Which of the following accounts would be closed out with a debit?
b. Sales Returns and Allowances
c. Cost of Goods Sold
d. Operating Expenses
e. Sales Discounts
Homework Answers
Which of the following accounts would be closed out with a debit?
E. Sales
Sorry, I posted the wrong letter... the correct answer is :
A. Sales
Which of the following accounts would be closed at the end of the accounting period with...
Which of the following accounts would be closed at the end of the accounting period with a debit? Multiple Choice 0:54:00 Ο Soles Discounts Ο Operating Expenses Ο Sales Returns and Allowances Ο Cost of Goods Sold. Cushman Company had $842,000 in sales, sales discounts of $12,630, sales returns and allowances of $18.945, cost of goods sold of $399,950, and $289,650 in operating expenses. Net income equals.
Stephen Company had the following partial list of account balances at year-end: Accounts Receivable: $9,000 &nbs
Stephen Company had the following partial list of account balances at year-end: Accounts Receivable: $9,000 Cost of Goods Sold: $34,100 Sales Revenue: $57,200 Accounts Payable: $7,500 Sales Discounts: $1,600 Merchandise Inventory: $5,900 Operating Expenses: $8,400 Sales Returns and Allowances: $4,300 The amount of Gross Profit shown on the income statement would be: A) $ 26,200 B) $ 8,800 C) $ 17,200 D) $ 8,200 E) $ 11,300
Which of the following accounts is NOT closed to Income Summary?: Select one: a. Cost of...
Which of the following accounts is NOT closed to Income Summary?: Select one: a. Cost of Goods Sold b. Sales Returns and Allowances c. All of these are closed to Income Summary Od Sales e. Inventory
Sales returns and allowances and sales discounts, are both contra revenue accounts with debit balances that...
Sales returns and allowances and sales discounts, are both contra revenue accounts with debit balances that are deducted from sales revenue to arrive at net sales and cost of goods could also be deducted from sales revenue, but sales revenue is not deducted from itself. All of the following appear as deductions from sales revenue on an income statement for merchandisers except Sales Revenue. O Sales Returns and Allowances. Cost of Goods Sold. Sales Discounts.
Need help thank you in advance 5. The account 'dividend revenue' would be included in which...
Need help thank you in advance
5. The account 'dividend revenue' would be included in which section of the income statement? a. net sales c operating expenses b. cost of goods sold d. other revenues and expenses 6. The account 'sales returns and allowances' would be included in which section of the income statement? a. net sales c. operating expenses b. cost of goods sold d. other income and expenses
Determine Sales revenue for Merema Company with the following data: Cost of Goods Sold $1,680,000 Operating...
Determine Sales revenue for Merema Company with the following data: Cost of Goods Sold $1,680,000 Operating Expenses 420,000 Sales Discounts 30,000 Sales Returns and Allowances 195,000 Net Income 510,000 Select one: A. $2,385,000 B. $2,835 000 C. $2,445,000 D. $2,775,000
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...
11) Net sales revenue is calculated by A) subtracting sales discounts and estimated sales returns and...
11) Net sales revenue is calculated by A) subtracting sales discounts and estimated sales returns and allowances from sales revenue B) subtracting cost of goods sold from sales revenue C) subtracting sales discounts and selling expenses from sales revenue D) adding sales discounts and sales returns and allowances to sales revenue
4-Financial information is presented below: Operating expenses $ 41000 Sales returns and allowances 5000 Sales discounts...
4-Financial information is presented below: Operating expenses $ 41000 Sales returns and allowances 5000 Sales discounts 9000 Sales revenue 162000 Cost of goods sold 93000 5-The amount of net sales on the income statement would be $157000. $153000. $148000. $162000. Financial information is presented below: Operating expenses $ 50000 Sales returns and allowances 4000 Sales discounts 7000 Sales revenue 160000 Cost of goods sold 94000 Gross Profit would be $55000. $70000. $66000. $62000.
The accounting record for Katzen Company reported the following selected information: Operating Expenses $270,000 Sales Returns...
The accounting record for Katzen Company reported the following selected information: Operating Expenses $270,000 Sales Returns and Allowances 78,000 Sales Discounts 36,000 Sales Revenue 1,050,000 Cost of Goods Sold 402,000 Determine Katzen Company's gross profit. Select one: A. $462,000 B. $498,000 C. $534,000 D. $420,000
Which of the following accounts would be closed at the end of the accounting period with a debit? Multiple Choice 0:54:00 Ο Soles Discounts Ο Operating Expenses Ο Sales Returns and Allowances Ο Cost of Goods Sold. Cushman Company had $842,000 in sales, sales discounts of $12,630, sales returns and allowances of $18.945, cost of goods sold of $399,950, and $289,650 in operating expenses. Net income equals.
Which of the following accounts is NOT closed to Income Summary?: Select one: a. Cost of Goods Sold b. Sales Returns and Allowances c. All of these are closed to Income Summary Od Sales e. Inventory
Sales returns and allowances and sales discounts, are both contra revenue accounts with debit balances that are deducted from sales revenue to arrive at net sales and cost of goods could also be deducted from sales revenue, but sales revenue is not deducted from itself. All of the following appear as deductions from sales revenue on an income statement for merchandisers except Sales Revenue. O Sales Returns and Allowances. Cost of Goods Sold. Sales Discounts.
Need help thank you in advance
5. The account 'dividend revenue' would be included in which section of the income statement? a. net sales c operating expenses b. cost of goods sold d. other revenues and expenses 6. The account 'sales returns and allowances' would be included in which section of the income statement? a. net sales c. operating expenses b. cost of goods sold d. other income and expenses
11) Net sales revenue is calculated by A) subtracting sales discounts and estimated sales returns and allowances from sales revenue B) subtracting cost of goods sold from sales revenue C) subtracting sales discounts and selling expenses from sales revenue D) adding sales discounts and sales returns and allowances to sales revenue
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