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Generally, the revenue account for a merchandising business

Customer Question

Generally, the revenue account for a merchandising business is entitled


Sales
Net Sales
Gross Sales
Gross Profit

# XXXXX
(2 pts.) Expenses that are incurred directly or entirely in connection with the sale of merchandise are classified as


selling expenses
general expenses
other expenses
administrative expenses

# XXXXX
(2 pts.) Office salaries, depreciation of office equipment, and office supplies are examples of what type of expense?


selling expense
miscellaneous expense
administrative expense
other expense

# XXXXX
(2 pts.) Multiple-step income statements show


gross profit but not income from operations
neither gross profit nor income from operations
both gross profit and income from operations
income from operations but not gross profit

# XXXXX
(2 pts.) Merchandise inventory is classified on the balance sheet as a


Current Liability
Current Asset
Long-Term Asset
Long-Term Liability

# XXXXX
(2 pts.) The primary difference between a periodic and perpetual inventory system is that a


periodic system determines cost of goods sold only at the end of the accounting period.
periodic system keeps a record showing the inventory on hand at all times.
periodic system provides an easy means to determine inventory shrinkage.
periodic system records the cost of the sale on the date the sale is made.

# XXXXX
(2 pts.) The cost inventory sold is reported on the income statement as


cost of merchandise sold.
purchases.
purchases returns and allowances.
net purchases.

# XXXXX
(2 pts.) Gross profit is equal to:


sales plus (sales discounts and sales returns and allowances) plus cost of merchandise sold.
sales plus sales returns and allowances less sales discounts less cost of merchandise sold.
sales plus sales discounts less sales returns and allowances less cost of merchandise sold.
sales less (sales discounts and sales returns and allowances) less cost of merchandise sold.

# XXXXX
(2 pts.) When merchandise is returned to the seller by the buyer, under the perpetual inventory system the buyer would credit


Merchandise Inventory
Purchases Returns and Allowances
Accounts Payable
depending on the inventory system used.

# XXXXX
(2 pts.) Which of the following accounts, will only be found in the chart of accounts of a merchandising company?


Fees Earned
Accounts Receivable
Merchandise Inventory
Accounts Payable

# XXXXX
(2 pts.) Which of the following items would affect the cost of merchandise inventory acquired during the period?


quantity discounts
cash discounts
transportation-in
all of the above

# XXXXX
(2 pts.) Inventory shortage or shrinkage is recorded when


merchandise is returned by a buyer.
merchandise purchased from a seller is incomplete or short.
merchandise is returned to a seller.
there is a difference between a physical count of inventory and inventory records.

# XXXXX
(2 pts.) What is the major difference between a periodic and perpetual inventory system?


Under the periodic inventory system, the purchase of inventory will be debited to the Purchases account.
Under the periodic inventory system, a journal entry is recorded involving inventory at the time of the sale.
Under the periodic inventory system, all adjustments such as purchases returns and allowances and discounts are recorded at the end of the month.
All are correct.

# XXXXX
(2 pts.) Under the periodic inventory system, the journal entry to record the purchase of merchandise inventory will include a debit to


Merchandise Inventory
Purchases
Accounts Payable
Cost of Merchandise Purchased

# XXXXX
(2 pts.) Under the periodic inventory system, the journal entry to record the cost of merchandise sold at the point of sale will include the following account


No entry is made.
Cost of merchandise sold.
Inventory.
Purchases sold.

# XXXXX
(2 pts.) Which of the following inventory cost methods is appropriate for a business who has inventory with a relatively small number of unique items and a high cost per item?


FIFO
LIFO
average costing
specific identification

# XXXXX
(2 pts.) The inventory method that considers the inventory to be composed of the cost of the units of merchandise acquired earliest is called


first-in, first-out
last-in, first-out
average cost
retail method

# XXXXX
(2 pts.) When merchandise sold is assumed to be in the order in which the expenditures were made, the inventory method is called


first-in, last-out
last-in, first-out
first-in, first-out
average cost

# XXXXX
(2 pts.) Under a perpetual inventory system, when an inventory shortage is discovered


Merchandise Inventory is debited.
Cost of Merchandise Sold is credited.
Inventory Shortages is credited.
Merchandise Inventory is credited.

# XXXXX
(2 pts.) Under a periodic inventory system


accounting records continuously disclose the amount of inventory.
a separate account for each type of merchandise is maintained in a subsidiary ledger.
a physical inventory is taken at the end of the period.
merchandise inventory is debited when goods are returned to vendors.

