Which financial statement will allow you to determine the gross margin for a ?retailer or manufacturer

Q: stinguish between a Merchandisers Income Statement and a Manufacturing Companies In

A: An income statement is a component  financial statement that shows you the company's income and…

Q: In the financial accounting for inventory, what is a cost flow assumption?

A: Accounting for inventories is a subset of accounting that deals with the value of inventoried assets…

Q: How do I use FIFO and calculate the Cost of Goods and inventory ?

A: FIFO Method: FIFO method also referred to as First-In-First-Out method is an inventory management…

Q: Which account balance is NOT used to compute the cost of goods sold? a.Merchandise Inventory…

A: Formula: Cost of goods sold = Beginning Merchandise inventory + Net Purchases - Ending Merchandise…

Q: FIFO or LIFO

A: Inventory is the current assets reported under the head current assets in the balance sheet of the…

Q: How should a non vat seller treat input vat paid on the purchases from vat supplier of inventories…

A: The major purpose of adopting VAT is to reduce the effects of multiple taxes and the cascading…

Q: What is the formula used to determine the amount of merchandise inventory to be purchased?

A: To calculate amount of merchandise inventory to be purchased, we need opening inventory amount,…

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: Generally accepted accounting principles require that the inventory of a company be reported at:…

A: The inventory can be reported at various values as historical cost, market value, net realisable…

Q: When a product is sold on credit, which account should be debited for the seller? A.cash…

A: Sale of a product means to sell the goods in stock to the customer. It can be sold either on cash or…

Q: Which of the following statements is correct? Group of answer choices A)Revenue is recognized at the…

A: A)Revenue is recognized at the time of shipment when goods are shipped FOB destination-The given…

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: Marin Company's accounts receivable arising from sales to customers amounted to $170000 and $149000…

A: Cash flow from operating activities indicates  the amount of revenue generated from selling of goods…

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: Which of the following statements is correct in the context of the Income Statement prepared by a…

A: The Income Statement is prepared in order to show the result of operating a business for a period of…

Q: Explanation consideration for business while d a inventory system from  lifo fifo and weighted…

A: LIFO (Last in first out) LIFO is used to place an accounting value of inventories. It is based on…

Q: How to determine the inventory cost using the fifo and lifo

A: Inventory cost is the cost to incur handling charges,maintaining cost and storage cost with…

Q: Essay question Explain the application of AVERAGE cost flow assumption in determining .cost of goods…

A: Average cost flow assumption is a calculation companies use to assign costs to inventory goods, cost…

Q: Which inventory costing method produces a more accurate income statement – FIFO or LIFO? ___________…

A: Lets understand the basics. There are various inventory methods are followed for calculating ending…

Q: Which income statement account(s) would be affected by a policy choice at the same time as the…

A: Inventory is directly related to the cost of goods sold. To change the policy of valuation of…

Q: Which account does a merchandiser use that a service company does not use? a. Cost of Goods Sold b.…

A:

Q: How do retail companies correctly match expenses with revenue for the period to get an accurate net…

A: The matching principle in accounting is a fundamental principle that requires companies to report an…

Q: What is your firm’s tax expense in its latest financial statements?

A: The tax expenses in the financial statement of the company refers to the amount of taxes paid by the…

Q: Which of the following accounts is not closed to Income Summary? * O Cost of Goods Sold O…

A: The closing entries are prepared at year end to close the temporary accounts of the business.

Q: How do the components of revenues and expenses differ between merchandising and service companies?…

A: Based on your given data, there is no given drop down but here is the general information about the…

Q: determine the cost of merchandise sold.

A: The cost of merchandise sold is the cost of goods that have been sold by a wholesaler or retailer.…

Q: What is the proper accounting for volume discounts onsales of products?

A: Volume discounts: It is an incentive to encourage for an increase in business. The seller issue…

Q: Explain how a retailing firm would determine the cost of goods sold during an accounting period.

A: Retailing firms are those firms that are run for the prime purpose of earning profits. The cost of…

Q: What conditions must exist for the retail inventorymethod to provide valid results?

A: Retail inventory method: This method is like a gross profit method. It depends on the relationship…

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: Indicate whether the following financial statement items apply to a manufacturer, a merchandiser, or…

A: For given item, provide they apply to which organisation

Q: ) Describe the multiple-step income statement for a retailer?

A: Definition: An income statement that divides total revenue and costs into operational and…

Q: For a company like Best Buy, what does the balance of Cost of Goods Sold in the income statement…

A:

Q: Describe a situation where a merchant would use the specific identification method for recording…

A: A merchant would use specific identification method when the individual items in inventory can be…

Q: comparing the accounts of a merchandising company with those of a service company, what additional…

A: Merchandise company sales goods to customers while service company provide services to customer and…

Q: Explain an example how to calculate inventory turnover ratio.

A: Inventory turnover ratio : Inventory turnover is used to find how many times a company sold its…

Q: Which account does a merchandiser use that a service company does not use? Cost of Goods Sold…

A:

Q: What inventory accounts are used by a manufacturer? In what financial statement will appear?

A: An inventory account or merchandise inventory account is an account to record the inventory…

Q: What account balance is not used to computer the cost of good sold? a. Sales  b. Purchased c.…

A: Calculate the cost of goods sold as follows: Cost of goods sold = Opening inventory + Purchases -…