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Q. What is Merchandise inventory?
Merchandise inventory is the cost of goods on hand in addition to available for sale at any given time. To determine the cost of goods sold in any accounting period management requires inventory information. Management should know its cost of goods on hand at the start of the period (beginning inventory) the net cost of purchases during the period and the cost of goods on hand at the close of the period (ending inventory). Ever since the ending inventory of the preceding period is the beginning inventory for the current period management previously knows the cost of the beginning inventory Companies record purchase discounts, purchases, purchase returns and allowances and transportation-in throughout the period. Consequently management requires determining only the cost of the ending inventory at the end of the period in order to calculate cost of goods sold.
Federal income tax Except specifically exempted, all income (illegal and legal) is subject to personal income tax. Withholding depends on 1) employee's gross earnings, 2) emplo
Money owed by a business enterprise for merchandise bought on open account. It is also known as "A/R" or just "Receivables". Accounts Receivable is the quantity owed to a company
Astra Company sells financial calculators and offers instruction on their use. During its first year it expects to sell 3000 calculators at $30 each and offer 5000 hours of instruc
on april-1,2005,raghu started a business of selling steel pipes and angles.he invested cash of Rs.50,00,000 & opened a current a/c with bank for Rs.20,00,000.He took loan from ICIC
What is TRIAL BALANCE This statement is a listing on a certain date which demonstrates all accounts and their balances. This generally happen at the end of the month however it
Can you explain to me how you did it? As well as putting it in a excel format but make it not take a lot of papers to print it out. A girl in my class said you can use a paint prog
Q. Maplehurst Company? Maplehurst Company manufactures huge spinning machines for the textile industry. The company had purchased USD 100000 of small hand tools to utilize in i
Q. Show the examples of long-term assets? Property, plant, and equipment are assets with helpful lives of more than one year a company acquires them for use in the business r
Question: Artarmon Ltd uses a job-order costing system and a predetermined overhead rate based on direct labour cost. Estimated manufacturing overheads for the coming year were
Investigate the principles, standards and conventions of accounting by: assessing the need for financial information, its purpose and limitations analysing the role
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