# Acc/291 Week 3

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Acc/291 Week 3
13. Use this information to calculate the following:
Sales returns \$ 700 Rent expense 1,288 Sales discounts 950 Depreciation expense 600 Cost of merchandise sold 7,600 Gross sales 20,900 Advertising expense 1,650 Salary expense 2,900 Heat expense 900
A. Net sales
B. Gross profit
C. Total operating expenses
D. Net Income

14.A truck costing \$25,000 with a residual value of \$5,000 was purchased by Rim Corporation. The truck’s estimated life is 10 years. At the end of Year 2, what is the book value using declining-balance method? Assume a depreciation rate of twice the straight-line method.

15.A toy store has a beginning inventory of eight sets of paints at a cost of \$1.25 each. During the year, the toy store purchased three at \$1.50, five at \$2, six at \$2.50, and ten at \$3. By the end of the year, 21 sets were sold. Calculate the following:
The property in Pete’s area is assessed at 40% of the market value. The tax rate is \$105.10 per \$1,000 of assessed value. What is Pete’s property tax?

17.Jim Smith, who lives in Territory 5, carries 10/20/5 compulsory liability insurance along with optional collision that has a \$200 deductible. Jim was at fault in an accident that caused \$1,800 damage to the other auto and \$600 damage to his own. Also, the courts awarded \$13,000 and \$8,000 respectively, to the two passengers in the other car for personal injuries. How much does the insurance company pay, and what is Jim’s share of responsibility?

18.Jeff Sellers bought 200 shares of Radio Shack stock at \$22.35. Eight months later, he sold the stock at \$31.76. Assuming a 2% commission charge, what is the bottom line for

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