Indicate whether the following financial statement items apply to a manufacturer, a merchandiser, or aservice provider. Some items apply to more than one type of organization. Cost of goods manufactured

Q: For each of the following accounts used by a retail business, determine its classification: asset,…

A: Contra assets are those whose accounts balance is credit. Generally, all asset accounts show debit…

Q: stinguish between a Merchandisers Income Statement and a Manufacturing Companies In

A: An income statement is a component  financial statement that shows you the company's income and…

Q: The return of goods by a customer ( Sales Return ) should be credited in the ledger account of ?

A: Sales return in accounting is used to refer the goods or item once purchased and returned to the…

Q: I need support with the statement of cost of goods manufactured and he income statement.   Please…

A: Raw materials: It is the basic input required to manufacture the finished products. The raw…

Q: Which of the following statements is correct? Group of answer choices A)Revenue is recognized at the…

A: A)Revenue is recognized at the time of shipment when goods are shipped FOB destination-The given…

Q: Which of the following would not be considered an internal user of accounting data for the LMN…

A: Internal user means the person with in the company who use the financial information or accounting…

Q: State the standard method of determining the cost of goods sold by a retailing or a wholesaling…

A: The cost of goods sold includes the total cost of goods sold include the cost of goods that are sold…

Q: What is the account title used for revenue when goods are delivered to customers?

A: Account title: An account title is a unique name assigned to an account in an accounting system. An…

Q: How do the activities of manufacturers, merchandisers, and service businesses diffe

A: Solution- Business is any activity undertaken to earn profit. There can be three basic types of…

Q: How is Income from Operations determined? A) Net Sales - Selling Expenses - Administrative Expenses…

A: Net sales - Cost of goods sold = Gross profit

Q: Define cost of goods sold. How is it computed? What two financial reports does it impact and how?

A: Cost of goods sold or COGS is the direct cost of the products sold/manufactured by the entity. It…

Q: Indicate whether the following financial statement items apply to a manufacturer, a merchandiser, or…

A: Definition: Manufacturing businesses: This is a business that buys raw materials, processes those to…

Q: How is the accounting cycle different for a merchandising operation, as compared to a service…

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: he shipments from branch account is added to the branch's purchases account in determining branch's…

A: solution concept The shipments to branch account from head office forms the part of the cost of…

Q: Which account does a merchandiser use that a service company does not use? a. Cost of Goods Sold b.…

A:

Q: The "Cost of goods sold" account is associated with which of the following major categories? O…

A: The direct cost which is expended for the production of the goods is known as COGS. It includes…

Q: Which accounting concept requires that any goods taken from inventory by the owner are treated as…

A: The business entity concept states that the company must separate transactions of the business from…

Q: Determining the unit cost of manufacturing a product is an output of financial accounting. True…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: The cost of units sold is recorded by debiting Cost of Goods Sold and crediting

A: Note: Since you have asked multiple questions, we will solve the first question for you. If you want…

Q: determine the cost of merchandise sold.

A: The cost of merchandise sold is the cost of goods that have been sold by a wholesaler or retailer.…

Q: How does the format of the income statement of a manufacturing entity differ from the income…

A: Statement of profit or loss is a statement which records revenue earned by the company during a…

Q: Identify and discuss three differences between accounting for service businesses and accounting for…

A: Definition: Merchandising businesses: Merchandising companies that buy goods from suppliers, or…

Q: Prepare Cost of goods manufactured and cost of goods sold schedules in a table format only.

A: Formula: Cost of goods sold = Beginning inventory + cost of goods manufactured - Ending inventory

Q: Provide one example of a transaction that affect  service business and  merchandise business.

A: Business refers to all those organization or company who engaged in any type of industrial,…

Q: Based on the account balances above, calculate Net sales Cost of goods sold Gross profit/loss Other…

A: Net sales means the sales of company less sales returns. Cost of goods sold means the direct cost of…

Q: Define the expenses of products and periods and explain how they affect financial accounts.

A: This question explains about products and periods and financial accounts.

Q: What inventory accounts are used by a manufacturer? In what financial statement will appear?

A: An inventory account or merchandise inventory account is an account to record the inventory…

Q: Cost of Goods Sold is classified as which type of account? a. Asset b. Liability c. Revenue d.…

A: Accounts are classified as : Assets account Liabilities account Expenses account Revenue account…

Q: Explain the difference between the revenue statements of a merchandiser and those of a manufacturer…

A: 1. Income Statement - An a income statement is the financial statement that shows the organization's…

Q: Explain the difference between the income statements of a merchandiser & a manufacturer

A: 1. Income Statement - An income statement is a statement that shows the revenue earned and expenses…

Q: Explain the difference between the flow of cost and the flow of goods as it relates to inventory.

A: Flow of cost means allocation of various cost to  inventory  It refers to a process of allocating…

Q: What are the differences between accounting for service companies and accounting for merchandise…

A: The Answer :

Q: The terms period cost and product cost are sometimes used to describe certain items in financial…

A: Definition and distinguishing of the terms- a) Product Cost- these are all the direct cost…

Q: ccount used under periodic system to record returns of purchased goods to the suppl

A: Solution: Under periodic inventory system, inventory records for each purchase and sale are not…

Q: Describe the operating cycle of a merchandiser.

A:

Q: Selling Expenses Interest Revenue Net Sales Revenue Cost of Goods Sold Administrative Expenses

A: Net sales revenue = $113,500 Cost of goods sold = $85,000 Gross profit = Net sales revenue - Cost of…

Q: Identify each of the following items relating to sections of an income statement as Revenue from…

A: Income Statement: The income statement reports the financial performance in terms of profit or loss…

Q: Please create an example of an Income Statement for a merchandising business.

A: SOLUTION- EXAMPLES OF AN INCOME STATEMENT FOR MERCHANDISE BUSINESS- 1-A MERCHANDISE PURCHASES GOODS…

Q: How are a merchandiser's  inventories different from the inventories of a service-oriented firm .

A: Solution:- Merchandiser’s inventories different from the inventories of a service-oriented firm:-…