# XXXXX
(2 pts.) During a period of consistently rising prices, the method of inventory that will result in reporting the greatest cost of merchandise sold is


FIFO
LIFO
average cost
weighted average

# XXXXX
(2 pts.) Applying the same inventory valuation method from period-to-period is an example of the application of


the conservatism convention
the matching principle
the revenue recognition principle
the consistency principle

# XXXXX
(2 pts.) Selecting the inventory method that is least likely to overstate assets and understate liabilities is an example of the application of


the conservatism convention
the matching principle
the revenue recognition principle
the consistency convention

# XXXXX
(2 pts.) The objectives of internal control are to


control the internal organization of the accounting department personnel and equipment.
provide reasonable assurance that operations are managed to achieve goals, financial reports are accurate, and laws and regulations are complied with.
prevent fraud, and promote the social interest of the company.
provide control over "internal-use only" reports and employee internal conduct.

# XXXXX
(2 pts.) Which one of the following below reflects a weak internal control system?


all employees are well supervised.
a single employee is responsible for comparing a receiving report to an invoice.
all employees must take their vacations.
a single employee is responsible for collecting and recording of cash.

# XXXXX
(2 pts.) A bank statement


is a credit reference letter written by the depositor's bank.
lets a depositor know the financial position of the bank as of a certain date.
is a bill from the bank for services rendered.
shows the activity that increased or decreased the depositor's account balance.

# XXXXX
(2 pts.) Following the completion of the bank reconciliation, an adjusting entry was made that debited cash and credited Interest Revenue. Therefore the bank reconciliation must have included an item that was


deducted from the balance per depositor's records.
deducted from the balance per bank statement.
added to the balance per bank statement.
added to the balance per depositor's records.

# XXXXX
(2 pts.) A check drawn by a depositor for $180 in payment of a liability was recorded in the journal as $810. What entry is required in the depositor's accounts?


debit Accounts Payable; credit Cash
debit Cash; credit Accounts Receivable
debit Cash; credit Accounts Payable
debit Accounts Receivable; credit Cash

# XXXXX
(2 pts.) A bank reconciliation should be prepared periodically because


the depositor's records and the bank's records are in agreement.
the bank has not recorded all of its transactions.
any differences between the depositor's records and the bank's records should be determined, and any errors made by either party should be discovered and corrected.
the bank must make sure that its records are correct.

# XXXXX
(2 pts.) Accompanying the bank statement was a debit memorandum for bank service charges. On the bank reconciliation, the item is


a deduction from the balance per depositor's records.
an addition to the balance per bank statement.
a deduction from the balance per bank statement.
an addition to the balance per depositor's records.




A company, using the periodic inventory system, has merchandise inventory costing $140 on hand at the beginning of the period. During the period, merchandise costing $400 is purchased. At year-end, merchandise inventory costing $180 is on hand. Determine the cost of merchandise sold for the year.



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# XXXXX
(4 pts.) Silver Co. sold merchandise to Bronze Co. on account, $23,000, terms 2/15, net 45. The cost of the merchandise sold is $18,500. Silver Co. issued a credit memorandum for $2,500 for merchandise returned that originally cost $1,900. The Bronze Co. paid the invoice within the discount period. Determine amount of net sales from these transactions?



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# XXXXX
(4 pts.) Robles Co. sells $1,000 of inventory to Salas Co. for cash. Robles paid $650 for the merchandise. Prepare the journal entry, or entries, that Robles company should record under a perpetual inventory system.



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# XXXXX
(3 pts.) Robles Co. sells $1,000 of inventory to Salas Co. for cash. Robles paid $650 for the merchandise. Prepare the journal entry, or entries, that Salas Company should record under a perpetual inventory system.



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# XXXXX
(3 pts.) Robles Co. sells $1,000 of inventory to Salas Co. for cash. Robles paid $650 for the merchandise. Prepare the journal entry or entries that Salas Company should record under a periodic inventory system.



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# XXXXX
(3 pts.) Apple Co sells merchandise on credit to Zea Co in the amount of $8,000. The invoice is dated on September 15 with terms of 1/15, net 45. What is the amount of the discount and by what date must the invoice be paid in order for the buyer to take advantage of the discount?



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# XXXXX
(3 pts.) The inventory data for an item for November are:

Nov. 1 Inventory 20 units at $20
4 Sold 10 units
10 Purchased 30 units at $21
17 Sold 20 units
30 Purchased 10 units at $22

Using the perpetual system, costing by the first-in, first-out method, what is the cost of the merchandise inventory of 30 units on November 30?




