Cost of goods sold is reported

Assignment Help Financial Accounting
Reference no: EM131221696

Cost of Goods Sold is reported

as an expense on the income statement.

as an asset on the balance sheet.

as an addition to Sales Revenue on the income statement.

as a direct reduction of equity on the statement of changes in stockholders' equity.

Reference no: EM131221696

Questions Cloud

What journal entry is required : The backyard store received a debit memo for $789 from second national bank for a customers check that was returned marked "NFS" Ms Smith instructed you to set up an account for the customer george dunne in the accounts receivable subsidiary ledger a..
Accumulated depreciation-beginning inventory-common stock : Accumulated depreciation, Beginning inventory, Common Stock, Retained earnings, Ending inventory, Operating expenses, Purchases, Sales, Dividends. What is the revenues and what are the expenses from the list above?
Stock was originally recorded using the cost method : 24,800 shares reacquired by Elixir Corporation for $48 per share were exchanged for undeveloped land that has an appraised value of $1,740,700. At the time of the exchange, the common stock was trading at $63 per share on an organized exchange. (a) P..
Find present value of an investment in plant and equipment : Find the present value of an investment in plant and equipment if it is expected to provide annual earnings of $65,000 for 15 years and to have a resale value of $125,000 at the end of that period. Assume a 10% rate and earnings at year end. The pres..
Cost of goods sold is reported : Cost of Goods Sold is reported
Historical or acquisition cost : There are four basic accounting principles that underlie all accounting and financial reporting practices. These principles are (1) historical cost, (2) revenue recognition, (3) matching principle, and (4) full disclosure. According to the historical..
Balance sheet of merchandising firm different from : How is the balance sheet of a merchandising firm different from the balance sheet of a service business?
Cost of goods available for sale for the year : Baxter Company's merchandise inventory at the start of 2014 was $85,000. The company purchased inventory during 2014 in the amount of $323,000, and its inventory at the end of the year was $102,000. What was Baxter's Cost of Goods Available for Sale ..
Firms accounting system must allocate the cost of goods : A merchandising firm's accounting system must allocate the Cost of Goods Available for Sale between Cost of Goods Sold and the ending balance in Merchandise Inventory.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Preparing adjusting and subsequent journal entries

The company purchased a building on January 1, 2013. It cost $960,000 and is expected to have a $45,000 salvage value at the end of its predicted 30-year life. Annual depreciation is $30,500.

  Amount and character of each shareholders gain or loss

For three years, Diamond Corporation has been owned equally by Arlene and Billy. Arlene and Billy have $40,000 and $20,000 adjusted bases, respectively, in their Diamond stock. Arlene receives a $30,000 cash liquidating distribution in exchange for h..

  Compute the companys monthly break-even point

Compute the companys monthly break-even point in units of product and what would the company's monthly net operating income be if sales increased by 25% and there is no change in total fixed expenses?

  Company bought each of a danish company for 8 million

company bought each of a danish company for 8 million kroner dkk on 21st dec year 1. on 21st december the exchange rate

  Continuing clients business for planning an audit

Which of the following provides the best method of obtaining an understanding of a continuing client's business for planning an audit?

  Calculate the book value of three-year-old machine

Calculate the book value of a three-year-old machine that cost $110,000, has an estimated residual value of $11,000, and has an estimated useful life of four years. The company uses double declining-balance depreciation

  Journal entry to record investment amp interest amp sale

journal entry to record investment amp interest amp sale reporting investment.tanner-unf corporation acquires as

  Cost of ending inventory using weighted-average

Frick Company began the accounting period with inventory of 3,000 units at $30 each. During the period, the company purchased an additional 5,000 units at $36 each and sold 4,600 units. Assume the use of periodic inventory procedure. The cost of endi..

  Successful company in commercial and residential painting

Progressive Painting Company (PPC) is a successful company in commercial and residential painting. PPC has a variety of jobs: new construction, repair and repainting existing structures and restoration of very old buildings and homes. The company is ..

  Journalize the payment of bond interest on january

Journalize the payment of bond interest on January 1, 2013 - Prepare the entry to amortize bond premium and to pay the interest due on July 1, 2013, assuming no accrual of interest on June 30.

  Indifferent between the two manufacturing methods

Martinez Company has decided to introduce a new product. The new product can be manufactured by either a capital-intensive method or a labor-intensive method. The manufacturing method will not affect the quality of the product. The estimated manufact..

  Prepare the journal entry to record kisses rich investment

KISSES RICH INC, purchased as a log-term investment $80 million of 8% bonds dated January 1, on January 1, 2011. Management has the positive intent and ability to hold the bonds until maturity.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd