Which of the following accounts will not be found in the Cost of Merchandise Sold section...
Which of the following accounts will not be found in the Cost of Merchandise Sold section of the income statement for a company using the periodic inventory method?
a. Purchases
b. Freight-In
c. Selling Expense
d. Merchandise Inventory
Homework Answers
Option C is the answer
| Cost of Goods Sold section has all three accounts i.e purchases, freight in and merchandise inventory. However selling expense is not included in the cost of goods sold instead treated as period cost |
Add Answer to:
Which of the following accounts will not be found in the Cost of
Merchandise Sold section...
Using the following information, prepare the Cost of Goods Sold section of an income statement. Purchases...
Using the following information, prepare the Cost of Goods Sold section of an income statement. Purchases Discounts $8,500 Merchandise Inventory, December 31 189,000 Purchases 476,000 Merchandise Inventory, January 1 185,000 Purchases Returns and Allowances 9,000 Freight In 12,000 Income Statement (Partial) $ $ $ Net Purchases $ $ $
I need to find a GROSS PROFIT for this question: Cost of goods sold and related...
I need to find a GROSS PROFIT for this question: Cost of goods sold and related items The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 2018: Estimated returns of current year sales $ 13,000 Inventory, May 1, 2017 $ 362,700 Inventory, April 30, 2018 453,400 Purchases 2,947,300 Purchases returns and allowances 90,700 Purchases discounts 54,400 Sales 4,534,300 Freight in 13,600 a. Prepare the cost of merchandise sold section of the...
1. Which of the following accounts are used when recording a purchase using a periodic inventory...
1. Which of the following accounts are used when recording a purchase using a periodic inventory system? a. cash, purchases b. accounts payable, sales c. accounts payable, accounts receivable d. cash, merchandise inventory 2. A multi-step income statement ________. a. separates cost of goods sold from operating expenses b. considers interest revenue an operating activity c. is another name for a simple income statement d. combines cost of goods sold and operating expenses 3. A customer returns $870 worth of...
The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. The merchandise...
The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. The merchandise inventory amounted to $58,275 on January 1, 2019, and $51,225 on December 31, 2019. The expense accounts numbered 611 through 617 represent selling expenses, and those numbered 631 through 646 represent general and administrative expenses. Accounts 401 Sales 451 Sales Returns and Allowances 491 Miscellaneous Income 501 Purchases S02 Freight In 583 Purchases Returns and Allowances 584 Purchases Discounts 611 Salaries Expense-Sales 614 Store...
Cost of Merchandise Sold Cost of merchandise sold: Merchandise inventory, May 31, 2018 $105,000 Cost of...
Cost of Merchandise Sold Cost of merchandise sold: Merchandise inventory, May 31, 2018 $105,000 Cost of merchandise purchased: Purchases $1,110,000 Purchases returns and allowances 55,000 Purchases discounts 30,000 Freight in (22,000) Total cost of merchandise purchased 1,173,000 Inventory available for sale $1,278,000 Merchandise inventory, June 1, 2017 91,300 Cost of merchandise sold before estimated returns $1,186,700 Increase in estimated returns inventory 43,300 Cost of merchandise sold $1,230,000 The schedule of the cost of merchandise sold for the current year ended...
Cost of Merchandise Sold Based on the following data, determine the cost of merchandise sold for...
Cost of Merchandise Sold Based on the following data, determine the cost of merchandise sold for Novemt Increase in estimated returns inventory Merchandise inventory, November 1 Merchandise inventory, November 30 Purchases Purchases returns and allowances Purchases discounts Freight in $14,500 28,000 31,500 475,000 15,000 9,000 7,000
Cost of Merchandise Sold Based on the following data, determine the cost of merchandise sold for...
Cost of Merchandise Sold Based on the following data, determine the cost of merchandise sold for November: Increase in estimated returns inventory $14,500 Merchandise inventory, November 1 28,000 Merchandise inventory, November 30 31,500 Purchases 475,000 Purchases returns and allowances 15,000 Purchases discounts 9,000 Freight in 7,000 $
The following data were extracted from the accounting records of Harkins Company for the year ended...
The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 2019: Increase in estimated returns inventory $ 9,400 Merchandise inventory, May 1, 2018 377,900 Merchandise inventory, April 30, 2019 472,400 Purchases 3,070,400 Purchases returns and allowances 94,500 Purchases discounts 56,700 Sales 4,723,700 Freight in 14,200 a. Prepare the cost of merchandise sold section of the income statement for the year ended April 30, 2019, using the periodic inventory system. Harkins Company Income...
Cost of Merchandise Sold Based on the following data, determine the cost of merchandise sold for...
Cost of Merchandise Sold Based on the following data, determine the cost of merchandise sold for November: Increase in estimated returns inventory Merchandise inventory, November 1 Merchandise inventory, November 30 Purchases $8,500 14,200 27,200 283,400 9,600 5,700 4,000 Purchases returns and allowances Purchases discounts Freight in Feedback Check My Work
Question 1 Presented below are selected transactions for Scotian Corporation during July. Jul 1 Sold merchandise...
Question 1 Presented below are selected transactions for Scotian Corporation during July. Jul 1 Sold merchandise to Brunswick Inc. for $800, terms 3/10, n/30. The merchandise sold cost $400. 2 Purchased merchandise from Founders Corporation for $4,500, terms 4/10, n/30. 3 Paid freight charges of $100 on items purchased on July 2. 4 Purchased merchandise from Edward Company Ltd. for $5,000, n/30. 10 Received payment from Brunswick Inc. for purchase of July 1. 11 Paid...
The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. The merchandise inventory amounted to $58,275 on January 1, 2019, and $51,225 on December 31, 2019. The expense accounts numbered 611 through 617 represent selling expenses, and those numbered 631 through 646 represent general and administrative expenses. Accounts 401 Sales 451 Sales Returns and Allowances 491 Miscellaneous Income 501 Purchases S02 Freight In 583 Purchases Returns and Allowances 584 Purchases Discounts 611 Salaries Expense-Sales 614 Store...
Cost of Merchandise Sold Based on the following data, determine the cost of merchandise sold for Novemt Increase in estimated returns inventory Merchandise inventory, November 1 Merchandise inventory, November 30 Purchases Purchases returns and allowances Purchases discounts Freight in $14,500 28,000 31,500 475,000 15,000 9,000 7,000
Cost of Merchandise Sold Based on the following data, determine the cost of merchandise sold for November: Increase in estimated returns inventory Merchandise inventory, November 1 Merchandise inventory, November 30 Purchases $8,500 14,200 27,200 283,400 9,600 5,700 4,000 Purchases returns and allowances Purchases discounts Freight in Feedback Check My Work
Most questions answered within 3 hours.
-
Given a regression sum of squares equal to 2373.59 and a total
sum of squares equal...
asked 5 minutes ago -
The sandwich maker of the EE-Cole-Eye Sandwich Truck was just
fired (for a reason described below)...
asked 2 hours ago -
Name the following coordination compounds using systematic
nomenclature.
1. [Co(H2O)6]Cl2:
2. [Cr(NH3)6](NO3)3:
3. K4[Fe(CN)6]:
4. Na[Au(CN)4]:...
asked 1 hour ago -
Propose an efficient synthesis of 2-Bromo-5-nitrotoluene from
benzene. Hint: 3 steps. Consider directing effects of substituents....
asked 3 hours ago -
This assignment will explore the impact of corporate decisions
on a local versus a global perspective....
asked 2 hours ago -
Given the function below, F(w,x,y,z)= x’z+w’z’+w’y
a) draw a logic diagram for an implementation which uses...
asked 2 hours ago -
Most political philosophers believe we have a duty to obey laws,
even if the laws in...
asked 3 hours ago -
Which of the following are common negotiation outcome
mistakes?
a. Leave money on the table b....
asked 3 hours ago -
Convert the following quantities:
a) 0.819 atm to torr b) 512 mmHg to bar c) 11.2...
asked 4 hours ago -
C ++ Implement cat command
The purpose of this assignment is to provide practice using the...
asked 4 hours ago -
we
convert sugars into another form of stored potential energy. This
is called?
asked 5 hours ago -
The manufacturers of Oriental Spice Sauce are concerned that the
sodium levels in their product vary...
asked 5 hours ago