QRB 501 Final Exam Guide (100 % Score, with Excel File)
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QRB 501 Final Exam Guide (100 % Score, with Excel File)

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  • QRB 501 La Final Exam Guide (New).xlsx

This Tutorial contains an Excel file which can be used to solve for any change in values 1) What A-Pane Inc. sells windows for $101.12 each after a markup of $33.35. Find the cost of a window and the markup as a percent of selling price 2) Solve the problem. Round amounts to the nearest cent and percents to the nearest tenth of a percent Markup = $5.02; Selling Price = $88.41. Find the cost and the rate of markup based on cost. 3) Solve the problem. Round to the nearest cent or tenth of a percent. James page works in a local music store where he sells guitars for $159.13 each. If he maintains a markup of 64.2% on selling price, what is the cost of guitar to James? 4) Find the percent increase ( or decrease) in net sales from last year to this year for the income statement. Round your answer to the nearest tenth. 5) For the month ending june 30, TriCounty Nursery has net sales of $237,000, cost of goods sold of $114,000 and operating expenses of $53,000. Find the gross profit and net income 6) Complete a vertical analysis on the balance sheet for Jake’s Janitorial Service for December 31 of last year. The company assets are cash $22,000, accounts receivable $33,000, merchandise inventory $54,000, and equipment $72,000. The liabilities are accounts payable $23,000, wages payable $21,000 and mortage note payable $86,000. The owner’s capital is $51,000. Express answers as a percent rounded to the nearest tenth 7) Solve the problem. Round the nearest cent. A director of accounts received a bill for a $776, dated October 3, with sales terms 5/10, 3/20, n/30. The bill was paid October 18. Find the cash discount and net amount paid 8) A bank made a farmer a loan of $1000 at 16% for three years compounded annually. Find the future value and the compound interest paid on the loan. Compare the compound interest with simple interest for the same period. 9) A Hepplewhite sofa costs $3,630 in cash, Jaquanna Wilson will purchase the sofa in 24 monthly installment payments. A 16% per year finance charge will be assessed on the amount financed. Find the finance charge, the installment price, and the monthly payment. 10) The circle graph below gives the number of students in the residence halls at the state university . Which residence hall has the second highest number of students? 11) A woman decides to organize her classic book collection by year of publication. Make a relative frequency distribution of the years using the intervals 1750-1799, 1800-1849, 1850-1899 and 1900-1949 12) Find the interest paid on loan of $62,012 at 11% annual simple interest for 2.7 years. Round to nearest cent. 13) Prepare a balance sheet for Mullen’s Hardware for December 31 of last year. The company assets are cash $18,000, accounts receivable $40,000, and merchandise inventory $52,000. The liabilities are accounts payable $24,000 and wages payable $19,000. The owner’s capital is $67,000 14) Determine if the following statement is true or false. Trade discounts can be taken on freight, when freight charges are separate from merchandise on an invoice. 15) Find the net price of a ring that lists for $671.00 if a discount rate of 30% applies. 16) Last week at a festival, a man sold 4 times as many tie-dyed T-shirts as silk-screened shirts. He sold 220 shirts altogether. How many tie-dyed shirts did he sell? The number of tie-dyed shirts is 17) Solve for the unknown in the equation. 4A+ 6A = 20 18) For Hamilton supplies, wages payable for last year were $31,000 and for this year were $99,000. If the total assests for this year were $141,000, find what percent wages payable were of total assets to the nearest tenth of a percent. 19) solve for the equation A + 2A == 9 20) Find the standard deviation of the scores : 12,12,12,15,18,18,18. Round to tenths 21) In the line graph, how many more hours were needed to prepare for test 2 than for test 1? 22) How much should Linda Bryan set aside now to buy equipment that costs $7,100 in one year? The current interest rate is 0.85% annually, compounded annually. 23) The following test scores were recorded for a student : 93,90,88,87,96,92. Find the mean, median, and mode 24) Use the accompanying table to find the compound interest, round to the nearest cent. $6,000 at 4% compounded semiannually for 6 years. 25) Solve the problem. Round to the nearest cent. The list price of a keyboard is $712. If the trade discount series offered is 15/20/5, find the net price by using the net decimal equivalent 26) Accountants often use the median when studying salaries for various jobs. What is the median of following salary list? $109,000, $107,000, $183,000, $240,000, $134,000, $115,000, $760,000, $232,000, $170,000 27) Solve the problem. Round amounts to the nearest cent and percents to the nearest tenth of a percent. A store manager paid $89 for an item and set the selling price at $125.49. what was the percent markup based on cost? 28) What is the monthly interest rate if an annual rate is 12.3%? 29) How much interest will have to be paid on a loan of $12117 for 4 months at a simple interest rate of 6.4% per year? Round to the nearest cent. 30) The monthly net gains sales for a new sporting goods store were : $8024, $3082, $3377, $7838, $8063, $2183, $1221, $7078, $5520, $4755. Find the median

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