Manufacturing Companies: Merchandiser is a person or organization who buys goods with the purpose of sale these goods to the customer. They buy goods either from the manufacturer or from a wholesaler. They sell goods at higher rate than its purchase price. Merchandising Companies: Merchandiser is a person or organization who buys goods with the purpose of sale these goods to the customer. They buy goods either from the manufacturer or from a wholesaler. They sell goods at higher rate than its purchase price. Service-Sector Companies : Service companies act as a service provider, who do not buy or sell goods. They deal with intangible things. Therefore, the accounts used by the service company are different. To explain: The difference between manufacturing, merchandising and service-sector companies.

Question

Want to see the full answer?

Answer 1

Question

Chapter 2, Problem 2.28E

1.

To determine

Manufacturing Companies:

Merchandiser is a person or organization who buys goods with the purpose of sale these goods to the customer. They buy goods either from the manufacturer or from a wholesaler. They sell goods at higher rate than its purchase price.

Merchandising Companies:

Merchandiser is a person or organization who buys goods with the purpose of sale these goods to the customer. They buy goods either from the manufacturer or from a wholesaler. They sell goods at higher rate than its purchase price.

Service-Sector Companies:

Service companies act as a service provider, who do not buy or sell goods. They deal with intangible things. Therefore, the accounts used by the service company are different.

To explain: The difference between manufacturing, merchandising and service-sector companies.

2.

To determine

Cost:

Cost refers to the expenses incurred by the business to earn revenue from sales, in other words cost is the amount given in order to get something.

To explain: The difference between inventoriable costs and period costs.

To determine

3.

To classify: The costs items as inventoriable costs or period costs.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

None

Ans

General Accounting question

Answer 2

Question

Chapter 2, Problem 2.28E

1.

To determine

Manufacturing Companies:

Merchandiser is a person or organization who buys goods with the purpose of sale these goods to the customer. They buy goods either from the manufacturer or from a wholesaler. They sell goods at higher rate than its purchase price.

Merchandising Companies:

Merchandiser is a person or organization who buys goods with the purpose of sale these goods to the customer. They buy goods either from the manufacturer or from a wholesaler. They sell goods at higher rate than its purchase price.

Service-Sector Companies:

Service companies act as a service provider, who do not buy or sell goods. They deal with intangible things. Therefore, the accounts used by the service company are different.

To explain: The difference between manufacturing, merchandising and service-sector companies.

2.

To determine

Cost:

Cost refers to the expenses incurred by the business to earn revenue from sales, in other words cost is the amount given in order to get something.

To explain: The difference between inventoriable costs and period costs.

To determine

3.

To classify: The costs items as inventoriable costs or period costs.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 2, Problem 2.28E

1.

To determine

Manufacturing Companies:

Merchandiser is a person or organization who buys goods with the purpose of sale these goods to the customer. They buy goods either from the manufacturer or from a wholesaler. They sell goods at higher rate than its purchase price.

Merchandising Companies:

Merchandiser is a person or organization who buys goods with the purpose of sale these goods to the customer. They buy goods either from the manufacturer or from a wholesaler. They sell goods at higher rate than its purchase price.

Service-Sector Companies:

Service companies act as a service provider, who do not buy or sell goods. They deal with intangible things. Therefore, the accounts used by the service company are different.

To explain: The difference between manufacturing, merchandising and service-sector companies.

2.

To determine

Cost:

Cost refers to the expenses incurred by the business to earn revenue from sales, in other words cost is the amount given in order to get something.

To explain: The difference between inventoriable costs and period costs.

To determine

3.

To classify: The costs items as inventoriable costs or period costs.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 2, Problem 2.28E

1.

To determine

Manufacturing Companies:

Merchandiser is a person or organization who buys goods with the purpose of sale these goods to the customer. They buy goods either from the manufacturer or from a wholesaler. They sell goods at higher rate than its purchase price.

Merchandising Companies:

Merchandiser is a person or organization who buys goods with the purpose of sale these goods to the customer. They buy goods either from the manufacturer or from a wholesaler. They sell goods at higher rate than its purchase price.

Service-Sector Companies:

Service companies act as a service provider, who do not buy or sell goods. They deal with intangible things. Therefore, the accounts used by the service company are different.

To explain: The difference between manufacturing, merchandising and service-sector companies.

2.

