Which of the following is an example of a cash inflow?
a. Paying for merchandise
b. Rent expense
c. Utilities expense
d. Paying dividends
e. Sale of fixed assets
Answer: E
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Retailing Chapter 8
- An excess of physical inventory over book inventory is usually caused by:
- Fashion Barn's total cost valuation of inventory is $120,000 and its total retail valuation is $300,000. The adjusted retail book inventory figure has been determined to be $250,000. Using the retail method of inventory valuation, what would be Fashion Barn's approximate closing inventory figure at cost?
- Which of the following is an advantage of using the retail method of inventory valuation versus the cost method?
- The _____ method of inventory record keeping allows for more "inventory profits" during inflationary periods.
- Your have just calculated the cost complement. Under the retail method of inventory valuation, what do you do next?
- Holly's Arts and Crafts had a retail inventory available for sale of $700,000, while sales were $210,000, markdowns were $5,000 and discounts were $2,000. What is the ending inventory at retail?
- ___ are the dollar amount by which a physical inventory value is smaller than the value that the book inventory records indicate.
- When physical inventory value exceeds book inventory value a retailer is said to have:
- Which of the following is an example of a cash outflow?
- Which of the following types of retail operations would be most likely to use the cost method of inventory valuation?
- The total cost valuation of a retailer's inventory is $75,000 and the total retail valuation is $130,000. Approximately how much of every retail sales dollar is made up of merchandise cost?
- Art's Appliances has accounts payable of $65,000, payroll payable of $2,750, mortgage payable of $38,500, current notes payable of $12,000, and taxes payable of $3,100. Art's current liabilities are:
- Current liabilities include all of the following EXCEPT:
- ____ are amounts owed to vendors for goods and services.
- A statement of cash flow:
- ____ are amounts that customers owe the retailer for goods and services.
- ____ are those items for which the retailer has already paid, but the service has not been completed.
- ____ is an intangible asset, usually based on customer loyalty that a retailer pays for when buying an existing business.
- A(n) _____ is any legitimate financial claim against the retailer's assets.
- A balance sheet can be expressed as:
- The retailer's _____ is (are) considered a current asset.
- Assets are classified as:
- The retailer's _____ is (are) NOT considered a current asset.
- ____ are those expenses that a retailer incurs in running the business other than the cost of the merchandise.