How do the components of revenues and expenses differ between merchandising and service companies? Revenues Expenses Merchandising Service

Q: Most of the accounting cycles have journal entries that accompany activities of each cycle.Which of…

A: Recording transaction in journal is termed as journalizing the entries. Transaction are first…

Q: Most of the accounting cycles have journal entries that accompany the activities of each cycle.…

A: A process of identifying a transaction, analyzing it and then recording the same in the books is…

Q: 2. How would components of Revenues and Expenses differ between a merchandise company versus a…

A: a. Merchandise Company - This company does buy and sells of inventory from suppliers to customers.…

Q: What is the revenue account for a merchandising business called? Group of answer choices gross…

A: Solution: Merchandise business is a type of trading business that involves purchase and sales of…

Q: Which type of company would report merchandise inventory as a line item on their balance sheet?…

A: Inventory: It can be defined as all the goods, items, materials, and merchandise that are held by a…

Q: "Do the steps in the accounting cycle for a merchandising company differs from the steps in the…

A: Accounting cycle is a process to identify, analyse and record the monetary transactions of a firm.…

Q: How is accounting for service businesses different than accounting for merchandising businesses?

A: Services business: A business that provide services to its customers is called service business.…

Q: How do the activities of manufacturers, merchandisers, and service businesses diffe

A: Solution- Business is any activity undertaken to earn profit. There can be three basic types of…

Q: Expenses related to office maintenance will be called as a. Sales Discount expense b. Selling…

A: (A) Sales Discount Expense: It is expense given to buyer of goods to incentivize his purchases. It…

Q: What are the key differences in performing adjusting and  closing for a service company, versus a…

A: The key difference: Since service companies will not have inventory, so there no adjustment required…

Q: How is the accounting cycle different for a merchandising operation, as compared to a service…

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: Freight costs paid by a seller on merchandise sold to customers will cause an increase to a…

A: In operating expenses for the seller. Explanation:In operating expenses for the seller.When a seller…

Q: How does the format of the income statement of a manufacturing entity differ from the income…

A: Statement of profit or loss is a statement which records revenue earned by the company during a…

Q: Two categories of expenses for merchandising companies are

A: Option d

Q: What is Customer Support Services in functions of marketing? A. The first impressions your produc B.…

A: Customer Support Services, as part of the functions of marketing, involve the provision of…

Q: How does reporting information for a merchandising company differ from financial reporting for a…

A: Merchandising Company:   A merchandising company is a type of company that engages in the purchase…

Q: QUESTION 3 Which of the following financial statement line items would be found on a manufacturer's…

A: Cost of goods sold and finished goods inventory could be found in merchandiser financial statements

Q: the differences between service business and merchandising business?

A: Merchandise business is a kind of business wherein revenues are earned by providing or selling goods…

Q: What are the differences between accounting for service companies and accounting for merchandise…

A: The Answer :