Loading...

Messages

Proposals

Stuck in your homework and missing deadline? Get urgent help in $10/Page with 24 hours deadline

Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades.

Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support

If a purchaser using a perpetual inventory system pays the transportation costs, then the

13/11/2020 Client: arwaabdullah Deadline: 3 days

The operating cycle of a merchandising company is ordinarily shorter than that of a service company.

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

True

False

The operating cycle of a merchandising company is ordinarily ___________________ that of a service firm.

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

longer than

shorter than

has fewer steps than

the same as

Which statement is true when recording the sale of goods for cash in a perpetual inventory system?

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

Only one journal entry is necessary. It will record the receipt of cash and sales revenue.

Two journal entries are necessary: one to record the receipt of cash and sales revenue, and one to record the cost of goods sold and to reduce inventory.

Two journal entries are necessary: one to record the receipt of cash and reduction of inventory, and one to record the the cost of goods sold and sales revenue.

Only one journal entry is necessary. It will record cost of goods sold and reduce of inventory.

Net income is $15,000, operating expenses are $20,000, and net sales total $75,000. How much is cost of goods sold?

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

$35,000

$15,000

$60,000

$40,000

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

Which one of the following will result in gross profit?

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

Operating expenses less net income

Operating expenses less cost of goods sold

Sales revenue less cost of goods sold

Sales revenue less operating expenses

Under what system is cost of goods sold determined at the end of an accounting period?

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

Double entry inventory system

Perpetual inventory system

Single entry inventory system

Periodic inventory system

Net income is $15,000, operating expenses are $20,000, net sales total $75,000, and sales revenues total $95,000. How much is the profit margin?

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

16%

79%

75%

20%

In a periodic inventory system, when is the cost of the merchandise sold determined?

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

At the end of the period

Periodically during the period

Either at time of sale, end of period or periodically during the period

At the time of the sale

Waymon Co. has net sales of $100,000, cost of goods sold of $70,000, and operating expenses of $18,000. What is its gross profit?

Gross profit

$

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

Masie Ascot believes revenues from credit sales may be recorded before they are collected in cash. Do you agree? Explain.

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

Gross profit equals the difference between

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

sales revenue and cost of goods sold.

sales revenue and cost of goods sold plus operating expenses.

sales revenue and operating expenses.

net income and operating expenses

Net income will result if gross profit exceeds

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

purchases.

cost of goods sold.

cost of goods sold plus operating expenses.

operating expenses.

Two categories of expenses in merchandising companies are

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

cost of goods sold and financing expenses.

other expenses and cost of goods sold.

cost of goods sold and operating expenses.

operating expenses and financing expenses

Under a perpetual inventory system

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

increases in inventory resulting from purchases are debited to purchases.

there is no need for a year-end physical count.

the account purchase returns and allowances is credited when goods are returned to vendors.

accounting records continuously disclose the amount of inventory.

In a perpetual inventory system, cost of goods sold is recorded

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

on a monthly basis.

on an annual basis.

each time a sale occurs.

on a daily basis.

If a purchaser using a perpetual inventory system pays the transportation costs, then the

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

Inventory account is not affected.

Freight-out account is increased.

Inventory account is increased.

Delivery Expense account is increased

In the credit terms of 1/10, n/30, the “1” represents the

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

number of days in the discount period.

full amount of the invoice.

percent of the cash discount.

number of days when the entire amount is due.

Assets purchased for resale are recorded in which of the following accounts?

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

Inventory.

Supplies.

Equipment.

Patents.

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

Which of the following accounts is classified as a contra revenue account?

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

Purchase Discounts

Cost of Goods Sold

Sales Revenue

Sales Returns and Allowances

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

Sales revenues are usually considered earned when

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

adjusting entries are made.

cash is received from credit sales.

an order is received.

goods have been transferred from the seller to the buyer.

Homework is Completed By:

Writer Writer Name Amount Client Comments & Rating
Instant Homework Helper

ONLINE

Instant Homework Helper

$36

She helped me in last minute in a very reasonable price. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up!

