User Account

All Pages

Which not shown in income statement of a merchandising

Assignment Help Financial Accounting
Reference no: EM132741752

Problem 1: Which of the following is not shown in the income statement of a merchandising business?

A. Sales discount

B. Purchase discount

C. Unearned sales revenue

D. Store supplies used

Problem 1: Statement 1: For a merchandising business, the cost of goods available for sale is the total of the ending inventory and the total purchases made for the current period. Statement 2: Merchandise in transit belongs to the buyer if the term of shipment is FOB destination.

A. Only Statement 1 is correct

B. Only Statement 2 is correct

C. Both Statements are correct

D. Both Statements are incorrect

 

Reference no: EM132741752

Questions Cloud

Prepare the appropriate journal entry for the redemption : Tastove Inc. redeemed $170,000 face value, 17.50% bonds on June 30, 2020, at 98. Prepare the appropriate journal entry for the redemption
Software needed to restore operations of small business : Develop a list of the software needed to restore operations of the small business.
Which provisions for profit and loss distribution are intend : Which provisions for profit and loss distribution are intended to compensate for the difference in the timing and amount of capital contributions, except
Compute the partnership records goodwill : A and B share partnership profits 70%, 30%, respectively. C paid the money to the partnership for a 40% interest. Compute the partnership records goodwill
Which not shown in income statement of a merchandising : The total purchases made for the current period. Merchandise in transit belongs to the buyer if the term of shipment is FOB destination.
Job costing value : You seemed to develop significant interest with your talk on the future of cost accounting.
Difference between financial and management accounting : What is the difference between Financial and Management Accounting? How many inventories are needed in Management Accounting? Why?
Which control device that ensures the balance : Which control device that ensures the balance between total debits and total credits thus, helping minimize and localize accounting errors is known as
Record the entry for estimated bad debts : The Allowance for Doubtful Accounts has a $1,990 credit balance before the adjustment. Record the entry for estimated bad debts

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd