When merchandise sold is assumed to be in the order in which the purchases were made, the company is using a.weighted average cost b.first-in, last-out c.last-in, first-out d.first-in, first-out

Q: 29 - How are purchase refunds recorded to which account? A) From the purchase to the debt of the…

A: Purchase returns are always in a nature of returns made to the sellers and thus decreasing the…

Q: 8. How do you calculate cost of goods sold on an income statement? A. ČOGS+ Beginning Inventory+…

A: "Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Match each description with the appropriate financial statement. A. Income Statement Reports the…

A: Solution: Income statement shows income and expenses during the period. Balance sheet shows Balance…

Q: Which of the following statements is correct in the context of the Income Statement prepared by a…

A: The Income Statement is prepared in order to show the result of operating a business for a period of…

Q: When the perpetual inventory system is used, the inventory sold is debited to a. Cost of Merchandise…

A: Merchandise Inventory: Merchandise is the stock of goods bought by a wholesaler, or a retailer, or a…

Q: The amount shown in the balance sheet debit column of worksheet for Merchandise Inventory​ is:   A.…

A: Merchandise inventory: It can be defined as any type of manufactured goods that are acquired by the…

Q: Total goods available for sale is equal to  a. the sum of ending inventory and net purchases. b.…

A: Beginning inventory + Net purchases = Cost of goods sold + Ending inventory Total cost of goods…

Q: Woods Co. received merchandise on consignment. As of January 31, Jordan included the goods in…

A: Introduction: When goods are consigned, the consignor sends them to the agent (the consignee), who…

Q: Which of the following is true of the income statement? O Net income equals the amount of cash…

A: Under the accrual concept of accounting, expenses and revenues are recognized to the period in which…

Q: Using a perpetual inventory system, the purchase of inventory on account would be recorded as a.…

A: Under perpetual inventory system, when inventory are purchased on account, then purchases account is…

Q: Which of the following statements about merchandisingactivities is true? (More than one answer may…

A: Merchandising activities means activities of purchase and sale of goods that are ready for sale.…

Q: In recording the cost of merchandise sold for cash using a perpetual inventory system, the effect on…

A: The journals represent the record of organizations’ day-to-day business-related transactions which…

Q: 1. Under the perpetual inventory system, in addition to making the entry to record a sales return, a…

A: Note: “Since you have asked multiple question, we will solve the first question for you. If you want…

Q: Which of the following needs an adjustment to the accounts receivable account of ABC Company? a.…

A: Accounts receivable are created by an organisation when it records sales on credit. The accounts…

Q: Fill in the blanks in the following separate income statements a through e. (Amounts to be deducted…

A: Introduction: The Income Statement is a fundamental financial statement that displays a company's…

Q: Which of the following measures the length of time it takes to acquire, sell, and replace inventory?…

A: Numbers of days to sell inventory: This ratio is determined as the number of days a particular…

Q: Which of the following accounts will not be found in the cost of merchandise sold section of the…

A: Income statement: The income statement is a financial statement that shows the net income earned or…

Q: B) Cost of goods sold will be shown. *22. Identify the accounts that are added to or deducted from…

A: Periodic inventory system is an inventory system in which all purchases and sales transactions…

Q: Gross profit is calculated as the difference between net sales revenue and​ ________.         A.…

A: Revenue- Revenue refers to the quantity of cash that a corporation actually received during the…

Q: What effects on a retail store's accounting equation occur when it records merchandise purchased for…

A: Option (d) [ No net effect. ]  for explanation refer step 2

Q: n perpetual method, _______________ will be credited if an item bought will be returned.    Cost of…

A: In perpetual method, Merchandise Inventory will be credited if an item bought will be returned. Cost…

Q: Fill in the blanks in the following separate income statements a through e. (Amounts to be deducted…

A: The income statement keeps track of all revenue and expense items and calculates the net income/loss…

Q: Requirements a. At what amount was Cost of Goods Sold reported in the company's year-end income…

A: A perpetual inventory system is an inventory recording method in which the inventory transaction is…

Q: Dividing net sales on account by the average amount of net accounts receivable is the calculation…

A: Formula: Net sales = Sales - sales returns Deduction of sales returns from the sales derives the net…

Q: The major revenue of a merchandiser is while the major expense(s) is(are) sales revenue, cost of…

A: Sales - Sales is Revenue for the company. It can earn by the company through cash or credit. Cost of…

Q: Income Summary is closed to what account Income accounts O Expense Accounts Owner's equity account O…

A: all the incomes and expenses are closed by transferring the accounts to the income statement. The…

Q: 4. Using the FIFO method, the most recent purchases of inventory are assumed to be contained: a. on…

A: Under FIFO method, units purchased earlier are assumed to be sold first and the ending inventory…

Q: Fill in the blanks in the following separate Income statements a through e. (Amounts to be deducted…

A: Solution: Income statement is one of the financial statement of company that shown income and…

Q: Dividing cost of goods sold by the average of merchandise inventory is the calculation for the…

A: The ratio indicates how fast the company selling its inventory. a high inventory turnover indicates…

Q: QUESTION 9 The entry to record the company's cost of selling merchandise under a perpetual inventory…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: When calculating Cost of goods sold, we must take the following into consideratiot: OA. Beginning…

A: Cost of Goods Sold = Beginning inventory + Purchase during the year - Closing Inventory

Q: ales                                                               $63,000        $43,600…

A: Solution Formulas used Cost of goods sold       =merchandise inventory (beginning ) + total cost of…

Q: 1 Which of the following statements about perpetual merchandising activities is true? (Identify the…

A: Hi student Since there are multiple question, we will answer only first question. If you want…

Q: Indicate the effect of the transactions listed in the following table on total current assets,…

A: Entry for Merchandise sold for cash is : Cash a/c Dr        XXX   To Sales a/c Cr  XXX

Q: Compute cost of goods sold using the following information. $12,200 Merchandise inventory, beginning…

A: Cost of goods sold: It is the cost of acquiring the goods or manufacturing the goods which are sold…

Q: The journal entry to write inventory up to the net realizable value would be​ _______. a) a debit to…

A: SOLUTION- INVENTORY IS AN ASSET AND TO WRITE UP INVENTORY WE HAVE TO CREDIT THE INVENTORY. AS IT…

Q: supplies expense, and advertising expense. It categorizes the remaining expenses as general and…

A: Income Statement - This statement shows the income earned and loss incurred by the organization in…

Q: If the balance in the inventory account is greater than the physical count, which of the following…

A: When inventory is found to be greater than physical count , we need to increase inventory. For…

Q: The primary objective of inventory accounting is to a. Determine the peso amount at which inventory…

A: The accounting for inventory is something which is done with regard to maintenance or reporting of…

Q: ears in both the debit and the credit columns appears in the credit column only is correct as stated…

A: Merchandise inventory is the value of items in stock, whether they are finished goods or raw…

Q: Classify each of the following accounts as to whether it appears on the income statement (IS), the…

A: Following is the classification of the following accounts as to whether it appears on the income…

Q: Cost of goods sold is given by:

A: Cost of goods sold:   Cost of goods sold is the total of all the expenses incurred by a company to…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.