Please help me solve 16! THANK U Two accounts that appear on the financial statements of a merchandising company but are not needed by a service company are:A. inventory and depreciation.B. cost of goods sold and inventory.OC. cost of goods sold and depreciation.OD. cost of goods sold and net income.Click to select your answer.

Cost of goods sold is the expense which are directly related to the goods. Purchase of inventory,…

wo accounts that appear on the financial statements of a merchandising company but are not needed by a service company are. O A. inventory and depreciation. B. cost of goods sold and inventory. OC. cost of goods sold and depreciation D. cost of goods sold and net income.

wo accounts that appear on the financial statements of a merchandising company but are not needed by a service company are. O A. inventory and depreciation. B. cost of goods sold and inventory. OC. cost of goods sold and depreciation D. cost of goods sold and net income.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.

Question

Please help me solve 16! THANK U

Two accounts that appear on the financial statements of a merchandising company but are not needed by a service company are:
A. inventory and depreciation.
B. cost of goods sold and inventory.
OC. cost of goods sold and depreciation.
OD. cost of goods sold and net income.
Click to select your answer.

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