Homework Answers
| 1 | Time period in which a cash discount is available | Discount Period |
| 2 | Time period that can pass before a customer's payment is due | Credit Period |
| 3 | Inventory is updated for purchases and sales of inventory only at the end of a period | Periodic Inventory System |
| 4 | Ownership of goods is transferred when the seller delivers goods to the carrier. | FOB shipping point |
| 5 | Difference between net sales and the cost of goods sold | Gross Profit |
| 6 | Seller's description of a cash discount granted to buyers in return for early payment. | Sales discount |
| 7 | Inventory is updated for each purchase and each sale of inventory | Perpetual Inventory System |
| 8 | Ownership of goods is transferred when delivered to the buyer's place of business. | FOB destination |
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பபபபபபபபபபபபபபபபபபபபபபபபபபபபபபபபபபபபபபபபபபபபபபப 1. Time period in which a cash discount is available. 2. Time period that can...
A. Credit period B. Credit terms C. Discount period D. FOB destination E. FOB shipping point...
A. Credit period B. Credit terms C. Discount period D. FOB destination E. FOB shipping point F. General and administrative expenses G. Gross profit H. Inventory shrinkage 1. Merchandise inventory J. Multiple-step income statement K. Periodic inventory system L. Perpetual inventory system M. Purchase allowance N. Purchases discounts O. Sales discount P. Selling expenses Q. Shrinkage R. Single-step income statement S. Trade discount __A cash discount granted from the view of the seller, indicated in the credit terms on the...
Select the term in the blank space beside the definition that it most closely matches. Discount...
Select the term in the blank space beside the definition that it most closely matches. Discount period Cost of goods sold 1. Refers to credit terms where goods in transit are owned by the buyer. 2. Time period in which a cash discount is available. 3. The expense of purchasing and preparing the merchandise sold during a period. 4. Inventory is updated for purchases and sales of inventory only at the end of a period. 5. Purchaser's description of a...
866 Saved Select the term in the blank space beside the definition that it most closely...
866 Saved Select the term in the blank space beside the definition that it most closely matches. Sales discount Discount period 1. Seller's description of a cash discount granted to buyers in return for early payment 2. The amount of time allowed by a seller before payment is due from the buyer 3. Time period in which a cash discount is available 4. Refers to credit terms where goods in transit are owned by the seller 5. Refers to credit...
The following selected transactions were completed during August between Summit Company and Beartooth Co.: Aug. 1...
The following selected transactions were completed during August between Summit Company and Beartooth Co.: Aug. 1 Summit Company sold merchandise on account to Beartooth Co., $48,000, terms FOB destination, 2/15, n/eom. The cost of the merchandise sold was $28,800. 2 Summit Company paid freight of $1,150 for delivery of merchandise sold to Beartooth Co. on August 1. 5 Summit Company sold merchandise on account to Beartooth Co., $66,000, terms FOB shipping point, n/45. The cost of the merchandise sold was...
Match each of the following terms (a-h) with the correct definition below. Clear All Inventory system...
Match each of the following terms (a-h) with the correct definition below. Clear All Inventory system that updates the merchandise inventory account only at the end of the accounting period based on a physical count of merchandise on hand. Periodic inventory system Statement where net income is determined by deducting all expenses from all revenues. Multiple-step income statement Inventory system that updates the merchandise inventory account for every purchase and sale transaction. FOB shipping point Payment arrangements determined by the...
11. A trade discount is: A term used by a purchaser to describe a cash discount...
11. A trade discount is: A term used by a purchaser to describe a cash discount given to customers for prompt payment. B. A reduction in price below the list price. A term used by a seller to describe a cash discount granted to customers for prompt payment. D. A reduction in price for prompt payment. E. Also called a rebate. 12. A company uses the perpetual inventory system and recorded the following entry: 2,500 50 Accounts Payable...... .................. Merchandise...
EX#2 - Glossary: Define an inventory system in which the company does not maintain detailed records...
EX#2 - Glossary: Define an inventory system in which the company does not maintain detailed records of goods on hand throughout the accounting period and determines cost of goods sold only at the end of the accounting period. A Perpetual inventory system Periodic inventory system Just-in-Time Inventory System 0. Specific Identification Inventory Method TEXA2-Glossary: A perpetual inventory System Als updated each time an Her is purchase and updates cost of goods sold. B. Uses optical scanners and bar codes to...