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# XXXXX
(4 pts.) The inventory data for an item for November are:

Nov. 1 Inventory 20 units at $20
4 Sold 10 units
10 Purchased 30 units at $21
17 Sold 20 units
30 Purchased 10 units at $22

Using the perpetual system, costing by the last-in, first-out method, what is the cost of the merchandise inventory of 30 units on November 30?



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# XXXXX
(6 pts.) The following lots of a particular commodity were available for sale during the year

Beginning inventory 10 units at $50
First purchase 25 units at $50
Second purchase 30 units at $55
Third purchase 15 units at $60

The firm uses the periodic system and there are 20 units of the commodity on hand at the end of the year. What is the amount of inventory at the end of the year according to the weighted average method?



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# XXXXX
(4 pts.) The inventory data for an item for November are:

Nov. 1 Inventory 20 units at $20
4 Sold 10 units
10 Purchased 30 units at $21
17 Sold 20 units
30 Purchased 10 units at $22

Using first-in, first-out costing, what is the cost of the merchandise sold for the 30 units sold in November?



Answer this question
Submitted: 3 years ago.
Category: Homework
Expert:  Jabi replied 3 years ago.
Hello dear client,

Thank you for your questions, i have already started work on your questions, when do you need these answers?

-Jabi
Customer: replied 3 years ago.
Within the next 45 minutes
Expert:  Jabi replied 3 years ago.
Hello dear client,

Thank you for your time and reply, can i post the answers which i complete first or should i post the whole answers at a time?

-Jabi
Customer: replied 3 years ago.
Whichever is easier for you
Expert:  Jabi replied 3 years ago.
Hello dear client,

I will post all the questions at a time for you, when i done it :)

-Jabi
Customer: replied 3 years ago.

Ok sounds good.

Expert:  Jabi replied 3 years ago.
:)
Expert:  Jabi replied 3 years ago.
Hello dear client,

I am sorry to say that I don't think i would be able to complete it within the next 45 minutes, i am leaving your question open to other experts.

Good Luck!

-Jabi
Expert:  Manal Elkhoshkhany replied 3 years ago.
I am working on the questions, but please advise the name of the book you are using: Title, author's name, and edition

as well as how much time do we have left

Thank you

Customer: replied 3 years ago.

I don't have a book. Its questions posed from the internet. I have 25 minutes left.

Customer: replied 3 years ago.
Sorry 35 minutes left
Customer: replied 3 years ago.

Weygandt, Financial Accounting, 7th Edition, Custom for CC Philadelphia, with WileyPLUS and GLS CD 7E.

ISBN: 9781118098509.

Customer: replied 3 years ago.
Hi , Are you working on this or no?
Expert:  Manal Elkhoshkhany replied 3 years ago.
yes I am :)
Customer: replied 3 years ago.
Thanks!
Expert:  Manal Elkhoshkhany replied 3 years ago.

No problem :)

 

I am sorry to bother you again, but how long do we have now?

Customer: replied 3 years ago.
25 minutes
Customer: replied 3 years ago.
Hi, I have 5 minutes left
Expert:  Manal Elkhoshkhany replied 3 years ago.

I only have the last one left so I will post what I finished then I will calculate the last one and answer it here. Please click on the following link:

 

http://www.box.net/shared/u6enbbmbaujsj7kev8rd

 

Manal Elkhoshkhany, Tutor
Category: Homework
Satisfied Customers: 9476
Experience: More than 5000 online tutoring sessions.
Manal Elkhoshkhany and 4 other Homework Specialists are ready to help you
Customer: replied 3 years ago.
Hi, I can not open that ifle at work. Please copy and past in text!
Expert:  Manal Elkhoshkhany replied 3 years ago.
THIS ANSWER IS LOCKED!
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Expert:  Manal Elkhoshkhany replied 3 years ago.

Thank you for the accept, but please read the following for future posts so that none of us is stressed :)

 

 

If you like my services, please feel free to direct your future posts to me specifically by typing "For BusinessTutor" at the beginning of your post. Should you choose to do this, please try to allow me 48 hours before the deadline. If you need to meet me online for a timed assignment, please advise me of the date and time (EST) you want me to meet you here and I will. Please make sure you take the length (and number) of the questions into consideration when making your offer to avoid delays in providing solutions.

 

Expert:  Manal Elkhoshkhany replied 3 years ago.
Did I miss any of them?

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