Homework Answers
b. An operating expense.
The cost of delivering merchandise to the customer is an operating expense.
Add Answer to:
al formative) The cost of delivering merchandise to the customer is Select one: a. A reduction...
2 Record the cost of goods sold of $24,797. 3 Record the return by a customer...
2 Record the cost of goods sold of $24,797.
3 Record the return by a customer of unsatisfactory merchandise
that was in perfect condition. A cash refund of $500 was given to
the customer.
4 Record the merchandise returned by the customer back into
inventory. The original cost of the merchandise was $300.
5 Record the sales on account of $9,000 on terms n/60.
6 Record the cost of goods sold of $4,275.
7 Record the collection of half of...
14. Alfa company returns merchandise previously purchased on account. Alfa didn't pay for the merchandise yet....
14. Alfa company returns merchandise previously purchased on account. Alfa didn't pay for the merchandise yet. Which of the following situation on the purchase return is the correct one on the financial statements? Assets Liab. + Stk. Equity Rev. Exp. Net Inc. Stmt of Cash Flows A. + NA + NA +OA B. + NA NA NA NA NA C. + NA T NA NA NA NA +OA D. + NA NA NA a A. A B.B D QUESTION 6...
a)Record the cash sales of $500,000. b)Record the cost of goods sold of $224,350. c)Record the...
a)Record the cash sales of $500,000.
b)Record the cost of goods sold of $224,350.
c)Record the return by a customer of unsatisfactory merchandise
that was in perfect condition. A cash refund of $3,000 was given to
the customer.
d)Record the merchandise returned by the customer back into
inventory. The original cost of the merchandise was $1,900.
e)Record the sales on account of $5,000 on terms n/30.
f)Record the cost of goods sold of $3,000.
g)Record the collection of half of...
6. Merchandise inventory: A. is an asset on the balance sheet. B. is the cost of...
6. Merchandise inventory: A. is an asset on the balance sheet. B. is the cost of inventory that has not been sold. C. is neither A or B. D. is both A and B. 7. The Merriweather Merchandising Company had the following records: Net sales $88,500 Beginning inventory 10,500 Purchases 28,000 Freight-in 2,000 Sales salaries expense 9,700 Ending inventory 12,000 What is the cost of goods sold for this company? A. $26,500 B. $29,500 C. $28,500 D. $31,500 8. Refer...
During the current year, merchandise is sold for $8,100,000. The cost of the goods sold is $4,698,000
Determining Gross Profit During the current year, merchandise is sold for $8,100,000. The cost of the goods sold is $4,698,000 a. What is the amount of the gross profit? b. Compute the gross profit percentage (gross profit divided by sales). c. Will the income statement always report a operating income?
ice is called a(n) 7. Cash received prior to delivering a product or performing a serv...
ice is called a(n) 7. Cash received prior to delivering a product or performing a serv unearned asset unearned revenue. unearned expense. unearned contra-asset. 8. An example of a contra-revenue account is a. Purchases Purchases Discounts. Sales Returns and Allowances. d. 9. Which of the following accounts would NOT be found under the heading of "Cost of Goods Sold" in a chart of accounts? Purchases Purchases Returns and Allowances a. . Freight-In d. Supplies 10. Merchandise Inventory is listed as...
In a periodic inventory system, the cost of goods sold is determined as follows Select one:...
In a periodic inventory system, the cost of goods sold is determined as follows Select one: O a A physical count is made of all tems sold throughout the year, and a cost flow assumption is applied at year-end O b. Year-end inventory, plus purchases during the O c. Net sales, less the balance in the Gross Profit account year, less the inventory at the beginning of the year
What is the Cost of Merchandise (goods) sold Prepare an income statement for Hansen Realty for...
What is the Cost of Merchandise (goods) sold
Prepare an income statement for Hansen Realty for the year ended December 31, 2020. Beginning inventory was $1,245. Ending inventory was $1,597. (Input all amounts as positive values.) $ 34,600 1,089 1,149 10,362 537 Sales Sales returns and allowances Sales discount Purchases Purchase discounts Depreciation expense Salary expense Insurance expense Utilities expense Plumbing expense Rent expense 112 5,050 2,450 207 247 177 $ 32,362 $ 32,362 HANSEN REALTY Income Statement For Year...
During the current year, merchandise is sold for $31,850,000. The cost of the merchandise sold is $24,206,000.
During the current year, merchandise is sold for $31,850,000. The cost of the merchandise sold is $24,206,000. a. What is the amount of the gross profit? b. Compute the gross profit percentage (gross profit divided by sales). c. When will the income statement necessarily report a net income?
What is the correct calculation for the operating expense percentage ratio a. Cost of Goods Sold...
What is the correct calculation for the operating expense percentage ratio a. Cost of Goods Sold / Gross Sales b. Cost of Goods Sold / Net Sales. c. Total Selling, General and Administrative Expenses Gross Sales. d. Total Selling, General and Administrative Expenses Ner Sales
2 Record the cost of goods sold of $24,797.
3 Record the return by a customer of unsatisfactory merchandise
that was in perfect condition. A cash refund of $500 was given to
the customer.
4 Record the merchandise returned by the customer back into
inventory. The original cost of the merchandise was $300.
