cash in the amount of $168300.

Rains Company is a furniture retailer. On January 14, 2022, Rains purchased merchandise inventory at a cost of $58000. Credit terms were 2/10, n/30. The inventory was sold on account for $170000 on January 21, 2022. Credit terms were 1/10, n/30. The accounts payable was settled on January 23, 2022, and the accounts receivables were settled on January 30, 2022. Which statement is correct?

There is not enough information available to answer this question.

Cash flows were affected on January 14 and January 21.

Gross profit percentage is 60%.

On January 30, 2022, customers should remit cash in the amount of $168300.

Financial information is presented below:

Operating expenses $ 26000
Sales revenue 238000
Cost of goods sold 147000

The gross profit rate would be

0.11.

0.27.

0.62.

0.38.

Financial information is presented below:

Operating expenses $ 28000
Sales revenue 214000
Cost of goods sold 139000

The profit margin would be

0.22.

0.35.

0.65.

0.78.

Financial information is presented below:

Operating expenses $ 20000
Sales returns and allowances 5000
Sales discounts 3000
Sales revenue 140000
Cost of goods sold 85000

The profit margin ratio would be

0.34.

0.20.

0.19.

0.36.

“wonderful! not only did our salespeople do a good job in meeting the sales budget this year, but our production people did a good job in controlling costs as well,” said kim clark, president of martell company. “our $11,150 overall manufacturing cost variance is only 3% of the $1,536,000 standard cost of products made during the year. that’s well within the 3% parameter set by management for acceptable variances. it looks like everyone will be in line for a bonus this year.” the company produces and sells a single product. the standard cost card for the product follows: standard cost card—per unit direct materials, 4.00 feet at $4.00 per foot $ 16.00 direct labor, 1.1 direct labor-hours at $13 per direct labor-hour 14.30 variable overhead, 1.1 direct labor-hours at $2.40 per direct labor-hour 2.64 fixed overhead, 1.1 direct labor-hours at $6.50 per direct labor-hour 7.15 standard cost per unit $ 40.09the following additional information is available for the year just completed: a. the company manufactured 20,000 units of product during the year. b. a total of 77,000 feet of material was purchased during the year at a cost of $4.25 per foot. all of this material was used to manufacture the 20,000 units. there were no beginning or ending inventories for the year. c. the company worked 24,000 direct labor-hours during the year at a direct labor cost of $12.50 per hour. d. overhead is applied to products on the basis of standard direct labor-hours. data relating to manufacturing overhead costs follow: denominator activity level (direct labor-hours) 19,000 budgeted fixed overhead costs $ 123,500 actual variable overhead costs incurred $ 64,800 actual fixed overhead costs incurred $ 120,900required: 1. compute the materials price and quantity variances for the year. (round standard price and actual price to 2 decimal places. indicate the effect of each variance by selecting "f" for favorable, "u" for unfavorable, and "none" for no effect (i. e., zero 2. compute the labor rate and efficiency variances for the year. (round standard rate and actual rate to 2 decimal places. indicate the effect of each variance by selecting "f" for favorable, "u" for unfavorable, and "none" for no effect (i. e., zero 3. for manufacturing overhead compute: a. the variable overhead rate and efficiency variances for the year. (round standard rate and actual rate to 2 decimal places. indicate the effect of each variance by selecting "f" for favorable, "u" for unfavorable, and "none" for no effect (i. e., zero b. the fixed overhead budget and volume variances for the year. (indicate the effect of each variance by selecting "f" for favorable, "u" for unfavorable, and "none" for no effect (i. e., zero

Paid-in-capital in excess of par represents the amount of proceeds a. from the original sale of common stock b. in excess of the par value from the original sale of common stock c. at the current market value of the common stock d. at the curent book value of the common stock

An essential element of being receptive to messages is to have an open mind true or false