Accounting example #17344

Taking advantage of a 2/10 n/30 purchases discount is equal to a savings yearly rate of approximately?

The inventory system employing accounting records that continously discloes the amount of inventory is called?

The form of income statement that derives its name from the fact that the total of all expenses is deducted from the total of all revenues is called a?

The arrangements between buyer and seller as to when payments for merchandise are to be made are called?

What is the term applied to the excess of net revenue from sales over the cost of merchandise sold?

Sales to customers who use bank credit cards, such as mastercard and visa are generally treated as

If the buyer is to pay the freight cost of a delivering merchandise, delivery terms are stated as?

The statement of owner's equity shows

A retailer purchases merchandise with a catalog list price of $25,000. The retailer receives a 30% trade discount and credit terms of 2/10, n/30. What amount should the retailer debit to the Merchandise Inventory account?

Inventory shortage is recorded when

Expenses that are incurred directly or entirely in connection with the sale of merchandise are classified as

Merchandise with an invoice price of 3,000 is purchased on September 2 subject to terms of 2/10, n/30, FOB destination. Freight costs paid by the seller totalled $200. What is the cost of the merchandise if paid on September 12, assuming the discount is taken?

Which of the following items would affect the cost of merchandise inventory acquired during the period?

When comparing a retail business to a service business, the financial statement that changes the least is the

The amount of the total cash paid to the seller for merchandise purchased for consumption would normally include

When the three sections of a balance sheet are presented on a page in a downward sequence, it is called the

If credit terms of 3/15, n/45, the "3" represents the

Merchandise is ordered on December 1; the merchandise is shipped by the seller and the invoice is prepared, dated, and mailed by the seller on December 3; the merchandise is received by the buyer on December 8; the entry is made in the buyer's account on December 10. The credit period begins with what date?

When comparing a retail business to a service business, the financial statement that changes the most is the

Who pays the freight cost when the terms are FOB destination?

Using a prepetual inventory system, the entry to record the sale of merchandise on account includes a

Discounts taken by a buyer because of early payment are recorded on the seller's accounting records as

Merchandise inventory is classified on the balance sheet as

When purchases of merchandise are made for cash, the transaction may be recorded with the following entry

Ramone Company had $600,000 in Net Sales for the year 2010. The total assets at the beginning of the year were $240,000 and total assets at the end of the year were $280,000. The ratio of net sales to total assets is (round answer to 2 decimal places):

Office salaries, depreciation of office equipment, and office supplies are examples of what type of expense?

Who pays the freight costs when the terms are FOB shipping point?

Which of the following is not a difference between a retail business and a service business?

Which account will be included in both service and merchandising companies closing entries?

If the seller is to pay the freight costs of delivering merchandise, the delivery terms are stated as

Gross profit is equal to

The term "inventory" can indicate

Using a perpetual inventory system, the entry to record the return from a customer of merchandise sold on account includes a

Net income plus operating expenses is equal to

If title to merchandise purchases passes the buyer when the goods are shipped from the seller, the terms are

Isaac Co. sells merchandise on credit to Sonar Co in the amount of $9,600. The invoice is dated on April 15 with terms of 1/15, net 45. If Sonar Co. chooses not to take the discount, by when should the payment be made?

Generally, the revenue account for a merchandising business is entitled

Discounts taken by a buyer because of early payment are recorded on the seller's accounting report as

A chart of accounts for a merchandising business