Merchandise inventory is share on the balance sheet together aa. Current liabilityb. Irreversible assetc. Irreversible liabilityd. Existing asset


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Calculate income from operations because that Jonas agency based ~ above the adhering to data:Sales $764,000Operating expenses 52,500Cost that merchandise sold 538,000a. $485,500b. $711,500c. $173,500d. $226,000
Calculate the gross benefit for Jefferson company based ~ above the following:Sales $764,000Selling expenses 42,500Cost the merchandise offered 538,000a. $183,500b. $721,500c. $226,000d. $495,500
The major difference in between a periodic and also perpetual inventory system is the aa. Periodic device keeps a record showing the list on hand at every timesb. Routine system provides an easy method to determine inventory shrinkagec. Periodic system determines the perform on hand only at the finish of the accountancy periodd. Periodic mechanism records the price of the sale on the date the revenue is made
Which of the following accounts has actually a normal debit balance?a. Account Payableb. Salesc. Attention Revenued. Merchandise Inventory
The arrangements in between buyer and also seller regarding when payments for merchandise space to be made room calleda. Credit termsb. Gun cashc. Cash top top demandd. Network cash
Merchandise subject to state 2/10, n/30, FOB shipping point, is offered on account come a customer for $25,000. What is the lot of the sales discount allowable?a. $500b. $460c. $150d. $260
Which of the following accounts has actually a typical credit balance?a. Account Receivableb. Goods Inventoryc. Salesd. Delivery Expense
When purchase of merchandise are made ~ above account through a perpetual list system, the transaction is recorded with which entry?a. Debit goods Inventory; credit transaction Accounts Payableb. Debit accounts Payable; credit Merchandise Inventoryc. Debit was Inventory; credit transaction Purchasesd. Debit was Inventory; credit transaction Cash Discounts
A sales invoice consisted of the complying with information: goods price, $12,000; terms 1/10, n/eom, FOB shipping allude with prepaid freight the $900 included to the invoice. Assuming that a credit transaction for merchandise reverted of $500 is granted prior to payment and also the invoice is payment within the discount period, what is the amount of cash that have to be received by the seller?a. $12,285b. $11,500c. $11,385d. $10,480
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