Choose any business you want and answer the following questions,
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Choose any business you want and answer the following questions, What merchandise inventory does the business...
In regard to these answers- The merchandise sold by the business I choose is the dental products that is products related to dental treatment.The business buys the inventory in order to sell the same to other doctors who are in the profession as a dental doctor.The relationship with a vendor usually depends on the quotation given by them, this business generally maintains long-standing relationship with its vendors and often negotiates for discounts.The FOB terms are looked after by the freight...
Accounting questions A) Cash os coating 53.000 or 55.000 with Using perpetual inventory, the entry to record a credit sale of S5000 Sales Revenue Inventory Cost of Goods Sold S3,000 B) Cash Service Revenue C) Accounts Receivable S5,000 $3.000 $5,000 $3.000 $3,000 D) Service Revenue S5,000 Accounts Receivable S5,000 Sales Revenue Cost of Goods Sold S3,000 Inventory $3,000 $5,000 29. Waggy Company identi Indicate whether each item should each item should be included or excluded from the inventory taking ems...
LOL. What are merchandising operations a) List and describe the operating cycle of a merchandising business: b) In your own words, define Cost of Goods Sold? c) In your own words, define Gross Profit and how is it calculated? a) What is the difference between the period and perpetual inventory systems? LO2. How are purchases of merchandise inventory recorded in a perpetual inventory system a) Using the perpetual system, Journalize for: a) the purchase of merchandise inventory of $1,000 on...
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...
THANK YOU SO MUCH I WILL BE SURE TO LEAVE A GREAT RATING AND NOTE!!!!! 20. The primary difference between the periodic and perpetual inventory systems is that a periodic system determines the inventory on hand only at the end of the accounting period periodic system provides an easy means to determine inventory shrinkage periodic system records the cost of the sale on the date the sale is made periodic system keeps a record showing the inventory on hand at...
The following information applies to the questions displayed below.] At the beginning of 2018, the Redd Company had the following balances in its accounts: Cash $ 8,800 Inventory 2,800 Common stock 8,300 Retained earnings 3,300 During 2018, the company experienced the following events: Purchased inventory that cost $6,300 on account from Ross Company under terms 2/10, n/30. The merchandise was delivered FOB shipping point. Freight costs of $580 were paid in cash. Returned $400 of the inventory that...
Unit 5 Journal Buyer and Seller This assessment addresses the following course objective(s): Record various business transactions in accordance with generally accepted accounting principles In this assignment, we will look at various merchant transactions from the buyer and seller's perspective. Buy and Seller Entries Franklin Retailing (buyer) and Sandord Wholesalers (seller) enter into the following transactions October 15-Feb Franklin accepts delivery of $36,000 of merchandise it purchases for resale from Sanford: invoice dated October 15, terms 3/10, n/90, FOB shipping...
Sales-Related and Purchase-Related Transactions for Seller and Buyer Using Perpetual Inventory System 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., $45,300, terms FOB destination, 2/15, n/eom. The cost of the goods sold was $26,780. 2. Summit Company paid freight of $1,130 for delivery of merchandise sold to Beartooth Co. on August 1. 5. Summit Company sold merchandise on account to Beartooth Co., $68,140,...
Accounting questions t a is used for all of the below EXCEL C) Buying of goods D) Taking a purchase discount entory system th Payine buy fresh costs Pay seller freight costs 15) s calculated operating expen After se net income C operating expenses are deducted to determine esarin D) Oss profit on A) net margin ne business made the following four inventory purchases in May. 24 A company just starting bus Total Cost May 10 units S390 May 10...
I CHOOSE THE BEST ANSWER FOR THE FOLLOWING QUESTIONS 1 Which one is the right quotation of a Chinese exporting company? CFRN B CNY 1000/MT A. EUR 100/KG CIF HAMBERG DJPY 10000/CASE CIF Guangzhou C. HKD 1000/DOZ FOB ransportation, all risk of loss or damage 2. According to INCOTERM2010, under EXW term, if the accident happened in tr to the goods will be borne by the A Buyer B. Seller C Carier D. Insurer 3 According to INCOTERM2010, the common...