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Q. Explain about Merchandise inventory?
Merchandise inventory is the quantity of goods assumed by a merchandising company for resale to customers. Merchandising companies verify the quantity of inventory items by a physical count. The merchandise inventory figure utilized by accountants depends on the quantity of inventory items and the cost of the items. This section discusses four accepted techniques of costing the items (a) specific identification (b) first-in, first-out (FIFO) (c) last-in, first-out (LIFO) and (d) weightedaverage. Every method has advantages as well as disadvantages. This section stresses the significance of having accurate inventory figures and the serious consequences of using inaccurate inventory figures. When you finish this section you must understand how taking inventory connects with the cost of goods sold figure on the store's income statement the retained earnings amount on the statement of retained earnings plus both the inventory figure and the retained earnings amount on the store's balance sheet.
Mr. Horace, aged 25, has $25,000 cash to invest for his retirement. In addition, he plans to save and invest $8,000 per year (at the end of every year) for the next 40 years, at wh
From the following details, prepare a balance sheet acid test ratio = 2.5 current ratio = 1.5 net working capital = 10,00,000 fixed assets =? Share capital =? Proprietary ratio =
Q. Explain horizontal analyses and using the financial results? The computation of dollar and or percentage changes from one year to the next in an item on financial statements
Super stockist is one who supply product to n no. of distributor in area. Distributor is one who supply to dealers in the area
on 10/15 the academy agreed to teach a four month class (beginning immediately) to an individual for $2,200 tuition per month payable at the end of the class. the class started on
Q. How does asset cash increase? An asset cash increases (debited) as well as a liability unearned service revenue increases (credited) by USD 4500. The credit is to Unearned S
A firm is evaluating two machines. The first costs $250,000 and will require annual maintenance of $30,000 per year for 10 years. At the end of 10 years, the salvage value will b
State about the Reporting sales taxes collected SALES TAX PAYABLE - CREDIT BALANCE SALES RETURNS INVOLVING A SALES TAX Tax should also be returned to the customer.
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