1. Prepare entries that the buyer records for (a) the purchase. (b) cash payment within the...
1. Prepare entries that the buyer records for (a) the purchase. (b) cash payment within the discount period, and (c) cash payment after the discount period. 2. Prepare entries that the seller records for (a) the sale. (b) cash collection within the discount period, and (c) cash collection after the discount period. 5 SX Answer is not complete. / ES Complete this question by entering your answers in the tabs below. 5 Required 1 Required 2 Prepare entries that the...
001 HW G. Help Save & Exit Check in ANNI Required information Sales Discounts the discount...
001 HW G. Help Save & Exit Check in ANNI Required information Sales Discounts the discount period. Accounts Recelvable Sales - Granting sales returns or allowances. Sales Retums and Allowances ...... Cash or Accounts Receivable ... Merchandise Inventory ............... Cost of Goods Sold # Knowledge Check 01 If a perpetual inventory system is in use O a physical inventory count is not required because the Inventory account is updated for each purchase and sale. O a physical inventory count is...
1. Which of the following statement is not true regarding sales tax: a)Sales tax is a...
1. Which of the following statement is not true regarding sales tax: a)Sales tax is a consumption tax b)Sales tax applies to the sale of certain goods and services c) Sales tax is levied at the point of sale d)Sales tax is collected by the retailer and passed on to the government e)Consumers pay sales tax directly to the state f) If a business fails to collect sales tax from a consumer, they are still responsible for paying the uncollected...
A. Credit period B. Credit terms C. Discount period D. FOB destination E. FOB shipping point F. General and administrative expenses G. Gross profit H. Inventory shrinkage 1. Merchandise inventory J. Multiple-step income statement K. Periodic inventory system L. Perpetual inventory system M. Purchase allowance N. Purchases discounts O. Sales discount P. Selling expenses Q. Shrinkage R. Single-step income statement S. Trade discount __A cash discount granted from the view of the seller, indicated in the credit terms on the...
Select the term in the blank space beside the definition that it most closely matches. Discount period Cost of goods sold 1. Refers to credit terms where goods in transit are owned by the buyer. 2. Time period in which a cash discount is available. 3. The expense of purchasing and preparing the merchandise sold during a period. 4. Inventory is updated for purchases and sales of inventory only at the end of a period. 5. Purchaser's description of a...
866 Saved Select the term in the blank space beside the definition that it most closely matches. Sales discount Discount period 1. Seller's description of a cash discount granted to buyers in return for early payment 2. The amount of time allowed by a seller before payment is due from the buyer 3. Time period in which a cash discount is available 4. Refers to credit terms where goods in transit are owned by the seller 5. Refers to credit...
Match each of the following terms (a-h) with the correct definition below. Clear All Inventory system that updates the merchandise inventory account only at the end of the accounting period based on a physical count of merchandise on hand. Periodic inventory system Statement where net income is determined by deducting all expenses from all revenues. Multiple-step income statement Inventory system that updates the merchandise inventory account for every purchase and sale transaction. FOB shipping point Payment arrangements determined by the...
11. A trade discount is: A term used by a purchaser to describe a cash discount given to customers for prompt payment. B. A reduction in price below the list price. A term used by a seller to describe a cash discount granted to customers for prompt payment. D. A reduction in price for prompt payment. E. Also called a rebate. 12. A company uses the perpetual inventory system and recorded the following entry: 2,500 50 Accounts Payable...... .................. Merchandise...
EX#2 - Glossary: Define an inventory system in which the company does not maintain detailed records of goods on hand throughout the accounting period and determines cost of goods sold only at the end of the accounting period. A Perpetual inventory system Periodic inventory system Just-in-Time Inventory System 0. Specific Identification Inventory Method TEXA2-Glossary: A perpetual inventory System Als updated each time an Her is purchase and updates cost of goods sold. B. Uses optical scanners and bar codes to...
1. Prepare entries that the buyer records for (a) the purchase. (b) cash payment within the discount period, and (c) cash payment after the discount period. 2. Prepare entries that the seller records for (a) the sale. (b) cash collection within the discount period, and (c) cash collection after the discount period. 5 SX Answer is not complete. / ES Complete this question by entering your answers in the tabs below. 5 Required 1 Required 2 Prepare entries that the...
001 HW G. Help Save & Exit Check in ANNI Required information Sales Discounts the discount period. Accounts Recelvable Sales - Granting sales returns or allowances. Sales Retums and Allowances ...... Cash or Accounts Receivable ... Merchandise Inventory ............... Cost of Goods Sold # Knowledge Check 01 If a perpetual inventory system is in use O a physical inventory count is not required because the Inventory account is updated for each purchase and sale. O a physical inventory count is...
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