The balance of the Cost of Goods Sold account: O a. increases when there is a sale. O b. increases when there is a purchase return O c. decreases when there is a purchase. O d. decreases when there is a sale.

The balance of the Cost of Goods Sold account: O a. increases when there is a sale. O b. increases when there is a purchase return O c. decreases when there is a purchase. O d. decreases when there is a sale.

Name: The balance of the Cost of Goods Sold account:a. increases when there
Uploaded: 2024-03-05T11:47:04.000Z
Channel: Bartleby
Description: The balance of the Cost of Goods Sold account:a. increases when there is a sale.O b. increases when there is a purchase return.O c. decreases when there is a purchase.O d. decreases when there is a sale.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter12: Financial Statements, Closing Entries, And Reversing Entries

Section: Chapter Questions

Problem 1QY: What is the term used for the profit on a sale before any operating expenses have been deducted? a....

See similar textbooks

Similar questions

Identify each of the following items relating to sections of an income statement as Revenue from Sales (S), Cost of Goods Sold (CGS), Selling Expenses (SE), General Expenses (GE), Other Income (OI), or Other Expenses (OE). a. Utilities Expense b. Advertising Expense c. Purchases Discounts d. Sales Returns and Allowances e. Interest Income f. Freight In g. Depreciation Expense, Equipment h. Interest Expense i. Rent Expense j. Sales
What is the term used for the profit on a sale before any operating expenses have been deducted? a. Net Income b. Net Profit c. Gross Profit d. Gain on Sale e. All of the above
The difference between net sales and cost of goods sold is called (a) gross profit.(b) net purchases.(c) goods available for sale.(d) the bottom line.
Consider the following: Code: A = Gross profit to net sales ratio B = Gross profit to cost of goods sold ratio Which equation is correct? A A = B / (1 + B) B A = (1 + B) / B C A = (1 − B) / B D A = B / (1 − B)
What type of expenses are deducted as a part of gross profit? A)"Cost of goods sold" only B)"Selling, general and administrative" only C)"Cost of goods sold" and "Selling, general and administrative expense" D)"Cost of goods sold", "Selling, general and administrative expense" and E)"Interest expense"
If the dollar amount in ending accounts payable is greater than the dollar amount in beginning accounts payable, then a. inventory must have increased during the period. b. cost of goods sold must be greater in this period than in the prior period. c. cost of goods sold must have increased by the same amount. d. payments to suppliers during the period must have been less than the amount of inventory purchased on account. e. cash must have decreased by the same amount. Choose the best answer choice
Gross profit is the difference between: Select one: a. revenues and expenses. b. net income and operating income. c. gross sales and sales discounts. d. Net sales and cost of goods sold.
Which of the following accounts is an example of a contra-asset?A) Cost of Goods Sold B)Sales Discounts C) Purchases D) Deferred Revenue E) LIFO Reserve
Which of the following statement is False for a Simple-Step Income Statement? a. Net Profit can be calculated b. Cost of goods sold will be taken under total revenue c. Selling expenses will be calculated under total expenses d. General and Administration expenses will be taken under total expenses
All of the following are nominal accounts except Prepaid Expense Cost of Goods Sold Interest Expense Interest Income
P/V Ratio is an indicator of [A] the rate at which goods are sold [B] the volume of sales [C] the volume of profit [D] the rate of profit
1. Prepare a separate income statement through pretax income that details cost of goods sold for (a) Case A: FIFO and (b) Case B: LIFO.