5 Record the sales on account of $9,000 on terms n/60.
6 Record the cost of goods sold of $4,275.
7 Record the collection of half of...
14. Alfa company returns merchandise previously purchased on account. Alfa didn't pay for the merchandise yet. Which of the following situation on the purchase return is the correct one on the financial statements? Assets Liab. + Stk. Equity Rev. Exp. Net Inc. Stmt of Cash Flows A. + NA + NA +OA B. + NA NA NA NA NA C. + NA T NA NA NA NA +OA D. + NA NA NA a A. A B.B D QUESTION 6...
a)Record the cash sales of $500,000.
b)Record the cost of goods sold of $224,350.
c)Record the return by a customer of unsatisfactory merchandise
that was in perfect condition. A cash refund of $3,000 was given to
the customer.
d)Record the merchandise returned by the customer back into
inventory. The original cost of the merchandise was $1,900.
e)Record the sales on account of $5,000 on terms n/30.
f)Record the cost of goods sold of $3,000.
g)Record the collection of half of...
6. Merchandise inventory: A. is an asset on the balance sheet. B. is the cost of inventory that has not been sold. C. is neither A or B. D. is both A and B. 7. The Merriweather Merchandising Company had the following records: Net sales $88,500 Beginning inventory 10,500 Purchases 28,000 Freight-in 2,000 Sales salaries expense 9,700 Ending inventory 12,000 What is the cost of goods sold for this company? A. $26,500 B. $29,500 C. $28,500 D. $31,500 8. Refer...
Determining Gross Profit During the current year, merchandise is sold for $8,100,000. The cost of the goods sold is $4,698,000 a. What is the amount of the gross profit? b. Compute the gross profit percentage (gross profit divided by sales). c. Will the income statement always report a operating income?
ice is called a(n) 7. Cash received prior to delivering a product or performing a serv unearned asset unearned revenue. unearned expense. unearned contra-asset. 8. An example of a contra-revenue account is a. Purchases Purchases Discounts. Sales Returns and Allowances. d. 9. Which of the following accounts would NOT be found under the heading of "Cost of Goods Sold" in a chart of accounts? Purchases Purchases Returns and Allowances a. . Freight-In d. Supplies 10. Merchandise Inventory is listed as...
In a periodic inventory system, the cost of goods sold is determined as follows Select one: O a A physical count is made of all tems sold throughout the year, and a cost flow assumption is applied at year-end O b. Year-end inventory, plus purchases during the O c. Net sales, less the balance in the Gross Profit account year, less the inventory at the beginning of the year
What is the Cost of Merchandise (goods) sold
Prepare an income statement for Hansen Realty for the year ended December 31, 2020. Beginning inventory was $1,245. Ending inventory was $1,597. (Input all amounts as positive values.) $ 34,600 1,089 1,149 10,362 537 Sales Sales returns and allowances Sales discount Purchases Purchase discounts Depreciation expense Salary expense Insurance expense Utilities expense Plumbing expense Rent expense 112 5,050 2,450 207 247 177 $ 32,362 $ 32,362 HANSEN REALTY Income Statement For Year...
During the current year, merchandise is sold for $31,850,000. The cost of the merchandise sold is $24,206,000. a. What is the amount of the gross profit? b. Compute the gross profit percentage (gross profit divided by sales). c. When will the income statement necessarily report a net income?
What is the correct calculation for the operating expense percentage ratio a. Cost of Goods Sold / Gross Sales b. Cost of Goods Sold / Net Sales. c. Total Selling, General and Administrative Expenses Gross Sales. d. Total Selling, General and Administrative Expenses Ner Sales
Most questions answered within 3 hours.
-
At a certain temperature, the equilibrium constant, Kc, for this
reaction is 53.3.
H2(g)+I2(g)−⇀↽−2HI(g)Kc=53.3
At this...
asked 33 minutes ago -
Question1 ) The STL provides similiar classes called stack and
queue, both of which gave functions...
asked 1 hour ago -
For Questions 1-4, assume you have 5 bits available:
1. For (positive) integers: What is the...
asked 1 hour ago -
convert grams into vloume with the density of water being at
.997514 g/cm^3 at 23.1 Celsuis...
asked 3 hours ago -
Foreman company obtained a $20,000, 6% loan on May 1, 2018.
Principal and interest will be...
asked 3 hours ago -
5. Problem 11.05 (Discounted Payback)
eBook
Project L costs $60,000, its expected cash inflows are $14,000
per...
asked 4 hours ago -
1. Which of the following is true about politics and health
organizations?
A. Health organizations are...
asked 4 hours ago -
A space vehicle is coasting at a constant velocity of 18.1 m/s
in the +y direction...
asked 5 hours ago -
5) Use the following balanced equation to answer questions
(a)-(i).
3 Cu(s) + 8 HNO3(aq) →...
asked 5 hours ago -
A three-year maturity bond with a 12% annual coupon rate is
currently traded at par $1000...
asked 5 hours ago -
1.
What is the minimum volume to use in the Spec 20 cuvette in order
to...
asked 6 hours ago -
A builder wants to install wall-to-wall carpeting in a living
room of length 8.87 m and...
asked 5 hours ago