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A company’s cost of goods sold was $4,000. Determine Net Purchases and Ending Inventory given goods available for sale were $11,000 and Beginning Inventory was $5,000.

A company with a fiscal year receives a payment of $15,000 for three months of rent from a new customer to cover December in the current fiscal year and January and February of the following fiscal year.  Which of the following is true for the company at the end of the current fiscal year?

A company’s board of directors votes to declare a cash dividend of $1.00 per share on its 12,000 common shares outstanding. The journal entry to record the declaration of the cash dividend is:

Jervis accepts all major bank credit cards, including those issued by Northern Bank (NB), which assesses a 3% charge on sales for using its card. On June 28, Jervis had $3,500 in credit card sales all of which were paid for using a NB Card credit card. What entry should Jervis make on June 28 to record the deposit?

In the statement of cash flows, activities that involve the production or purchase of merchandise and the sale of goods and services to customers, including expenditures related to administering the business, are classified as:

A company has Salaries Expense of $2,000 per day and has five working days each week, Monday through Friday.  The company pays its employees on Friday for the days worked that week.  June 30 falls on a Wednesday.  When the company pays its employees on Friday, July 2nd, the journal entry would be:

All of the following are external users of financial statements except:  

Given the following information, determine the cost of goods sold for December 31 using the FIFO perpetual inventory method. December 2:     5 units were purchased at  $  7.00 per unit December 9:   10 units were purchased at  $  9.40 per unit December 11:  12 units were sold at          $35.00 per unit December 15:  20 units were purchased at  $10.15 per unit December 22:  18 units were sold at           $35.00 per unit

Why do economists care so much about wages rising in step with labor productivity?

# 1. New Grade Average# # A student has completed 4 quizzes with scores of 75, 88, 90, and 82. # The professor allows them to drop their lowest score and replace it with a new score.# # Write a Python program that:# # Assign each score to a variable.# Ask the student to enter a new score.# Drop the lowest score from the original 4 scores. Hint: Use the min() function.# Replace the lowest score with the new score.# Calculate and display the new average score.# # Sample Run:# # Please enter a new score: 95 # # Your new gradepoint average is 88.75 ##2. String Length and Character Selection# # Write a Python program that:# # Prompts the user to enter a sentence.# Calculates and displays the length of the sentence. Hint: Use the len() function.# Displays the first 3 letters of the sentence and the last 3 letters of the sentence.# # Sample Run:# # Please enter a sentence: Python is fun! # # The length of the sentence is 14 # The first 3 letters are: Pyt # The last 3 letters are: un! # #3. Total Item Cost with Discounts# # A bookstore offers a 10% discount if a customer buys 4 books.# Write a Python program that:# # Prompts the user to enter the price of 4 books (one at a time).# Calculates the total cost of the books.# Applies a 10% discount to the total cost.# Displays the total amount owed.# # Sample Run:# # Enter the price of the first book: 12.99 # Enter the price of the second book: 15.50 # Enter the price of the third book: 10.00 # Enter the price of the fourth book: 18.75 # You bought 4 books. # The total amount owed is $51.38