The cost of an item if the full amount had been paid at the time of sale is called the O A. down payment price O B. installment price OC. total price O D. cash price

Decreases in the seller's receivable from a customer's return of merchandise or from granting the customer an allowance from the amount owed to the seller. Select one: O a. Freight Out b. Purchases Discount and Allowances c. Freight In d. Sales Discount and Allowances

purchase on account on effect on current ratio

When equipment is sold for morethan book value, how is the transaction recorded? Howis it recorded when the selling price is less than bookvalue?

Waterway Company sells one product. Presented below is information for January for Waterway Company. Jan. 1 Inventory 119 units at $4 each 4 Sale 98 units at $8 each 11 Purchase 141 units at $6 each 13 Sale 111 units at $9 each 20 Purchase 160 units at $6 each 27 Sale 95 units at $11 each Waterway uses the FIFO cost flow assumption. All purchases and sales are on account.

Compute a cost to retail percentage under the following conditions.                                                                                                 Cost to retail percentage Excluding both markups and markdowns                                                          % Excluding markups but including markdowns                                                     % Excluding markdowns but including markups                                                     % Including both markdowns and markups                                                              %

Which of the following increases the cash conversion cycle? A.A decrease in inventory turnover B.An increase in the cash discount C.An increase in accounts payable D.A decrease in inventory level

Gross profit is the gross sales price charged for the goods sold A.True B.False

Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product Depreciation on plant Property taxes on store Labor costs of assembly-line workers Factory supplies used $121,000 61,000 7,600 111,000 24,000 Advertising expense Property taxes on plant Delivery expense Sales commissions Salaries paid to sales clerks $46,000 15,000 22,000 36,000 51,000 Work in process inventory was $13,000 at January 1 and $16,600 at December 31. Finished goods inventory was $61,000 at January 1 and $45,700 at December 31.

In determining inventory's lower of cost or net realizable value, NRV is defined as: O Selling Cost O replacement cost Osales price less selling costs Sales Price