Order & Get This Solution Within 3 Hours in $25/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 3 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 6 Hours in $20/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 6 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 12 Hours in $15/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 12 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

6 writers have sent their proposals to do this homework:

Quality Homework Helper
Buy Coursework Help
Writer Writer Name Offer Chat
Quality Homework Helper

ONLINE

Quality Homework Helper

Hi dear, I am ready to do your homework in a reasonable price.

$62 Chat With Writer
Buy Coursework Help

ONLINE

Buy Coursework Help

Hi dear, I am ready to do your homework in a reasonable price.

$62 Chat With Writer

Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam.

Similar Homework Questions

Shannon fano coding in matlab - Kenneth osiezagha - Why do you want to be house captain - And or nor xor - Gottfredson's theory of circumscription compromise and self creation - Tom mccahill cause of death - Aps integrated leadership system - Case study J.M Smucker - Configure ip address in packet tracer - ****+91-8529590991**** Love Vashikaran Specialist Molvi ji - Minnesota micromotors simulation analysis - Kim Woods only - Genesis 44 discussion questions - Network rail standards ihs - Assignment 2 - Conflict Resolution - Tricep extension machine instructions - Santander certificate of title - Anamarc college reviews - Graduation letter to parents - Security Architecture & Design - Assignment 3 - Organized retailing in india ppt - Knowledge work systems kws definition - Natasha trethewey elegy - 3 idiots movie chetan bhagat - Glamox luxo lhh led - Ieee 802.15 4 ppt - The dreamer of oz cast - Assignment cover sheet usyd - Grantham university lawsuit - Term 1 milestone 2 - Tricine sds page protocol - Queensland health payroll system commission of inquiry - Are engineered foods evil scientific american - Ryan mcgregor noughts and crosses - Metal shop safety rules - Consultant report template doc - Body shop case study solution - Computer science illuminated chapter 4 answers - Snl sweeney sisters bridge over troubled water - Ahima data quality management model - Johnson theory of nursing ppt - Women's history month australia - Groundwater sustainability and human development - East kilbride rugby club address - Baker inc acquired equipment from the manufacturer - What is the abecedarian curriculum - The book of micah presents a divine lawsuit - What is a literary form - A certain gasoline engine has an efficiency of 30 - Lab 4 3 seafloor spreading - Paper 2 - A dry cleaner uses exponential smoothing to forecast equipment - Chapter 13 financial statement analysis - International finance questions and answers - Hannah baker 13 reasons why tapes - Needed in 8 hours - Brandon brown versus yucatan chapter 4 - Citi 3 bus cambridge - The untimely death of professor hathaway - NEED IN 15 HOURS or LESS - Sizing dna on an agarose gel homework - Carer payment form over 16 - Anemia in pregnancy case study - Exploring smart contract deployment - P5 explain the concept of homeostasis - Infotech in a global summary - Is the oxidising agent the anode - Georgetown university law school - 45 laura street west launceston - John maxwell 5 levels of leadership summary - Par psychological assessment resources - Dulux light rice quarter - Quantitative Design - Different types of historical lenses - Ocr nationals ict level 2 - Ethics and law for australian nurses 4th edition - MKTG201 Week 5 Assignment 5 - Why are molecules of carbon dioxide nonpolar - Affluent chinese during the tang dynasty - Ssc balmain uniform shop - Nursing Philosophy (4) - Family theories foundations and applications pdf - Assignment 1 - Institution of civil engineers hong kong - 3-4 page critique of quantitative design, methods, and results of a scholarly study - N ai the story of a kung woman - Stephen king riding the bullet soundtrack - North richmond vet karen hedberg - Takeexamsonlinetakeexamsonline - Compute worley's customer margin for university and memorial - Quincy gabrieli rome - Anodic and cathodic inhibitors - Analysis paper (500 words) Chicago format !!!! - IP4 - Cyclops strengths and weaknesses - 4 http www ncbi nlm nih gov books nbk21154 - Coca cola workers rights - What does faber mean when he says books have pores - Year 1 - bridging coursework - Psy 410 week 2 worksheet