Dreyfus Retail Co incurred the following expenses during the year:1. Sales commission2. Insurance3. Rent payable4. Cost of salesWhich two of the above are most likely to be matched to the period to which they relate ratherthan to the sales generated?

The matching principle of accounting states to match the current year's income with the current…

Answered: Dreyfus Retail Co incurred the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Similar questions

Indicate the effect of the transactions listed in the following table on total current assets, current ration, and net income. Use (+) to indicate an increase, (-) to indicate a decrease, and (0) to indicate either no effect or an indeterminate effect. Be prepared to state any necessary assumptions and assume an initial current ratio of more than 1.0. Merchandise is sold on credit.
From page 5-2 of the VLN, which of the following accounts are subtracted from sales to compute Net sales? Allowance for uncollectible accounts Deferred revenue Sales discounts Sales returns and sales allowances Accumulated depreciation Trade discount
On an income statement, can a company report total revenues instead of net sales? Are these the same thing?
Pls follow the format and answer all the parts to the question.
Other income is a. added to operating income. b. deducted from operating income. c. added to gross profit. d. deducted from sales.
Which of the following calculations of receivable turnover is correct? A. Number of days in the year divided by receivable turnover. B. Net sale on account divided by average receivables. C. Cost of goods sold divided by average inventory. D. Net income divided by net sales.
For each of the following, indicate whether the item would be reported on the balance sheet (B/S),reported on the income statement (I/S), or not shown in the financial statements (Not) and whetherit relates to a service company (SC) or merchandising company (MC).Financial Statement Type of CompanyInventorySales RevenueCost of Goods Available for SaleService Revenue

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Dreyfus Retail Co incurred the following expenses during the year: 1. Sales commission 2. Insurance 3. Rent payable 4. Cost of sales Which two of the above are most likely to be matched to the period to which they relate rather than to the sales generated?