Gross benefit will result if:(a) operating costs are much less than network income.(b) sales revenues are higher than operating expenses.(c) sales revenues are better than expense of goods sold.(d) operating costs are better than cost of products sold.

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Under a perpetual list system, when products are purchased for resale by a company:(a) purchases on account space debited come Inventory.(b) to buy on account room debited come Purchases.(c) acquisition returns are debited to purchase Returns and also Allowances.(d) freight prices are debited come Freight-Out.
The sales account that generally have a debit balance are:(a) Sales Discounts.(b) Sales Returns and also Allowances.(c) Both (a) and (b).(d) neither (a) nor (b).
A credit sale of $750 is made on June 13, state 2/10, net/30. A return of $50 is granted ~ above June 16. The amount obtained as payment in complete on June 23 is:(a) $700.(b) $686.(c) $685.(d) $650.
Which of the following accounts will normally show up in the ledger the a merchandising firm that uses a perpetual perform system?(a) Purchases.(b) Freight-In.(c) cost of goods Sold.(d) acquisition Discounts.
To record the revenue of goods for cash in a perpetual list system:(a) only one journal entry is vital to record price of items sold and reduction of inventory.(b) just one journal entry is crucial to document the receipt that cash and also the sales revenue.(c) 2 journal entries are necessary: one to document the receipt the cash and also sales revenue, and one to document the expense of products sold and reduction the inventory.(d) 2 journal entries space necessary: one to record the receipt of cash and also reduction of inventory, and also one to record the expense of items sold and sales revenue.
(c) two journal entries room necessary: one to document the receipt the cash and sales revenue, and one to document the expense of goods sold and reduction the inventory.
The steps in the accountancy cycle because that a merchandising firm are the very same as those in a service company except:(a) an additional adjusting newspaper entry for inventory may be necessary in a merchandising company.(b) closing newspaper entries room not compelled for a merchandising company.(c) a post-closing psychological balance is not forced for a merchandising company.(d) a multiple-step earnings statement is required for a merchandising company.
The multiple-step revenue statement because that a merchandising agency shows every of the following attributes except:(a) pistol profit.(b) price of goods sold.(c) a sales section.(d) an investing activities section.
If sales profits are $400,000, expense of goods sold is $310,000, and operating prices are $60,000, the gross profit is:(a) $30,000.(b) $90,000.(c) $340,000.(d) $400,000.
A single-step income statement:(a) reports pistol profit.(b) does not report price of products sold.(c) reports sales revenue and "Other revenues and gains" in the profits section that the earnings statement.(d) reports operating earnings separately.
(c) reports sales revenue and also "Other revenues and also gains" in the revenues section of the revenue statement.
Which that the following shows up on both a single-step and also a multiple-step revenue statement?(a) Inventory.(b) gun profit.(c) earnings from operations.(d) cost of items sold.
In a worksheet using a perpetual perform system, perform is shown in the complying with columns:(a) changed trial balance debit and balance paper debit.(b) income statement debit and balance paper debit.(c) earnings statement credit and balance sheet debit.(d) earnings statement credit transaction and readjusted trial balance debit.
In determining expense of items sold in a regular system:(a) acquisition discounts space deducted from net purchases.(b) freight-out is added to net purchases.(c) acquisition returns and also allowances room deducted from network purchases.(d) freight-in is added to net purchases.
If beginning inventory is $60,000, cost of goods purchased is $380,000, and ending inventory is $50,000, cost of products sold is:(a) $390,000.(b) $370,000.(c) $330,000.(d) $420,000.

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When products are purchased because that resale by a company using a regular inventory system:(a) purchases on account room debited come Inventory.(b) purchase on account room debited to Purchases.(c) acquisition returns space debited to purchase Returns and Allowances.(d) freight expenses are debited come Purchases.
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Intermediate Accounting, Binder ready Version16th EditionDonald E. Kieso, Jerry J. Weygandt, terrycloth D. Warfield
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