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1. False
2.False
3.True
4.True
5.True
6.True
7.True
8.False
9. False
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1. Operating expenses include cost of goods sold. A) True B) False 2. For a merchandising...
B) False . 4. Freight Out Expense is included in the cost of goods sold calculation....
B) False . 4. Freight Out Expense is included in the cost of goods sold calculation. A) True B) False 5. General and administrative expenses are a category of operating expense. A) True B). False 6. Freight In is considered a cost of merchandise purchased. A) True " B) False 7. The difference between gross sales and net sales is equal to the sum of sales sales returns and allowances. A) True B) False 8. FOB shipping point means that...
1. 2. 3. 4. 5. A company that maintains a perpetual inventory system has an inventory...
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A company that maintains a perpetual inventory system has an inventory account balance of $50,000. The physical count of goods on hand totals $49,600. Which of the following adjusting entries is correct? O Debit Sales Discounts and credit Inventory O Debit Purchases and credit Inventory O Debit Cost of Goods Sold and credit Inventory. O Debit Inventory and credit Purchases Which of the following accounts will appear in the trial balance of a merchandising company...
freight-out, fob destination, operating expenses, periodic inventory system, fob shipping point, gross profit, sales discount ,...
freight-out, fob destination, operating expenses, periodic
inventory system, fob shipping point, gross profit, sales discount
, income operations, net sales, puchase invoice. matching those are
the choices
Weygandt, Financial Accounting, 9e Financial Accounting ( се Assignment Gradebook ORION Downloadable eTextbook ment CALCULATOR FULL SCREEN PRINTER VERSION BACK Matching Question 237 Match the items below by entering the appropriate code letter in the space provided. 1. An incentive to encourage customers to pay their accounts early. 4. Sales revenue less sales...
5) A purchase return or allowance under a perpetual inventory system is credited to: A) Accounts...
5) A purchase return or allowance under a perpetual inventory system is credited to: A) Accounts Payable B) Purchase Returns and Allowances C) Inventory D) Purchases 6) Which of the following accounts is not a contra account? A. Inventory B. Accumulated Amortization C. Sales Returns and Allowances D. Sales Discounts 7) To calculate the gross margin percentage, A. Divide net sales by net income B. Divide current assets by current liabilities C. Divide total liabilities by total assets D. Divide...
Which of the following items will require an adjusting journal entry on a company's books? O...
Which of the following items will require an adjusting journal entry on a company's books? O Outstanding checks O Deposits in transit O NSF check O Error made by the bank Which of the following costs should be added to the buyer's Inventory account? O Freight-in costs with terms FOB destination O Freight-in costs with terms FOB shipping point O Freight-out costs with terms FOB shipping point O Freight-out costs with terms FOB destination Which of the following is a...
Robert No 1. Two categories of expenses for merchandising companies are cost of goods sold and financing expenses b...
Robert No 1. Two categories of expenses for merchandising companies are cost of goods sold and financing expenses b. operating expenses and financing expenses. c. cost of goods sold and operating expenses. d sales and cost of goods sold. 2. Under the direct write-off method of accounting for uncollectible accounts, Bad Debt Expense is debited a. when a credit sale is past due b. at the end of each accounting period. c. whenever a pre-determined amount of credit sales have...
B * 67%C4) Mon 1:00 PM a ⓇO E5.2 (LO 1, 2, 3, 4, 5, 6) K The following are some of the terms discussed in the chap...
B * 67%C4) Mon 1:00 PM a ⓇO E5.2 (LO 1, 2, 3, 4, 5, 6) K The following are some of the terms discussed in the chapter: Match concepts with descriptions. 1. Gross profit 2. Perpetual inventory system 3. Cost of goods sold 4. Purchase returns 5. Freight out 6. FOB shipping point 7. Periodic inventory system 8. Subsidiary ledger 9. Sales discounts 10. FOB destination 11. Sales allowance 12. Non-operating activities 13. Profit margin 14. Contra revenue account...
True-Pake F 1. FOB shipping point means the seller incurs the shipping costs. A company is...
True-Pake F 1. FOB shipping point means the seller incurs the shipping costs. A company is more likely to know the amount of inventory on hand at any time if it uses 2. the perpetual system than if it uses the periodic system. ue less cost of goods sold equals gross profit. of F 3. Net sales revenue T sales discounts and sales returns/allowances equals net sales. 5. A reduction given by the seller for sales discount by the seller....
