Homework Answers
Question 3
Correct answer----inventory account on the balance sheet as a current asset
.
Inventory account is a current asset not an income statement account or an equity account.
Question 4
Correct answer----merchandise inventory.
Service companies do not have merchandise inventory because they do not purchase any inventory from the market their services cannot be seen like the goods traded in a merchandise company.
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Question 3 4 pts A merchandising company has: no inventory account O an inventory account on...
1) On a merchandising balance sheet, merchandise inventory is listed as a(n) A) current liability. B)...
1) On a merchandising balance sheet, merchandise inventory is listed as a(n) A) current liability. B) expense. C) revenue. D) current asset. 2) A company that uses the perpetual inventory system purchases inventory for $65,000 on account, with terms of 2/1o, n/30. Which of the following is the journal entry to record the payment made within 1 A) a debit to Accounts Payable for $63,700, a debit to Merchandise Inventory for $1,300 and a credit to Cash fors65,000 B) a...
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...
Kleiner Merchandising Company Accumulated depreciation $ Beginning inventory Ending Inventory Expenses Net Purchases Net Sales 700...
Kleiner Merchandising Company Accumulated depreciation $ Beginning inventory Ending Inventory Expenses Net Purchases Net Sales 700 8,500 4,500 1.800 9,500 16,500 Krug Service Company Expenses $ 8,100 Revenues 21,000 Cash 600 Prepaid rent Accounts payable 200 Equipment 1,900 640 Required: a. Compute gross profit, the goods available for sale, and the cost of goods sold for the merchandiser Hint Not all information may be necessary b. Use the above information from a service company and from a merchandiser to compute...
Kleiner Merchandising Company Accumulated depreciation $ Beginning inventory Ending Inventory Expenses Net Purchases Net Sales 700...
Kleiner Merchandising Company Accumulated depreciation $ Beginning inventory Ending Inventory Expenses Net Purchases Net Sales 700 8,500 4,500 1,800 9,500 16,500 $ 8. 100 21,000 Krug Service Company Expenses Revenues Cash Prepaid rent Accounts payable Equipment 600 640 200 1.900 Required: a. Compute gross profit, the goods available for sale, and the cost of goods sold for the merchandiser. Hint Not all information may be necessary b. Use the above information from a service company and from a merchandiser to...
Kleiner Merchandising Company Accumulated depreciation $ 700 Beginning inventory 11,500 Ending Inventory 6,900 Expenses 2,100 Net...
Kleiner Merchandising Company Accumulated depreciation $ 700 Beginning inventory 11,500 Ending Inventory 6,900 Expenses 2,100 Net Purchases 14,300 Net Sales 22,500 Krug Service Company Expenses $ 8,700 Revenues 27,000 Cash 700 Prepaid rent 680 Accounts payable Equipment 2,500 200 Required: a. Compute the goods available for sale, the cost of goods sold, and the gross profit for the merchandiser. Hint: Not all information may be necessary. 3. Use the above information from a service company and from a merchandiser to...
Cost of goods sold is characterized by which of the following statements? (Check all that apply.)...
Cost of goods sold is characterized by which of the following statements? (Check all that apply.) Cost of goods sold is the money received from selling merchandise. Cost of goods sold is an expense reported on the income statement. Cost of goods sold includes the expenses of buying and preparing an item for sale. Cost of goods sold is used to figure gross profit. Cost of goods sold is also called cost of sales. Cost of goods sold is an asset reported on the balance sheet.Merchandise...
11 A company buys footwear and clothing from manufacturers, which it resells to discount stores in...
11 A company buys footwear and clothing from manufacturers, which it resells to discount stores in a large urban area. This company is an example of a: A) wholesale merchandising company. B) service company. C) retail merchandising company. D) secondary service company. 12 Which line item would be found on a merchandiser's balance sheet and not on a service firm's? A) Supplies B) Cost of Goods Sold C) Inventory D) Sales Revenue 13 Inventory is reported as a(n) on the...
Use the following information (in random order) from a merchandising company and from a service company....
Use the following information (in random order) from a merchandising company and from a service company. Kleiner Merchandising Company Accumulated depreciation $ 700 Beginning inventory 12,000 Ending Inventory 7,200 Expenses 2,150 Net Purchases 15,100 Net Sales 23,500 Krug Service Company Expenses $ 10, 200 Revenues 28,000 Cash 800 Prepaid rent 580 Accounts payable 200 Equipment 2,500 Required: a. Compute the goods available for sale, the cost of goods sold, and the gross profit for the merchandiser. Hint: Not all information...
@ Test Bank for Accounting Principles, Eighth Edition The multiple-step form of income statement is easier...
