11. Which of these accounts was not impacted by the 3/26/20 journal entry?
- Inventory
- Note Payable
- Interest Expense
- Cash
12. Selling expenses in March were more than double February's amount. What might be the reason?
- The business mistakenly made two loan payments in one month
- The tax rate increased
- The business sold more computers
- The business made a large investment in social media marketing
13. On the Balance Sheet for March 31, what was Circuit Computer's Accounts Receivable balance? (enter your answer as a whole number and don't use punctuation, example $7,800 would be 7800)
14. Accounts Payable had a beginning balance that was a Debit balance. What might this mean?
- None of these
- Their supplier gave them a refund or account credit
- They are behind on their payments
- Their customer has not paid yet
15. Which of these equations should be used to calculate Circuit Computer’s debt-to-equity ratio on March 31?
- $204,000 / $291,000 = debt-to-equity ratio
- $204,000 / $87,000 = debt-to-equity ratio
- $291,000 / $87,000 = debt-to-equity ratio
- $291,000 / $204,000 = debt-to-equity ratio
17. What was the operating margin in February? (enter your answer as the percentage, without the sign, and round to the nearest hundredth, example xx.xx)
Shuffle Q/A 2
19. The owner of Circuit Computers doesn’t understand why the Cash Account balance doesn’t match the Net Profit on the P&L. Which statement or report would you review to help you answer this question?
- Statement of Cash Flows
- Sales Tax Liability
- Balance Sheet
- Sales by Customer
20. During the completion of the bank statement reconciliation, what type of errors were found during the process?
- Errors of Principle
- Data Entry Errors (transposition)
- Errors of Omission
- Errors of Commission