Freight-out appears as an operating expense in the income statement.True or False?
Freight-out appears as an operating expense in the income statement.True or False?
Homework Answers
Freight-out appears as an operating expense in the income statement.True or False?
Above statement is FALSE.
Freight out is cost which is for sure part of income statement. Freight out is cost incurred by business to deliver products to customers. This is transportation cost incurred for delivery of goods from supplier to customers. Since cost is only incurred if product is sold, freight out will always be part of cost of goods sold and not part of operating expense.
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Freight-out appears as an operating expense in the income
statement.True or False?
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...
Advertising Expense Arthur Tatum , Capital Arthur Tatum , Withdrawals Freight - In Freight - Out Expense Interest Incom...
Advertising Expense Arthur Tatum , Capital Arthur Tatum , Withdrawals Freight - In Freight - Out Expense Interest Income Merchandise Inventory ( Jan. 1 , 2019 ) Merchandise Inventory 2019 ) Purchases Purchases Returns and Allowances Rent Expense Sales Sales Returns and Allowances Wages Expense $ 14,000 140,000 21,000 7,000 10,000 24,000 68,000 56,000 60,000 4,000 9,000 150,000 19,000 32,000 (Dec.31, From the above information calculate the Cost of goods available for sale .
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...
In a multi-step income statement, interest revenue and interest expense are included in operating income. O...
In a multi-step income statement, interest revenue and interest expense are included in operating income. O True O False
1. Operating expenses include cost of goods sold. A) True B) False 2. For a merchandising...
1. Operating expenses include cost of goods sold. A) True B) False 2. For a merchandising company, the difference between net sales and operating expensesi. called gross margin. A) True B) False 3. Sales Returns and Allowances is described as a contra-revenue account. A) True 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....
True or False Research & Development is an Operating Expense. Cost of revenues include selling, general...
True or False Research & Development is an Operating Expense. Cost of revenues include selling, general & administrative expenses. Gross profit is calculated by dividing gross margin by revenues. Interest income is earned on a company’s cash and marketable securities. Non-operating income (expenses) are interest and other income (or expenses) unrelated to the provision of goods or services. Research and development are expenses incurred in enhancing and innovating products. Cost of revenues is calculated by subtracting operating expenses from revenues....
73. The freight paid on goods purchased F.O.B. shipping point was debited to the Freight Expense...
73. The freight paid on goods purchased F.O.B. shipping point was debited to the Freight Expense account. This error would cause: a. the period end assets to be understated b. the period end liabilities to be understated c. the period’s net income to be overstated d. None of the above. 74. The return of merchandise was recorded as a debit to Accounts Payable and a credit to Purchases. This error would cause: a. the period end assets to be understated...
Accounting question below 1 If a net loss occurs, it appears in the Income Statement credit...
Accounting question below
1 If a net loss occurs, it appears in the Income Statement credit column and Statement of Retained Earnings debit column. Select one: True O False 2 Which of the following statements is false regarding the closing process? Select one or more: I a. The Dividends account is closed to Income Summary O b. The closing of expense accounts results in a debit to Income Summary. c. The Income Summary account is closed to the Retained Earnings...
QUESTION 7 Depreciation expense is a use of funds True False QUESTION 8 A firm's operating...
QUESTION 7 Depreciation expense is a use of funds True False QUESTION 8 A firm's operating profit is equal to its EBIT True False QUESTION 9 Accrulas for a company are payables for serivces already rendered True False
Rent Expense Utilities Expense Total Operating Expenses Income From Operations Other Expenses and Losses Interest Expense...
Rent Expense Utilities Expense Total Operating Expenses Income From Operations Other Expenses and Losses Interest Expense Loss on Disposal of Plant Assets Income Before Income Taxes 4 Income Tax Expense Net Income /(Loss) Assume the marketing department has presented a plan to increase advertising expenses by $340 million. It expects this plan to result in an increase in both net sales and cost of goods sold of 25%. (Hint: Increase both sales revenue and sales returns and allowances by 25%.)...
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...
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...
In a multi-step income statement, interest revenue and interest expense are included in operating income. O True O False
1. Operating expenses include cost of goods sold. A) True B) False 2. For a merchandising company, the difference between net sales and operating expensesi. called gross margin. A) True B) False 3. Sales Returns and Allowances is described as a contra-revenue account. A) True 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....
Accounting question below
1 If a net loss occurs, it appears in the Income Statement credit column and Statement of Retained Earnings debit column. Select one: True O False 2 Which of the following statements is false regarding the closing process? Select one or more: I a. The Dividends account is closed to Income Summary O b. The closing of expense accounts results in a debit to Income Summary. c. The Income Summary account is closed to the Retained Earnings...
Rent Expense Utilities Expense Total Operating Expenses Income From Operations Other Expenses and Losses Interest Expense Loss on Disposal of Plant Assets Income Before Income Taxes 4 Income Tax Expense Net Income /(Loss) Assume the marketing department has presented a plan to increase advertising expenses by $340 million. It expects this plan to result in an increase in both net sales and cost of goods sold of 25%. (Hint: Increase both sales revenue and sales returns and allowances by 25%.)...
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