In each of the following questions only write down the letter that represents the correct answer. For instance, if you think that the correct answer for number 1 is A, then write it as 1. A. The following details refer to questions 1-3: During the month of May 2019, Veni a sole trader purchased goods to the value of N$6 000, of which one fourth was sold for N$4 500 during May. In addition, rental and insurance for the month amounted to N$1 000 and N$1 500 were incurred, respectively. 1. The total costs to be taken into account when you prepare statement of profit or loss for May 2019 should be: A. N$4 000 B. N$4500 C. N$1500 D. N$3 000 2. The gross profit for May was: A. N$4 000 B. N$4500 C. N$1500 D. N$3 000 3. The net profit for May was A. N$3 000 B. N$2 000 C. N$1500 D. N$500

Derry Co. is a company in the industry of selling and installing laundry systems, Derry choose financial period ending by December 31. The following were selected from among the transactions completed during 2020.   2019   Oct 10 Sold merchandise to Edin, and received $6,000 cash. The cost of the merchandise sold was $3,800.   Nov 13 Sold $25,000 merchandise to Flora, receive $12,000 in cash this day and the rest would follow Derry’s credit policy of 1/15, n/30. The cost of merchandise sold was $15,300.   Dec 31 During 2019, Derry Co. offered sales of 30,000 laundry devices with one-year warranty-on-part policy. A provision was made by Derry Co., based on the management’s experience, 900 units (3%) will be defective and that warranty repair costs will average $4 per unit. Journalize this provision.   Dec 31 Based on an analysis of the $92,000 of accounts receivable, it was estimated that $9,848 will be uncollectible, given the balance of the account Allowance for doubtful accounts…

Sharleen purchased merchandise with a list price of $27,985. She receives a 2% cash discount and a 21/18/12 trade discount. What is Sharleen’s outstanding balance if she makes a $4000 partial payment within the discount period?

Assuming that a Retail Merchandise business purchased 500 numbers of HP three in one printer for OMR 40 each on 1st December 2020 under the credit terms of 5/20, n/60. On 3rd December 2020 the business discovers that 100 numbers of HP three in one Printer are HP two in one. Therefore, the business returned the goods to supplier. On 5th December 2020, the business settles full cash. Which of the following journal entry is correct on 3rd December 2020 assumes that the business uses periodic inventory system? a. Debit Accounts payable OMR 16,000 Credit Cash OMR 15,200 Credit Discount OMR 800 b. Debit Purchase OMR 20,000 Credit Accounts payable OMR 20,000 c. Debit Accounts payable OMR 4000 Credit Purchase return and allowances OMR 4000 d. Debit Accounts payable OMR 20,000 Credit Merchandise Inventory OMR 20,000