Based on the nature of business organizations are divided into two major categories; merchandising companies and service companies. To identify: the items which appear in the financial statements of merchandising companies but not in the financial statements of service companies.

Question

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Answer 1

Question

Chapter 4, Problem 1DQ

Summary Introduction

Concept introduction:

Based on the nature of business organizations are divided into two major categories; merchandising companies and service companies.

To identify: the items which appear in the financial statements of merchandising companies but not in the financial statements of service companies.

Expert Solution & Answer

Explanation of Solution

The merchandising companies deal with the physical products for example trading of grocery items, but service companies provide services and do not deal with any physical product.

The items which appear in the financial statements of merchandising companies but not in the financial statements of servicing companies are as follows:

Manufacturing costs
Work in process inventory
Finished goods inventory
Sales revenue
Cost of goods sold

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Answer 2

Question

Chapter 4, Problem 1DQ

Summary Introduction

Concept introduction:

Based on the nature of business organizations are divided into two major categories; merchandising companies and service companies.

To identify: the items which appear in the financial statements of merchandising companies but not in the financial statements of service companies.

Expert Solution & Answer

Explanation of Solution

The merchandising companies deal with the physical products for example trading of grocery items, but service companies provide services and do not deal with any physical product.

The items which appear in the financial statements of merchandising companies but not in the financial statements of servicing companies are as follows:

Manufacturing costs
Work in process inventory
Finished goods inventory
Sales revenue
Cost of goods sold

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Answer 3

Question

Chapter 4, Problem 1DQ

Summary Introduction

Concept introduction:

Based on the nature of business organizations are divided into two major categories; merchandising companies and service companies.

To identify: the items which appear in the financial statements of merchandising companies but not in the financial statements of service companies.

Expert Solution & Answer

Explanation of Solution

The merchandising companies deal with the physical products for example trading of grocery items, but service companies provide services and do not deal with any physical product.

The items which appear in the financial statements of merchandising companies but not in the financial statements of servicing companies are as follows:

Manufacturing costs
Work in process inventory
Finished goods inventory
Sales revenue
Cost of goods sold

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Answer 4

Question

Chapter 4, Problem 1DQ

Summary Introduction

Concept introduction:

Based on the nature of business organizations are divided into two major categories; merchandising companies and service companies.

To identify: the items which appear in the financial statements of merchandising companies but not in the financial statements of service companies.

Expert Solution & Answer

Explanation of Solution

The merchandising companies deal with the physical products for example trading of grocery items, but service companies provide services and do not deal with any physical product.

The items which appear in the financial statements of merchandising companies but not in the financial statements of servicing companies are as follows:

Manufacturing costs
Work in process inventory
Finished goods inventory
Sales revenue
Cost of goods sold

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Answer 5

Chapter 4, Problem 1DQ

Summary Introduction

Concept introduction:

Based on the nature of business organizations are divided into two major categories; merchandising companies and service companies.

To identify: the items which appear in the financial statements of merchandising companies but not in the financial statements of service companies.

Expert Solution & Answer

Explanation of Solution

The merchandising companies deal with the physical products for example trading of grocery items, but service companies provide services and do not deal with any physical product.

The items which appear in the financial statements of merchandising companies but not in the financial statements of servicing companies are as follows:

Manufacturing costs
Work in process inventory
Finished goods inventory
Sales revenue
Cost of goods sold

Answer 6

Chapter 4, Problem 1DQ

Summary Introduction

Concept introduction:

Based on the nature of business organizations are divided into two major categories; merchandising companies and service companies.

To identify: the items which appear in the financial statements of merchandising companies but not in the financial statements of service companies.

Expert Solution & Answer

Explanation of Solution

The merchandising companies deal with the physical products for example trading of grocery items, but service companies provide services and do not deal with any physical product.

The items which appear in the financial statements of merchandising companies but not in the financial statements of servicing companies are as follows:

Manufacturing costs
Work in process inventory
Finished goods inventory
Sales revenue
Cost of goods sold

Answer 7

Chapter 4, Problem 1DQ

Summary Introduction

Concept introduction:

Based on the nature of business organizations are divided into two major categories; merchandising companies and service companies.

To identify: the items which appear in the financial statements of merchandising companies but not in the financial statements of service companies.

Answer 8

Expert Solution & Answer

Explanation of Solution

The merchandising companies deal with the physical products for example trading of grocery items, but service companies provide services and do not deal with any physical product.

The items which appear in the financial statements of merchandising companies but not in the financial statements of servicing companies are as follows: