Why are inventories included in the computation of net income? To determine merchandise returns. Inventories are...
Why are inventories included in the computation of net
income?
| To determine merchandise returns. |
| Inventories are not included in the computation of net income. |
| To determine cost of goods sold. |
| To determine sales revenue. |
Homework Answers
Inventories includes in net income for calculation in cost of goods sold.
Cost of goods sold = Beginning inventory+Purchase -Ending inventory
So answer is c) To determine cost of goods sold
Add Answer to:
Why are inventories included in the computation of net
income?
To determine merchandise returns.
Inventories are...
Must be original Can you tell me why inventories should be included in (a) a statement...
Must be original Can you tell me why inventories should be included in (a) a statement of financial position and (b) the computation of net income?
anything helps 35. Brian Company sells company sells merchandise on account for $1.800 to Samantha Compa...
anything helps
35. Brian Company sells company sells merchandise on account for $1.800 to Samantha Compa the Company with credit terms of 2/10, 1/30. Samantha Company returns S300 of me that was damage la Company returns S300 of merchandise wat was damaged, along with a check to settle the account within the period. What is the amount of the check? A) $1,470 B) $1,476 C) $1,350 D) $1,464 36. Jones Outfitters sold S5,000 in merchandise to a customer on credit....
Using the following information, answer the questions. $198,000 Net sales 92,000 Purchases Purchases returns and allowances...
Using the following information, answer the questions. $198,000 Net sales 92,000 Purchases Purchases returns and allowances 1,800 Purchases discounts 1,250 1,590 Freight-in Merchandise inventory, beginning of period 63,000 Merchandise inventory, end of period 37,000 Determine the cost of goods sold. Cost of Goods Sold Section Net purchases Determine the cost of goods sold. Cost of Goods Sold Section Net purchases Cost of goods sold Determine the gross profit.
Andrea’s Fashions sold merchandise for $203000 cash during the month of July. Returns that month totaled...
Andrea’s Fashions sold merchandise for $203000 cash during the month of July. Returns that month totaled $3100. If the company’s gross profit rate is 40%, Andrea’s will report monthly net sales revenue and cost of goods sold of
Please explain why it is being included in the net income and why others are not...
Please explain why it is being included in the net income and
why others are not included in the net income
48. During the month of June, the following transactions occurred for Boring Corp.: June 1 Collected $5,000 rent from a tenant for the month of June June 15 Sold $1,000,000 in goods (inventory cost $750,000) June 17 Paid operating expenses of $50,000 arising from expenses incurred in May June 18 Collected $18,000 from customers on account June 24 Purchased...
Need help thank you in advance 5. The account 'dividend revenue' would be included in which...
Need help thank you in advance
5. The account 'dividend revenue' would be included in which section of the income statement? a. net sales c operating expenses b. cost of goods sold d. other revenues and expenses 6. The account 'sales returns and allowances' would be included in which section of the income statement? a. net sales c. operating expenses b. cost of goods sold d. other income and expenses
Concord’s Fabrics sold merchandise for $209000 cash during the month of July. Returns that month totaled...
Concord’s Fabrics sold merchandise for $209000 cash during the
month of July. Returns that month totaled $3400. If the company’s
gross profit rate is 35%, Concord will report monthly net sales
revenue and cost of goods sold of
$209000 and $133640.
$209000 and $135850.
$205600 and $71960.
$205600 and $133640.
Merchandiser’s Income Statement Puzzler Using the following information, calculate (a) net sales, (b) cost of goods...
Merchandiser’s Income Statement Puzzler Using the following information, calculate (a) net sales, (b) cost of goods sold, (c) gross margin from sales, and (d) net income. Freight In $ 400 Merchandise Inventory, Jan.1 30,000 Gross Sales 120,000 Purchase Discounts 600 Advertising Expense 8,000 Purchases 40,000 Merchandise Inventory, Dec.31 10,000 Sales Returns and Allowances 1,000 General and Administrative Expenses 14,000 Net Sales a. ____________________ Cost of Goods Sold b. ____________________ Gross Margin from Sales ...
14. Alfa company returns merchandise previously purchased on account. Alfa didn't pay for the merchandise yet....
14. Alfa company returns merchandise previously purchased on account. Alfa didn't pay for the merchandise yet. Which of the following situation on the purchase return is the correct one on the financial statements? Assets Liab. + Stk. Equity Rev. Exp. Net Inc. Stmt of Cash Flows A. + NA + NA +OA B. + NA NA NA NA NA C. + NA T NA NA NA NA +OA D. + NA NA NA a A. A B.B D QUESTION 6...
A merchandiser: Multiple Choice Ol 16:49 Earns net income by buying and selling merchandise. O Receives...
A merchandiser: Multiple Choice Ol 16:49 Earns net income by buying and selling merchandise. O Receives fees only in exchange for services. O Earns profit from commissions only. O Earns profit from fares only Cost of goods sold: Multiple Choice points (8 02:43:56 Is another term for merchandise sales. C) is the term used for the expense of buying and preparing merchandise for sale. Is another term for revenue O is also called gross margin O
anything helps
35. Brian Company sells company sells merchandise on account for $1.800 to Samantha Compa the Company with credit terms of 2/10, 1/30. Samantha Company returns S300 of me that was damage la Company returns S300 of merchandise wat was damaged, along with a check to settle the account within the period. What is the amount of the check? A) $1,470 B) $1,476 C) $1,350 D) $1,464 36. Jones Outfitters sold S5,000 in merchandise to a customer on credit....
Using the following information, answer the questions. $198,000 Net sales 92,000 Purchases Purchases returns and allowances 1,800 Purchases discounts 1,250 1,590 Freight-in Merchandise inventory, beginning of period 63,000 Merchandise inventory, end of period 37,000 Determine the cost of goods sold. Cost of Goods Sold Section Net purchases Determine the cost of goods sold. Cost of Goods Sold Section Net purchases Cost of goods sold Determine the gross profit.
Please explain why it is being included in the net income and
why others are not included in the net income
48. During the month of June, the following transactions occurred for Boring Corp.: June 1 Collected $5,000 rent from a tenant for the month of June June 15 Sold $1,000,000 in goods (inventory cost $750,000) June 17 Paid operating expenses of $50,000 arising from expenses incurred in May June 18 Collected $18,000 from customers on account June 24 Purchased...
Need help thank you in advance
5. The account 'dividend revenue' would be included in which section of the income statement? a. net sales c operating expenses b. cost of goods sold d. other revenues and expenses 6. The account 'sales returns and allowances' would be included in which section of the income statement? a. net sales c. operating expenses b. cost of goods sold d. other income and expenses
14. Alfa company returns merchandise previously purchased on account. Alfa didn't pay for the merchandise yet. Which of the following situation on the purchase return is the correct one on the financial statements? Assets Liab. + Stk. Equity Rev. Exp. Net Inc. Stmt of Cash Flows A. + NA + NA +OA B. + NA NA NA NA NA C. + NA T NA NA NA NA +OA D. + NA NA NA a A. A B.B D QUESTION 6...
A merchandiser: Multiple Choice Ol 16:49 Earns net income by buying and selling merchandise. O Receives fees only in exchange for services. O Earns profit from commissions only. O Earns profit from fares only Cost of goods sold: Multiple Choice points (8 02:43:56 Is another term for merchandise sales. C) is the term used for the expense of buying and preparing merchandise for sale. Is another term for revenue O is also called gross margin O
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