Based on the nature of business organizations are divided into two major categories; merchandising companies and service companies. To identify: the items which appear in the financial statements of merchandising companies but not in the financial statements of service companies.

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Answer 1

Question

Chapter 4, Problem 1DQ

Summary Introduction

Concept introduction:

Based on the nature of business organizations are divided into two major categories; merchandising companies and service companies.

To identify: the items which appear in the financial statements of merchandising companies but not in the financial statements of service companies.

Expert Solution & Answer

Explanation of Solution

The merchandising companies deal with the physical products for example trading of grocery items, but service companies provide services and do not deal with any physical product.

The items which appear in the financial statements of merchandising companies but not in the financial statements of servicing companies are as follows:

Manufacturing costs
Work in process inventory
Finished goods inventory
Sales revenue
Cost of goods sold

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Please provide the answer to this financial accounting question using the right approach.

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At year-end, Simple has cash of $12,000, current accounts receivable of $60,000, merchandise inventory of $37,200, and prepaid expenses totaling $5,200. Liabilities of $24,000 must be paid next year. Assume accounts receivable had a beginning balance of $20,000 and net credit sales for the current year totaled $2,400,000. How many days did it take Simple to collect its average level of receivables? (Assume 365 days/year.)

Answer 2

Question

Chapter 4, Problem 1DQ

Summary Introduction

Concept introduction:

Based on the nature of business organizations are divided into two major categories; merchandising companies and service companies.

To identify: the items which appear in the financial statements of merchandising companies but not in the financial statements of service companies.

Expert Solution & Answer

Explanation of Solution

The merchandising companies deal with the physical products for example trading of grocery items, but service companies provide services and do not deal with any physical product.

The items which appear in the financial statements of merchandising companies but not in the financial statements of servicing companies are as follows:

Manufacturing costs
Work in process inventory
Finished goods inventory
Sales revenue
Cost of goods sold

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Answer 3

Question

Chapter 4, Problem 1DQ

Summary Introduction

Concept introduction:

Based on the nature of business organizations are divided into two major categories; merchandising companies and service companies.

To identify: the items which appear in the financial statements of merchandising companies but not in the financial statements of service companies.

Expert Solution & Answer

Explanation of Solution

The merchandising companies deal with the physical products for example trading of grocery items, but service companies provide services and do not deal with any physical product.

The items which appear in the financial statements of merchandising companies but not in the financial statements of servicing companies are as follows:

Manufacturing costs
Work in process inventory
Finished goods inventory
Sales revenue
Cost of goods sold

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Answer 4

Question

Chapter 4, Problem 1DQ

Summary Introduction

Concept introduction:

Based on the nature of business organizations are divided into two major categories; merchandising companies and service companies.

To identify: the items which appear in the financial statements of merchandising companies but not in the financial statements of service companies.

Expert Solution & Answer

Explanation of Solution

The merchandising companies deal with the physical products for example trading of grocery items, but service companies provide services and do not deal with any physical product.

The items which appear in the financial statements of merchandising companies but not in the financial statements of servicing companies are as follows:

Manufacturing costs
Work in process inventory
Finished goods inventory
Sales revenue
Cost of goods sold

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 4, Problem 1DQ

Summary Introduction

Concept introduction:

Based on the nature of business organizations are divided into two major categories; merchandising companies and service companies.

To identify: the items which appear in the financial statements of merchandising companies but not in the financial statements of service companies.

Expert Solution & Answer

Explanation of Solution

The merchandising companies deal with the physical products for example trading of grocery items, but service companies provide services and do not deal with any physical product.

The items which appear in the financial statements of merchandising companies but not in the financial statements of servicing companies are as follows:

Manufacturing costs
Work in process inventory
Finished goods inventory
Sales revenue
Cost of goods sold

Answer 6

Chapter 4, Problem 1DQ

Summary Introduction

Concept introduction:

Based on the nature of business organizations are divided into two major categories; merchandising companies and service companies.

To identify: the items which appear in the financial statements of merchandising companies but not in the financial statements of service companies.

Expert Solution & Answer

Explanation of Solution

The merchandising companies deal with the physical products for example trading of grocery items, but service companies provide services and do not deal with any physical product.

The items which appear in the financial statements of merchandising companies but not in the financial statements of servicing companies are as follows:

Manufacturing costs
Work in process inventory
Finished goods inventory
Sales revenue
Cost of goods sold

Answer 7

Chapter 4, Problem 1DQ

Summary Introduction

Concept introduction:

Based on the nature of business organizations are divided into two major categories; merchandising companies and service companies.

To identify: the items which appear in the financial statements of merchandising companies but not in the financial statements of service companies.

Answer 8

Expert Solution & Answer

Explanation of Solution

The merchandising companies deal with the physical products for example trading of grocery items, but service companies provide services and do not deal with any physical product.

The items which appear in the financial statements of merchandising companies but not in the financial statements of servicing companies are as follows:

Manufacturing costs
Work in process inventory
Finished goods inventory
Sales revenue
Cost of goods sold

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Ch. 4 - Prob. 1DQ Ch. 4 - In comparing the accounts of a merchandising...Ch. 4 - Prob. 3DQ Ch. 4 - Prob. 4DQ Ch. 4 - How does a company that uses a perpetual inventory...Ch. 4 - Distinguish between cash discounts and trade...Ch. 4 - What is the difference between a sales discount...Ch. 4 - Prob. 8DQ Ch. 4 - Prob. 9DQ Ch. 4 - Prob. 10DQ

Based on the nature of business organizations are divided into two major categories; merchandising companies and service companies. To identify: the items which appear in the financial statements of merchandising companies but not in the financial statements of service companies.

Explanation of Solution

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Chapter 4 Solutions