College Accounting (Book Only): A Career Approach
12th Edition
ISBN: 9781305084087
Author: Cathy J. Scott
Publisher: Cengage Learning
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Textbook Question
Chapter 11, Problem 2QY
The
- a. Service
- b. Merchandising
- c. Manufacturing
- d. Service and merchandising
- e. All of the above
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Identify which one of the following formula is used to calculate the net income of the service companies in an accounting period?
a.Net Purchases – Cost of goods sold
b.Net Sales – Cost of goods sold
c.Services Revenue – Operational and Administrative Expenses
d.Operational and Administrative Expenses – Service Revenue
The account that appears in the chart of accounts for a merchandising entity but not for service entity is
a. Accounts receivable
b. Advertising expense
c. Sales returns and allowances
d. Accumulated depreciation
The income statement line gross profit will appear on which income statement format? Select one: a. Receipt and payment account b. Multiple step income statement c. Single step income statement d. Income and expenditure account
Chapter 11 Solutions
College Accounting (Book Only): A Career Approach
Ch. 11 - Which of the following is the adjusting entry for...Ch. 11 - The adjusting entry for unearned revenue pertains...Ch. 11 - An account that has unearned in its name is...Ch. 11 - This type of inventory system does not require an...Ch. 11 - The Supplies account has a 1,400 balance. A...Ch. 11 - Prob. 6QYCh. 11 - Prob. 7QYCh. 11 - What is a physical inventory? What does the word...Ch. 11 - Prob. 2DQCh. 11 - Using the perpetual inventory system, what account...
Ch. 11 - Prob. 4DQCh. 11 - Prob. 5DQCh. 11 - Why is it necessary to adjust the Merchandise...Ch. 11 - A merchandising company shows 8,842 in the...Ch. 11 - Prob. 8DQCh. 11 - Prob. 1ECh. 11 - On October 31, the Vermillion Igloos Hockey Club...Ch. 11 - Basga Company uses the periodic inventory system....Ch. 11 - Prob. 4ECh. 11 - Journalize the required adjusting entries for the...Ch. 11 - On December 31, the end of the year, the...Ch. 11 - On December 31, Marchant Company took a physical...Ch. 11 - The trial balance of Hadden Company as of December...Ch. 11 - The balances of the ledger accounts of Beldren...Ch. 11 - Prob. 3PACh. 11 - Here are the accounts in the ledger of Mishas...Ch. 11 - A portion of Anderson Publishings work sheet for...Ch. 11 - The trial balance of Jillson Company as of...Ch. 11 - The balances of the ledger accounts of Pelango...Ch. 11 - Prob. 3PBCh. 11 - The accounts and their balances in the ledger of...Ch. 11 - A portion of Johnsons Farm Supply work sheet for...Ch. 11 - BURTS BEES, Durham, North Carolina Burts Bees...Ch. 11 - Prob. 2ACh. 11 - Prob. 3ACh. 11 - Prob. 4ACh. 11 - Prob. 5ACh. 11 - Prob. 1CP
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- Which of the following accounts would be reported under operating expenses on a multi-step income statement? A. sales B. advertising expense C. sales returns and allowances D. interest expensearrow_forwardWhich of the following represents the components of the income statement for a service business Sales Revenue - Cost of Goods Sold = gross profit Service Revenue - Operating Expenses = operating income Sales Revenue - Cost of Goods Manufactured = gross profit Service Revenue - Cost of Goods Purchased = gross profitarrow_forwardWhich of the following is an example of a contra revenue account? A. sales B. merchandise inventory C. sales discounts D. accounts payablearrow_forward
- Indicate the normal balance and category of each of the following accounts: CATEGORy options ARE: asset, contra-expense, contra-revenue, expense, liability, revenue. Account Normal Balance Category a. Sales Returns and Allowances b. Merchandise Inventory c. Miscellaneous Income d. Payroll Tax Expense e. Sales Discounts f. Cost of Goods Sold g. Income Tax Payable h. Prepaid Expensesarrow_forwardSelect the best answer for the question 6. An example of a contra-revenue account found on the Income Statement is the O A. Sales Returns and Allowances. OB. Purchase Returns and Allowances. OC. Transportation-in ⒸD. Uncollectible Accounts Expense. Mark for review (Will be highlighted Next Questionesarrow_forwardActivity 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 conceptarrow_forward
- Which of the following groupings of accounts includes only accounts that carry a normal credit balance? a.Customer Refunds Payable, Estimated Returns Inventory, and Sales b.Sales Tax Payable, Cost of Goods Sold, and Sales c.Inventory, Delivery Expense, and Sales d.Sales Tax Payable, Customer Refunds Payable, and Salearrow_forwardHow is cost of goods sold classified in the financial statements?a. As a revenueb. As an expensec. As an assetd. As a liabilityarrow_forwardThe following items are found in the account sales, except a. Total sales. b. Amount due to consignor. c. Commission of consignee. d. Expenses of the consignor.arrow_forward
- Which of the following situations may give rise to unearned revenue? Select one: a. Providing trade credit to customers. O b. Providing manufacturer warranties. c. Selling magazine subscriptions. O d. Selling inventory.arrow_forwardWhat is the account title used for revenue when goods are delivered to customers?arrow_forwardWhich is the CORRECT order for items to appear on the income statement? Group of answer choices sales revenue, gross profit, net income, operating expenses cash, accounts receivable, inventory, property/plant/equipment, intangible assets sales revenue, operating expenses, gross profit, net income sales revenue, cost of goods sold, gross profit, operating expenses sales revenue, gross profit, cost of goods sold, operating expensesarrow_forward
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