Homework Answers
Correct answer--------(A) the excess of sales revenue over cost of goods sold is called gross profit because operating expense have not yet been deducted.
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The sales revenue minus cost of goods sold equals to Gross profit and after deducting operating expense from gross profit we get net income.
Companies use method of valuing inventory depending upon their requirement. Some companies use periodic and some use perpetual. Similarly some companies use GAAP and some use IFRS in united states.
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Which statement is TRUE? A. The excess of sales revenue over cost of goods sold is...
Never results in either the highest or lowest possible net income Rarely used with a perpetual...
Never results in either the highest or lowest possible net income Rarely used with a perpetual inventory system Cost of the latest purchases are assigned to ending inventory Widely used for tax purposes Does not follow the physical flow of goods in most cases LIFO Prohibited under International Financial Reporting Standards (IFRS) FIFO Produces the highest gross profit when costs are decreasing Weighted average Produces results that are similar to the specific identification method Assigns the same value to all...
Match each description to the appropriate cost flow assumption (a-c). a. FIFO b. LIFO c. Weighted...
Match each description to the appropriate cost flow assumption (a-c). a. FIFO b. LIFO c. Weighted average 5. Produces the same cost of merchandise sold under both the periodic and the perpetual inventory system 6. Rarely used with a perpetual inventory system 7. Produces results that are similar to the specific identification method 8. Widely used for tax purposes 9. Never results in either the highest or lowest possible net income 10. Produces the highest gross profit when costs are...
Read each of the following statements carefully and indicate whether each is true or false. 2...
Read each of the following statements carefully and indicate whether each is true or false. 2 1. The Sarbanes-Oxley Act places great emphasis on internal controls and fraud prevention The FASB and the IASB are working toward full convergence of U.S. financial reporting standards and those of the International Accounting Standards Board. 3. Because of the Sarbanes-Oxley Act, it is probable that the FASB/IASB conceptual framework will become less important in developing accounting principles and standards 4. The FASB Standards...
Which statement is true according to the article?
The article that they are referring to is "The latest casualty of Trump's trade war with China?" Wine by: Margot RooseveltWhich statement is true according to the article? Choose one: A. Most wine consumed in China was imported from California, B. Chilean companies aim to improve their wine distribution in China. C. Only the United States has used tariffs in this trade dispute with China. D. Despite the tariffs, the volume of wine exports from the United States to China has increased slightly. What would be...
Financial information is presented below: Operating expenses $ 42000 Sales revenue 241000 Cost of goods sold...
Financial information is presented below: Operating expenses $ 42000 Sales revenue 241000 Cost of goods sold 175000 The gross profit rate would be
Which of the following statement is TRUE? a. Eurobonds are those that are issued in euros and sold in the Eurozone. b. While Yankee bonds refer to bonds issued by foreign companies in the Un...
Which of the following statement is TRUE? a. Eurobonds are those that are issued in euros and sold in the Eurozone. b. While Yankee bonds refer to bonds issued by foreign companies in the United States, bonds issues by American companies in the Eurozone are called reverse Yankees. c. IBF stands for international banking facilities that allow U.S. residents deposits of currencies other than the U.S. dollar in domestic banks in the United States. d. FRAs refer to floating rate...
Forever uses the p a rty system OA Sales Revenue Cost of Goods Sold Sales Revenue...
Forever uses the p a rty system OA Sales Revenue Cost of Goods Sold Sales Revenue OC. Sales Revenue Account Rece ODA Sales Revenge Refer to the following trial balance Credit Accounts Receivable Merchandise Inventory Supplies Debit $15.000 41000 61.000 18.000 330,000 Accounts Payable Notes Payable Common Stock Retained Earnings Dividends 315.000 22.000 3.000 3.000 A3245.000 OB. 599.000 C5107 000 OD S102.000 Cick to select your answer 25,000 315.000 22,000 3,000 455.000 Notes Payable Common Stock Retained Earnings Dividends Sales...
1) On the income statement, sales revenue minus cost of goods sold equals? A) Net Income...
1) On the income statement, sales revenue minus cost of goods sold equals? A) Net Income B) Total Operating Expense C) Income Tax D) Gross Profit 2) The statement of shareholders equity reports changes over for common stock, additional paid in capital (or contributed in excess of par) and A) Retained earnings B) Cash C) Cash flows from operating activities D) accounts payable 3) A firm reports $20 of income before tax expenses and $6 of income tax expense had...
