Generally, the revenue account for a merchandising business is entitledOa. Gross SalesOb. SalesOc. Fees EarnedOd. Gross Profit

The answer is Gross Sales.The revenue account for a merchandising business is generally entitled…

Answered: Generally, the revenue account for a…

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 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
What accounts are used to recognize a retailer’s purchase from a manufacturer on credit?A. accounts receivable, merchandise inventoryB. accounts payable, merchandise inventoryC. accounts payable, cashD. sales, accounts receivable
in a merchandising business gross profit is equal to the sales revenue minus (a) the sum of cost of goods sold and sales commissions (b) cost of goods sold (c) the sum of cost of goods sold and operating expenses (d) the sum of cost of goods sold, operating expenses and prepaid expenses
Selling expenses DOES NOT include: A. Advertising expense B. Making sales C. Accounting and Human Resources expense D. Delivering goods to customers
5. Cost of goods sold A only appears on merchandising companies' income statements b. only appears on manufacturing companies' income statements. C. appears on both manufacturing and merchandising companies income statements. d. is caloulated exactly the same for merchandising and manufacturing companies.
Income from operations for a merchandising company is sales less 1.operating expenses. 2.operating expenses and cost of goods sold. 3.cost of goods sold. 4.non-operating items and cost of goods sold.
Activity 1: Sales revenue should be recognized when goods and services have been supplied; costs are incurred when goods and services have been received. Which accounting concept governs the above? A.The substance over form concept B.The materiality concept C.The accrual concept D. The historical cost concept
3. As product costs expire(expensed), they become part of a. selling expenses. b. inventory. C. cost of goods sold. d. sales revenue.
SLO-5.1. for a merchandising business is determined by subtracting the Cost of Goods Sold from the Sale Income account. OOperating Income ONet Income OGross Profit OMerchandise Available for Sale

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Generally, the revenue account for a merchandising business is entitled Oa. Gross Sales Ob. Sales Oc. Fees Earned Od. Gross Profit