To determine

Cost:

Cost refers to the expenses incurred by the business to earn revenue from sales, in other words cost is the amount given in order to get something.

To explain: The difference between inventoriable costs and period costs.

To determine

3.

To classify: The costs items as inventoriable costs or period costs.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 2, Problem 2.28E

1.

To determine

Manufacturing Companies:

Merchandiser is a person or organization who buys goods with the purpose of sale these goods to the customer. They buy goods either from the manufacturer or from a wholesaler. They sell goods at higher rate than its purchase price.

Merchandising Companies:

Merchandiser is a person or organization who buys goods with the purpose of sale these goods to the customer. They buy goods either from the manufacturer or from a wholesaler. They sell goods at higher rate than its purchase price.

Service-Sector Companies:

Service companies act as a service provider, who do not buy or sell goods. They deal with intangible things. Therefore, the accounts used by the service company are different.

To explain: The difference between manufacturing, merchandising and service-sector companies.

2.

To determine

Cost:

Cost refers to the expenses incurred by the business to earn revenue from sales, in other words cost is the amount given in order to get something.

To explain: The difference between inventoriable costs and period costs.

To determine

3.

To classify: The costs items as inventoriable costs or period costs.

Answer 6

Chapter 2, Problem 2.28E

1.

To determine

Manufacturing Companies:

Merchandiser is a person or organization who buys goods with the purpose of sale these goods to the customer. They buy goods either from the manufacturer or from a wholesaler. They sell goods at higher rate than its purchase price.

Merchandising Companies:

Merchandiser is a person or organization who buys goods with the purpose of sale these goods to the customer. They buy goods either from the manufacturer or from a wholesaler. They sell goods at higher rate than its purchase price.

Service-Sector Companies:

Service companies act as a service provider, who do not buy or sell goods. They deal with intangible things. Therefore, the accounts used by the service company are different.

To explain: The difference between manufacturing, merchandising and service-sector companies.

Answer 7

Chapter 2, Problem 2.28E

1.

To determine

Manufacturing Companies:

Merchandiser is a person or organization who buys goods with the purpose of sale these goods to the customer. They buy goods either from the manufacturer or from a wholesaler. They sell goods at higher rate than its purchase price.

Merchandising Companies:

Merchandiser is a person or organization who buys goods with the purpose of sale these goods to the customer. They buy goods either from the manufacturer or from a wholesaler. They sell goods at higher rate than its purchase price.

Service-Sector Companies:

Service companies act as a service provider, who do not buy or sell goods. They deal with intangible things. Therefore, the accounts used by the service company are different.

To explain: The difference between manufacturing, merchandising and service-sector companies.

Answer 8

2.

To determine

Cost:

Cost refers to the expenses incurred by the business to earn revenue from sales, in other words cost is the amount given in order to get something.

To explain: The difference between inventoriable costs and period costs.

Answer 9

2.

To determine

Cost:

Cost refers to the expenses incurred by the business to earn revenue from sales, in other words cost is the amount given in order to get something.

To explain: The difference between inventoriable costs and period costs.

Answer 10

To determine

3.

To classify: The costs items as inventoriable costs or period costs.

Answer 11

To determine

3.

To classify: The costs items as inventoriable costs or period costs.

Answer 12

Expert Solution & Answer

Answer 13

Expert Solution & Answer

Answer 14

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 15

Ch. 2 - Define cost object and give three examples.Ch. 2 - Define direct costs and indirect costs.Ch. 2 - Prob. 2.3Q Ch. 2 - Name three factors that will affect the...Ch. 2 - Define variable cost and fixed cost. Give an...Ch. 2 - What is a cost driver? Give one example.Ch. 2 - What is the relevant range? What role does the...Ch. 2 - Explain why unit costs must often be interpreted...Ch. 2 - Prob. 2.9Q Ch. 2 - What are three different types of inventory that...

Cost: Cost refers to the expenses incurred by the business to earn revenue from sales, in other words cost is the amount given in order to get something. To explain: The difference between inventoriable costs and period costs.

3. To classify: The costs items as inventoriable costs or period costs.

Want to see the full answer?

Chapter 2 Solutions

Cost:

Cost refers to the expenses incurred by the business to earn revenue from sales, in other words cost is the amount given in order to get something.

To explain: The difference between inventoriable costs and period costs.

3.

To classify: The costs items as inventoriable costs or period costs.