Homework Answers
|
106. Option A Sales discounts and sales returns and allowances are contra revenue accounts as they reduce the revenue balances. |
|
|
107 option A Sales revenue is considered earned when goods have been transferred from buyer to seller |
Add Answer to:
Multiple Choice Question 106 Which of the following accounts is classified as a contra revenue account? Sales R...
32. Which of the following accounts is classified as a contra revenue account? A) Sales Revenue...
32. Which of the following accounts is classified as a contra revenue account? A) Sales Revenue B) Cost of Goods Sold C) Sales Returns and Allowances D) Purchase Discounts 33. Ron's Quik Shop bought equipment for $70,000 on January 1, 2013. Ron estimated the useful life to be 5 years with no salvage value, and the straight-line method of depreciation will be used. On January 1, 2014, Ron decides that the business will use the equipment for a total of...
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.
PART A The allowance for credit losses account is classified as Multiple Choice a contra-revenue account....
PART A The allowance for credit losses account is classified as Multiple Choice a contra-revenue account. a contra-equity account. a contra-asset account. a contra-expense account. PART B An analyst notes that ABC Inc.’s allowance for credit losses as a percentage of year-end accounts receivable has changed. Which of the following would not be a plausible explanation for the change? Multiple Choice ABC’s management is using the allowance for credit losses to “manage” earnings. The company ages its receivables and the...
Which of the following is considered a "contra" account? Multiple Choice O Deferred Revenue. O Goodwill....
Which of the following is considered a "contra" account? Multiple Choice O Deferred Revenue. O Goodwill. O Accumulated Depreciation. O Cost of Goods Sold.
Which of the following best describes credit sales? Multiple Choice Cash sales to customers that are...
Which of the following best describes credit sales? Multiple Choice Cash sales to customers that are new to the company. Sales to customers using credit cards. Sales to customers on account. Sales with a high risk that the customer will return the product. $22.000; 9 A company reported the following amounts at the end of the year: total sales revenue = $624,000; sales allowances - $6,000; sales returns net revenues $588,000. What amount did the company report for sales discounts...
Which of the following statements is true regarding sales returns and allowances? Multiple Choice Estimated sales...
Which of the following statements is true regarding sales returns and allowances? Multiple Choice Estimated sales returns and allowances are often material in relation to accounts receivable. The sales returns and allowances account is a contra-asset account. Ignoring estimated future returns and allowances has a minimal impact on reported earnings when the amount of actual returns and allowances is not material and does not vary greatly from year-to-year. When sales returns occur, they should be debited to the sales account.
6) Which of the following accounts is not a contra account? A. Inventory B. Accumulated Amortization...
6) Which of the following accounts is not a contra account? A. Inventory B. Accumulated Amortization C. Sales Returns and Allowances D. Sales Discounts 7) To calculate the gross margin percentage, A. Divide net sales by net income B. Divide current assets by current liabilities C. Divide total liabilities by total assets D. Divide gross margin by net sales 8) If a purchaser returns goods purchased on account to the supplier under a perpetual inventory system, the purchaser would debit:...
Of the following, which usually would not be classified as a current liability? Multiple Choice A...
Of the following, which usually would not be classified as a current liability? Multiple Choice A nine-month note to be paid with the proceeds from the sale of common stock. Bonds payable maturing within the coming year. Estimated warranty liability. Subscription revenue received in advance.
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or an uestion. 1) Goods...
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or an uestion. 1) Goods in transit are: A) always included in the transportation company's inventory. B) always included in the buying company's inventory. C) always included in the selling company's inventory D) inventory items being transported from a seller to a buyer. 2) Acme Company's balance sheet shows three inventory accounts-raw materials, work and finished goods. Acme Company must be a: A) service business. C) wholesale distributor. B)...
Griffin Shoe Company records Sales Returns and Allowances, Sales Discounts, and Credit Card Discounts as contra-revenues.
Griffin Shoe Company records Sales Returns and Allowances, Sales
Discounts, and Credit Card Discounts as contra-revenues.July12Sold merchandise to customer at factory store who charged the
$300 purchase on her American Express card. American Express
charges a 1 percent credit card fee. Cost of goods sold was
$175.July15Sold merchandise to Customer T at an invoice price of $5,000;
terms 3/10, n/30. Cost of goods sold was $2,500.July20Collected cash due from Customer T.July21Before paying for the order, a customer returned shoes with...
32. Which of the following accounts is classified as a contra revenue account? A) Sales Revenue B) Cost of Goods Sold C) Sales Returns and Allowances D) Purchase Discounts 33. Ron's Quik Shop bought equipment for $70,000 on January 1, 2013. Ron estimated the useful life to be 5 years with no salvage value, and the straight-line method of depreciation will be used. On January 1, 2014, Ron decides that the business will use the equipment for a total of...
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.
Which of the following is considered a "contra" account? Multiple Choice O Deferred Revenue. O Goodwill. O Accumulated Depreciation. O Cost of Goods Sold.
Which of the following best describes credit sales? Multiple Choice Cash sales to customers that are new to the company. Sales to customers using credit cards. Sales to customers on account. Sales with a high risk that the customer will return the product. $22.000; 9 A company reported the following amounts at the end of the year: total sales revenue = $624,000; sales allowances - $6,000; sales returns net revenues $588,000. What amount did the company report for sales discounts...
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or an uestion. 1) Goods in transit are: A) always included in the transportation company's inventory. B) always included in the buying company's inventory. C) always included in the selling company's inventory D) inventory items being transported from a seller to a buyer. 2) Acme Company's balance sheet shows three inventory accounts-raw materials, work and finished goods. Acme Company must be a: A) service business. C) wholesale distributor. B)...
Griffin Shoe Company records Sales Returns and Allowances, Sales
Discounts, and Credit Card Discounts as contra-revenues.July12Sold merchandise to customer at factory store who charged the
$300 purchase on her American Express card. American Express
charges a 1 percent credit card fee. Cost of goods sold was
$175.July15Sold merchandise to Customer T at an invoice price of $5,000;
terms 3/10, n/30. Cost of goods sold was $2,500.July20Collected cash due from Customer T.July21Before paying for the order, a customer returned shoes with...
Most questions answered within 3 hours.
-
Modify
When executing on the command line having only
this program name, the program will accept...
asked 43 minutes ago -
Kenny Electric Company's noncallable bonds were issued several
years ago and now have 20 years to...
asked 58 minutes ago -
find H(e^Jtheta) at theta= 0, pi/10, pi/20, pi/2 for
the following:
a) H(e^Jtheta)= 1+e^Jtheta
b) H(e^Jtheta)=...
asked 1 hour ago -
Home Corporation will open a new store on January 1. Based on
experience from its other...
asked 1 hour ago -
In a neoclassical model, use the IS-LM to analyze the effect of
a permanent money supply...
asked 2 hours ago -
An electron passes through a point 2.67 cm from a long straight
wire as it moves...
asked 2 hours ago -
A grammar is a 4-tuple G, G = (Ν, Σ, Π, Σ, S) where, Ν is...
asked 3 hours ago -
In this part, calculate the present values. Use the Excel PV
function to compute the present...
asked 3 hours ago -
Part 1. Primitive Types, Sorting, Recursion for
Homework.java
a) Implement the static method initializeArray that receives...
asked 4 hours ago -
Using C++, build a sorter that can rank a sequence of numbers in
a descending order....
asked 4 hours ago -
Derive ground state term symbols. Use notation 2S(1/2) for state
2S1/2
a) d5
b) f3
c)...
asked 5 hours ago -
A sample of size 31 will be drawn from a population with mean 39
and standard...
asked 5 hours ago