@ Test Bank for Accounting Principles, Eighth Edition The multiple-step form of income statement is easier to read than the single-step form 22 Merchandise inventory is classified as a current asset in a classified balance sheet Gain on sale of equipment and interest expense are reported under other revenues and gains in a multiple-step income statement. 23. The gross profit section for a merchandising company appears on both the multiple-step and single-step forms of an income statement. In a multiple-step...
connect theducation.com Ch 4 w 3 Use the following information on random order from a merchandising...
connect theducation.com Ch 4 w 3 Use the following information on random order from a merchandising company and from a service company Alated depreciation 30 5. Accounts payable a. Compute the goods available for sale, the cost of goods sold and gross profit for the merchandiser. Hint. Not all information may be necessary b. Compute net income for each company Goods available for sale Cost of goods sold Gross prom 1. Net Income for Krug Service Company Nincome for Mel...
1) On a merchandising balance sheet, merchandise inventory is listed as a(n) A) current liability. B) expense. C) revenue. D) current asset. 2) A company that uses the perpetual inventory system purchases inventory for $65,000 on account, with terms of 2/1o, n/30. Which of the following is the journal entry to record the payment made within 1 A) a debit to Accounts Payable for $63,700, a debit to Merchandise Inventory for $1,300 and a credit to Cash fors65,000 B) a...
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2.
3.
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5.
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...
Kleiner Merchandising Company Accumulated depreciation $ Beginning inventory Ending Inventory Expenses Net Purchases Net Sales 700 8,500 4,500 1.800 9,500 16,500 Krug Service Company Expenses $ 8,100 Revenues 21,000 Cash 600 Prepaid rent Accounts payable 200 Equipment 1,900 640 Required: a. Compute gross profit, the goods available for sale, and the cost of goods sold for the merchandiser Hint Not all information may be necessary b. Use the above information from a service company and from a merchandiser to compute...
Kleiner Merchandising Company Accumulated depreciation $ Beginning inventory Ending Inventory Expenses Net Purchases Net Sales 700 8,500 4,500 1,800 9,500 16,500 $ 8. 100 21,000 Krug Service Company Expenses Revenues Cash Prepaid rent Accounts payable Equipment 600 640 200 1.900 Required: a. Compute gross profit, the goods available for sale, and the cost of goods sold for the merchandiser. Hint Not all information may be necessary b. Use the above information from a service company and from a merchandiser to...
Kleiner Merchandising Company Accumulated depreciation $ 700 Beginning inventory 11,500 Ending Inventory 6,900 Expenses 2,100 Net Purchases 14,300 Net Sales 22,500 Krug Service Company Expenses $ 8,700 Revenues 27,000 Cash 700 Prepaid rent 680 Accounts payable Equipment 2,500 200 Required: a. Compute the goods available for sale, the cost of goods sold, and the gross profit for the merchandiser. Hint: Not all information may be necessary. 3. Use the above information from a service company and from a merchandiser to...
11 A company buys footwear and clothing from manufacturers, which it resells to discount stores in a large urban area. This company is an example of a: A) wholesale merchandising company. B) service company. C) retail merchandising company. D) secondary service company. 12 Which line item would be found on a merchandiser's balance sheet and not on a service firm's? A) Supplies B) Cost of Goods Sold C) Inventory D) Sales Revenue 13 Inventory is reported as a(n) on the...
Use the following information (in random order) from a merchandising company and from a service company. Kleiner Merchandising Company Accumulated depreciation $ 700 Beginning inventory 12,000 Ending Inventory 7,200 Expenses 2,150 Net Purchases 15,100 Net Sales 23,500 Krug Service Company Expenses $ 10, 200 Revenues 28,000 Cash 800 Prepaid rent 580 Accounts payable 200 Equipment 2,500 Required: a. Compute the goods available for sale, the cost of goods sold, and the gross profit for the merchandiser. Hint: Not all information...
@ Test Bank for Accounting Principles, Eighth Edition The multiple-step form of income statement is easier to read than the single-step form 22 Merchandise inventory is classified as a current asset in a classified balance sheet Gain on sale of equipment and interest expense are reported under other revenues and gains in a multiple-step income statement. 23. The gross profit section for a merchandising company appears on both the multiple-step and single-step forms of an income statement. In a multiple-step...
connect theducation.com Ch 4 w 3 Use the following information on random order from a merchandising company and from a service company Alated depreciation 30 5. Accounts payable a. Compute the goods available for sale, the cost of goods sold and gross profit for the merchandiser. Hint. Not all information may be necessary b. Compute net income for each company Goods available for sale Cost of goods sold Gross prom 1. Net Income for Krug Service Company Nincome for Mel...
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