Identify the accounts that will appear on the financial statements of a merchandiser that will not appear on those of a service oriented company.

Question

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Answer 1

Question

Chapter 4, Problem 1DQ

To determine

Identify the accounts that will appear on the financial statements of a merchandiser that will not appear on those of a service oriented company.

Expert Solution & Answer

Explanation of Solution

Financial statements:

Financial statements refer to those statements, which are prepared by the Company according to particular formats in accounting to show its financial position.

Accounts that will appear on the financial statements of a merchandiser:

Inventory
Cost of goods sold
Sales
Sales discounts
Sales returns
Allowances

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Creditors Sales Revenue 22,500 1,143,700 Land at cost 550,000 Building at cost 570,000 Furniture and fittings at cost 85,000 Bank 14,000 Provision for Depreciation Buildings 120,000 Furniture and fittings 15,000 Discounts 5,700 5,800 Retained Earnings at 1 Oct 2022 14,800 Provision for bad debts 2,200 Goodwill 400,000 Cash 16,400 Inventory at 1 Oct 2022 48,000 Rent Received(from Breezy Ltd) 27,000 Rent 7,900 Wages and Salaries 122,000 Insurance 16,300 Carriage Inwards 2,300 Returns 8,500 12,000 Commission received 5,200 8% Mortgage 100,000 Other Operating Expenses 2,500 Debtors 45,000 Purchases 340,000 Debenture Interest 1,200 Mortgage Interest 4,600 Bad debt 4,700 7% Debentures 150,000 4% Preference Shares @ $0.5 130,000 Ordinary Shares @ $0.75 375,000 General Reserves 127,000 Interim ordinary dividends paid 4,500 2,249,400 2,249,400

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Answer 2

Question

Chapter 4, Problem 1DQ

To determine

Identify the accounts that will appear on the financial statements of a merchandiser that will not appear on those of a service oriented company.

Expert Solution & Answer

Explanation of Solution

Financial statements:

Financial statements refer to those statements, which are prepared by the Company according to particular formats in accounting to show its financial position.

Accounts that will appear on the financial statements of a merchandiser:

Inventory
Cost of goods sold
Sales
Sales discounts
Sales returns
Allowances

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Answer 3

Question

Chapter 4, Problem 1DQ

To determine

Identify the accounts that will appear on the financial statements of a merchandiser that will not appear on those of a service oriented company.

Expert Solution & Answer

Explanation of Solution

Financial statements:

Financial statements refer to those statements, which are prepared by the Company according to particular formats in accounting to show its financial position.

Accounts that will appear on the financial statements of a merchandiser:

Inventory
Cost of goods sold
Sales
Sales discounts
Sales returns
Allowances

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Answer 4

Question

Chapter 4, Problem 1DQ

To determine

Identify the accounts that will appear on the financial statements of a merchandiser that will not appear on those of a service oriented company.

Expert Solution & Answer

Explanation of Solution

Financial statements:

Financial statements refer to those statements, which are prepared by the Company according to particular formats in accounting to show its financial position.

Accounts that will appear on the financial statements of a merchandiser:

Inventory
Cost of goods sold
Sales
Sales discounts
Sales returns
Allowances

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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

To determine

Identify the accounts that will appear on the financial statements of a merchandiser that will not appear on those of a service oriented company.

Expert Solution & Answer

Explanation of Solution

Financial statements:

Financial statements refer to those statements, which are prepared by the Company according to particular formats in accounting to show its financial position.

Accounts that will appear on the financial statements of a merchandiser:

Inventory
Cost of goods sold
Sales
Sales discounts
Sales returns
Allowances

Answer 6

Chapter 4, Problem 1DQ

To determine

Identify the accounts that will appear on the financial statements of a merchandiser that will not appear on those of a service oriented company.

Expert Solution & Answer

Explanation of Solution

Financial statements:

Financial statements refer to those statements, which are prepared by the Company according to particular formats in accounting to show its financial position.

Accounts that will appear on the financial statements of a merchandiser:

Inventory
Cost of goods sold
Sales
Sales discounts
Sales returns
Allowances

Answer 7

Chapter 4, Problem 1DQ

To determine

Identify the accounts that will appear on the financial statements of a merchandiser that will not appear on those of a service oriented company.

Answer 8

Expert Solution & Answer

Explanation of Solution

Financial statements:

Financial statements refer to those statements, which are prepared by the Company according to particular formats in accounting to show its financial position.

Accounts that will appear on the financial statements of a merchandiser: