The Trading Account shows the result of which of the following a Buying and selling of goods O b. Non-operating incomes and expenses C Assets and liabilities O d. Net profit or net loss for the sole trader

Q: Tell whether each of the following accounts is part of net sales, cost of goods sold, operating…

A: Explanation- All are in different different account according to their nature.Here is the nature of…

Q: Match each description with the appropriate financial statement. A. Income Statement Reports the…

A: Solution: Income statement shows income and expenses during the period. Balance sheet shows Balance…

Q: Income arises from the following except: A. sale of merchandise to customers B. rendering of…

A: Income refers to the amount received from day to day activities of the business such as…

Q: Under accrual accounting, when should a company that sells merchandise to customers recognize…

A: Accrual basis: It is one of the methods of basis of accounting that records the transactions basing…

Q: * The report of company that shows overall profit on the sale of their goods or the ?provision of…

A: According to the given question, we need to find the correct option from the given available options…

Q: Where should goods in transit that where recently purchased f.o.b. destination be included on the…

A: FOB destination: When the seller bears the freight charges for the delivery of merchandise from the…

Q: When preparing the statement of financial position of LBM Ltd, which line item does not fall under…

A:

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: Which of the following choices accurately reflects how the recording of accrued salary expense…

A: Accrued Salary Expense is an expense that is accrued but yet to be paid. Hence, it is a liability.

Q: The Trading Account shows the result of which of the following   O a. Buying and selling of goods…

A: The trading account contains details relating to incomes and expenses that are directly related to…

Q: Which of the following asset will be called as Non-Current Asset of a Merchandise business? a.…

A: Introduction: Current Asset: The Assets which can be consumed or which can be converted in to cash…

Q: Calculation of Net income and Cost of Goods Sold

A: The cost of goods manufactured (COGM) is the sum of the cost of direct labor used, the cost of…

Q: Operating expenses are comprised of the following: O General and Administrative Expense, Cost of…

A: Operating Expenses (OpEx) are those expenses which are directly associated with the day to day…

Q: Which accounts are increased by using debits?   Dividends, Revenue, Liabilities   Cost of Goods…

A: Assets and expenses accounts normally have debit balance and are increased by debits and decreased…

Q: a. the cost of goods on hand at the beginning and the cost of goods purchased during the period b.…

A: >Cost of Goods available for sale is includes:--Cost of goods manufactured as adjusted by…

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: Which of the following is not an element of the financial statements?A. future potential sales price…

A: Financial statements seem to be reports generated by a corporation's management to demonstrate the…

Q: ndicate the normal balance and category of each of the following​ accounts:   CATEGORy options ARE:…

A: All expenses, losses, and assets should be debited and all income, gain, and liabilities should be…

Q: Profit is the difference between? a. Assets and liabilities b. Assets and equities c. The assets…

A: Assets, liabilities, equity, incomes and expenses are important terms that are being used in…

Q: Please answer this question Required - prepare trading account and profits and loss account

A: Financial statements are statement which are prepared at the end of the period. Trading and profit…

Q: The liabilities on a balance sheet are represented by which of the following?Choose one answer.a.…

A: Balance sheet: It refers to a financial statement that shows all the liabilities, assets, and…

Q: The effects of purchasing inventory on credit are to:a. increase assets and increase liabilities.b.…

A: Inventory is the very important asset for the business. It can be purchased in cash or on credit.

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: When the Company Trades with an Investment in Associate, the Reported net income of the Parent…

A: When the Company Trades with an Investment in Associate, the Reported net income of the Parent…

Q: on Stock ed Eamings ance for Uncollectible Accounts Revenue of Goods Sold ebt Expense es Expense

A: Adjusted trial balance refers to the type of trial balance that lists all the ending balances of all…

Q: a. The preceding paragraph describes five accounting events: (1) a sales transaction, (2) the first…

A: Fifo Method assumes that units purchased first should be used first to make sales hence item in…

Q: Which of the following would be found on a company's income statement? I- cost of goods sold II-…

A: The financial statements consists of balance sheet, income statement and the cash flow statements.

Q: Identify the natural balance of each of the following accounts (DR = Debit, CR = Credit) - Inventory…

A: As per the Golden rules of accounting:     • For Real Accounts, the rule follows as: debit what…

Q: Merchandise inventory is * reported under the classification of O Property, Plant, and Equipment on…

A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…

Q: State where each of the following items would appear on (1) a multiple-step income statement and on…

A: Introduction: Income statement: All revenues and expenses are shown in Income statement. It tells…

Q: Genesis Enterprise sold merchandise on account. This transaction will affect the O a. balance sheet…

A: A balance sheet is a financial statement that represents the financial position of a company as on a…

Q: Which of the following is included in the calculation of the quick (acid-test) ratio?a. Inventory…

A: While Calculating the quick ratio, only quick assets are taken into consideration

Q: For each of the following items, indicate whether they would be reported in the balance sheet (B) or…

A: Balance sheet and income statement are the financial statements which are used to depict the…

Q: Sales taxes collected by a retailer are reported as revenues. current liabilities. expenses.…

A: Introduction: A sales tax is a consumption tax imposed by the government on the selling of goods and…

Q: How is cost of goods sold classified in the financial statements?a. As a revenueb. As an expensec.…

A: Cost of goods sold is the cost of goods that are being sold in that particular period. It is…

Q: When an entity prepares financial statements in a current cost basis, how is the cost of goods sold…

A: Financial statement: It is the representation of financial data of the company. It shows the…

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: The main purpose of the statement of profit or loss is to determine O the amount of income and…

A: A profit and loss statement is a financial statement that is prepared so as to determine the…

Q: Identify the asset from the following list of accounts:a. Notes Payableb. Common Stockc. Retained…

A: Assets: These are the resources owned and controlled by business and used to produce benefits for…

Q: For each of the following, indicate whether the item would be reported on the balance sheet…

A: The financial statements of the business include balance sheet and income statement.