1. Which of the following reduces a company's inventory cost? A. Sales Discounts B. Freight-In C....
1. Which of the following reduces a company's inventory cost? A. Sales Discounts B. Freight-In C. Freight-Out D. Purchase Discounts E. Bad Debt Expense 3. Which of the following statements is true for companies that use the LIFO method for income tax purposes in the United States? A. They must use the FIFO method for financial statement purposes. B. They are permitted to use any of the inventory costing methods for financial statement purposes. C. They must use the LIFO...
Help with the 2020 forecast part! Thanks Exclude (000,000) in millions Revenue Cost of Goods Sold...
Help with the 2020 forecast part! Thanks
Exclude (000,000) in millions Revenue Cost of Goods Sold Gross Profit Selling, Admin, Other Net Operating Income Three Most Recent Years 2019 2018 $20,156,447 $15,794,214 $12,440.213 $9,967,538 $7,716,234 $5,826,676 $3,566,831 $2,999,763 $4,149,403 $2,826,913 SOURCE USED: SEC.gov 2017 $11,693,713 $7,659,666 $2,141,590 $1,892,457 ==Be sure to confirm OPERATING INCOME Total Assets at Year-End Shareholder Equity Y/E $33,975,712 $7,582,157 $25,974,400 $5,238,765 $19,012,742 $3,581,956 1. Sales Growth 27.6% 35.0% 3.2% (CY - PY)/PY 2. Profitability Gross Profit...
Never results in either the highest or lowest possible net income Rarely used with a perpetual inventory system Cost of the latest purchases are assigned to ending inventory Widely used for tax purposes Does not follow the physical flow of goods in most cases LIFO Prohibited under International Financial Reporting Standards (IFRS) FIFO Produces the highest gross profit when costs are decreasing Weighted average Produces results that are similar to the specific identification method Assigns the same value to all...
Match each description to the appropriate cost flow assumption (a-c). a. FIFO b. LIFO c. Weighted average 5. Produces the same cost of merchandise sold under both the periodic and the perpetual inventory system 6. Rarely used with a perpetual inventory system 7. Produces results that are similar to the specific identification method 8. Widely used for tax purposes 9. Never results in either the highest or lowest possible net income 10. Produces the highest gross profit when costs are...
Read each of the following statements carefully and indicate whether each is true or false. 2 1. The Sarbanes-Oxley Act places great emphasis on internal controls and fraud prevention The FASB and the IASB are working toward full convergence of U.S. financial reporting standards and those of the International Accounting Standards Board. 3. Because of the Sarbanes-Oxley Act, it is probable that the FASB/IASB conceptual framework will become less important in developing accounting principles and standards 4. The FASB Standards...
The article that they are referring to is "The latest casualty of Trump's trade war with China?" Wine by: Margot RooseveltWhich statement is true according to the article? Choose one: A. Most wine consumed in China was imported from California, B. Chilean companies aim to improve their wine distribution in China. C. Only the United States has used tariffs in this trade dispute with China. D. Despite the tariffs, the volume of wine exports from the United States to China has increased slightly. What would be...
Forever uses the p a rty system OA Sales Revenue Cost of Goods Sold Sales Revenue OC. Sales Revenue Account Rece ODA Sales Revenge Refer to the following trial balance Credit Accounts Receivable Merchandise Inventory Supplies Debit $15.000 41000 61.000 18.000 330,000 Accounts Payable Notes Payable Common Stock Retained Earnings Dividends 315.000 22.000 3.000 3.000 A3245.000 OB. 599.000 C5107 000 OD S102.000 Cick to select your answer 25,000 315.000 22,000 3,000 455.000 Notes Payable Common Stock Retained Earnings Dividends Sales...
1. Which of the following reduces a company's inventory cost? A. Sales Discounts B. Freight-In C. Freight-Out D. Purchase Discounts E. Bad Debt Expense 3. Which of the following statements is true for companies that use the LIFO method for income tax purposes in the United States? A. They must use the FIFO method for financial statement purposes. B. They are permitted to use any of the inventory costing methods for financial statement purposes. C. They must use the LIFO...
Help with the 2020 forecast part! Thanks
Exclude (000,000) in millions Revenue Cost of Goods Sold Gross Profit Selling, Admin, Other Net Operating Income Three Most Recent Years 2019 2018 $20,156,447 $15,794,214 $12,440.213 $9,967,538 $7,716,234 $5,826,676 $3,566,831 $2,999,763 $4,149,403 $2,826,913 SOURCE USED: SEC.gov 2017 $11,693,713 $7,659,666 $2,141,590 $1,892,457 ==Be sure to confirm OPERATING INCOME Total Assets at Year-End Shareholder Equity Y/E $33,975,712 $7,582,157 $25,974,400 $5,238,765 $19,012,742 $3,581,956 1. Sales Growth 27.6% 35.0% 3.2% (CY - PY)/PY 2. Profitability Gross Profit...
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