Business, 05.05.2020 21:41 bks53

Mr. Etemadi has prepared the following list of statements about service companies and merchandisers. Identify each statement as true or false. If false, indicate how to correct the statement?1. Measuring net income for a merchandiser is conceptually the same as for a service company. A. True B. False2. For a merchandiser, sales less operating expenses is called gross profit. A. True B. False3. For a merchandiser, the primary source of revenues is the sale of inventory. A. True B. False4. Sales salaries and wages is an example of an operating expense. A. True B. False 5. The operating cycle of a merchandiser is the same as that of a service companies. A. True B. False6. In a perpetual inventory system, no detailed inventory records of goods on hand are maintained. the accounting period. A. True B. False7. In a periodic inventory system, the cost of goods sold is determined only at the end of the accountng perod. A. True B. False8. A periodic inventory system provides better control over inventories than a perpetual Instructions. A. True B. False

Answers: 3

Show answers

Other questions on the subject: Business

Business, 22.06.2019 04:00, callmedarthvadorplz

You are thinking of making your mansion more energy efficient by replacing some of the light bulbs with compact fluorescent bulbs, and insulating part or all of your exterior walls. each compact fluorescent light bulb costs $4 and saves you an average of $2 per year in energy costs, and each square foot of wall insulation costs $1 and saves you an average of $0.20 per year in energy costs.† your mansion has 150 light fittings and 3000 sq ft of uninsulated exterior wall. to impress your friends, you would like to spend as much as possible, but save no more than $750 per year in energy costs (you are proud of your large utility bills). how many compact fluorescent light bulbs and how many square feet of insulation should you purchase? how much will you save in energy costs per year? (if an answer does not exist, enter dne.)

Answers: 1

continue

Business, 22.06.2019 08:50, sandram74691

Dyed-denim corporation is seeking to lower the costs of value creation and achieve a low-cost position. as a result, it plans to move its manufacturing plant from the u. s. to thailand, which based on company research, is the optimal location for production. this strategic move will most likely allow the company to realize

Answers: 3

continue

Business, 22.06.2019 09:40, MileenaKitana

Wilson center is a private not-for-profit voluntary health and welfare entity. during 2017, it received unrestricted pledges of $638,000, 65 percent of which were payable in 2017, with the remainder payable in 2018 (for use in 2018). officials estimate that 14 percent of all pledges will be uncollectible. a. how much should wilson center report as contribution revenue for 2017? b. in addition, a local social worker, earning $20 per hour working for the state government, contributed 600 hours of time to wilson center at no charge. without these donated services, the organization would have hired an additional staff person. how should wilson center record the contributed service?

Answers: 2

continue

Business, 22.06.2019 15:20, alex12everett

Record the journal entry for the provision for uncollectible accounts under each of the following independent assumptions: a. the allowance for doubtful accounts before adjustment has a credit balance of $500. b. the allowance for doubtful accounts before adjustment has a debit balance of $250. c. assume that octoberʼs credit sales were $70,000. uncollectible accounts expense is estimated at 2% of sales. smith, gaylord n.. excel applications for accounting principles (p. 51). cengage textbook. kindle edition.

Answers: 1

continue

You know the right answer?

Mr. Etemadi has prepared the following list of statements about service companies and merchandisers....