PROBLEM 3 For each of the following, determine the missing amounts Sales COGS Gross Profit Operating Expenses Net income 1. P100,000 P25,000 P10,000 2. P95,000 P120,000 P80,000 Answers: 1. COGS, ; Gross profit, 2. Sales, ; Operating expenses,

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

A: Answer with proper explanation of above question are as follows

Q: What are the Source documents used in a merchandising business?

A: Merchandising business is the one in which the entity deals in with goods / products.

Q: State the standard method of determining the cost of goods sold by a retailing or a wholesaling…

A: The cost of goods sold includes the total cost of goods sold include the cost of goods that are sold…

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: why service industry providing service and retail industry dealing in transfer and exchange goods?

A: Service Industry:-As the name suggests, it is the industry which deals in services only, although it…

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: What is recording transactions in Merchandising concern?

A: Merchandise refers to the those transaction which are concerned with stock, purchase transactions,…

Q: Distinguish among the types of inventory accounts for merchandising and manufacturing companies.

A: Merchandising firm means a firm which only deals in sale and purchase of a commodity but do not…

Q: What inventory systems do you know are used in a buying and selling business?

A: The inventory systems popularly used are the  1) Perpetual inventory system  2) Periodic inventory…

Q: Subsidiary ledgers in merchandising business?

A: A subsidiary ledger is a subset to the general ledger and it contains the details to support a…

Q: Define and explain subsidiary ledgers in merchandising business?

A: Subsidiary ledgers are the ledgers that contain information about specific control accounts in…

Q: Describe the Issues Pertaining to the Retail Method.

A: Retail inventory method is used to calculate the value of ending inventory by comparing the retail…

Q: Of what significance is inventory turnover to a retail store?

A:

Q: Management accounting emphasis in merchandising enterprises

A: Management Accounting emphasis in merchandising enterprises - Management accounting is so wide based…

Q: What is the distinctionbetween retail and wholesale merchandising companies?

A: The Distinction between Merchandising and Manufacturing Companies are given below as,

Q: Provide one example of a transaction that affect  service business and  merchandise business.

A: Business refers to all those organization or company who engaged in any type of industrial,…

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: How do I calculate cost of goods sold What numbers do I use to get finished goods inventory

A: Cost of Goods Sold : it the cost of goods which are sold. it is the original cost and does not…

Q: Why should a business engaged in merchandising always try to negotiate with its vendors, the…

A: Inventory is the detailed list of items that are present on hand. It constitute of all the finished…

Q: Briefly explain the similarity and difference between the merchandise inventory of a retailer and…

A: Inventory or stock are goods which can be in the form of raw materials, after processing the raw…

Q: Distinguish between service and merchandising operations.

A: Merchandise inventory refers to business which deals in trading of goods such as purchase and sale…

Q: Using the following accounts, classify each of them as part of cost of sales (COS), selling expense…

A: Cost of sales means total cost of goods that are being sold to the customers. It includes total…

Q: Describe Dollar General according to the different types of retailers.

A: The answer is explained as follows:

Q: the purpose of management accounting in a food processing business

A: Magement accounting is the term of accounting which is also known as the managerial accounting and…

Q: Explain Retail Terminology with example.

A: Retail terminology: Retail terminology refers to the jargon or technical terms specifically used in…

Q: Define the term Retail Terminology.

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

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.