25. With respect to the income statement A) contra revenue accounts do not appear on the...
25. With respect to the income statement A) contra revenue accounts do not appear on the income statement. B) sales discounts increase the amount of sales. C) contra revenue accounts increase the amount of operating expenses. D) sales discounts are included in the calculation of gross profit. 26. Positive operating income will result if gross profit exceeds A) costs of goods sold. B) salaries and wages expense. C) cost of goods sold plus operating expenses. D) operating expenses. 27. The...
1.The only revenue for the Ford Company is Sales. The only expenses are Cost of Goods...
1.The only revenue for the Ford Company is Sales. The only expenses are Cost of Goods Sold and Operating Expenses. A net income will result if: Select one: a. Gross Margin exceeds Operating Expenses b. Cost of Goods Sold exceeds Purchases c. Operating Expenses exceeds Cost of Good Sold d. Gross Margin exceeds Cost of Goods Sold e. Operating Expenses exceeds Gross Margin 2.Lopez Company received $6,400 on July 1, 2017 for four years’ rent in advance and recorded the...
B) False . 4. Freight Out Expense is included in the cost of goods sold calculation. A) True B) False 5. General and administrative expenses are a category of operating expense. A) True B). False 6. Freight In is considered a cost of merchandise purchased. A) True " B) False 7. The difference between gross sales and net sales is equal to the sum of sales sales returns and allowances. A) True B) False 8. FOB shipping point means that...
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A company that maintains a perpetual inventory system has an inventory account balance of $50,000. The physical count of goods on hand totals $49,600. Which of the following adjusting entries is correct? O Debit Sales Discounts and credit Inventory O Debit Purchases and credit Inventory O Debit Cost of Goods Sold and credit Inventory. O Debit Inventory and credit Purchases Which of the following accounts will appear in the trial balance of a merchandising company...
freight-out, fob destination, operating expenses, periodic
inventory system, fob shipping point, gross profit, sales discount
, income operations, net sales, puchase invoice. matching those are
the choices
Weygandt, Financial Accounting, 9e Financial Accounting ( се Assignment Gradebook ORION Downloadable eTextbook ment CALCULATOR FULL SCREEN PRINTER VERSION BACK Matching Question 237 Match the items below by entering the appropriate code letter in the space provided. 1. An incentive to encourage customers to pay their accounts early. 4. Sales revenue less sales...
Which of the following items will require an adjusting journal entry on a company's books? O Outstanding checks O Deposits in transit O NSF check O Error made by the bank Which of the following costs should be added to the buyer's Inventory account? O Freight-in costs with terms FOB destination O Freight-in costs with terms FOB shipping point O Freight-out costs with terms FOB shipping point O Freight-out costs with terms FOB destination Which of the following is a...
Robert No 1. Two categories of expenses for merchandising companies are cost of goods sold and financing expenses b. operating expenses and financing expenses. c. cost of goods sold and operating expenses. d sales and cost of goods sold. 2. Under the direct write-off method of accounting for uncollectible accounts, Bad Debt Expense is debited a. when a credit sale is past due b. at the end of each accounting period. c. whenever a pre-determined amount of credit sales have...
B * 67%C4) Mon 1:00 PM a ⓇO E5.2 (LO 1, 2, 3, 4, 5, 6) K The following are some of the terms discussed in the chapter: Match concepts with descriptions. 1. Gross profit 2. Perpetual inventory system 3. Cost of goods sold 4. Purchase returns 5. Freight out 6. FOB shipping point 7. Periodic inventory system 8. Subsidiary ledger 9. Sales discounts 10. FOB destination 11. Sales allowance 12. Non-operating activities 13. Profit margin 14. Contra revenue account...
True-Pake F 1. FOB shipping point means the seller incurs the shipping costs. A company is more likely to know the amount of inventory on hand at any time if it uses 2. the perpetual system than if it uses the periodic system. ue less cost of goods sold equals gross profit. of F 3. Net sales revenue T sales discounts and sales returns/allowances equals net sales. 5. A reduction given by the seller for sales discount by the seller....
25. With respect to the income statement A) contra revenue accounts do not appear on the income statement. B) sales discounts increase the amount of sales. C) contra revenue accounts increase the amount of operating expenses. D) sales discounts are included in the calculation of gross profit. 26. Positive operating income will result if gross profit exceeds A) costs of goods sold. B) salaries and wages expense. C) cost of goods sold plus operating expenses. D) operating expenses. 27. The...
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