How would you calculate cost of goods sold? What items make up cost of goods sold? How does beginning and ending inventory affect cost of goods sold? What are the journal entries a merchandising organization would use to record the purchase and subsequent sale of merchandise? How would these transactions differ with a periodic versus a perpetual inventory system? Why are perpetual inventory systems so much more popular today than back in the early 1960s and earlier? Why would a company employing a perpetual inventory system still take a physical inventory periodically?

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What are the three different inventory cost flow assumptions commonly used in commerce today and allowed by generally accepted accounting principles? How does a company determine what cost flow assumption they should use? How does first in, first out cost flow assumption work? When it is most appropriate to use? How does last in, first out cost flow assumption work? When it is most appropriate to use? How does an average cost flow assumption work? When it is most appropriate to use?

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Reflection and Financial Reporting Problem Part I.

Discuss the objectives for ACC 290 Week Three.  How do they relate to the practice of accounting and its uses in business?  Prepare closing entries, reversing entries, and a post closing trial balance.  Prepare a financial statement work sheet.  Prepare a classified income statement, retained earnings statement and balance sheet. Write a 350 to 500 word summary of your Learning Team’s discussion.

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Assignment: Week 5 Assignment

Complete the following Week 5 Assignment

  • IFRS Practice Question 1
  • IFRS Practice Question 2
  • Brief Exercise 6-5
  • Brief Exercise 6-7
  • BYP 6-1
  • BYP 6-2
  • Brief Exercise 7-4
  • Brief Exercise 7-6

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Question 1
 
  A service company’s operating cycle is ordinarily shorter than that of a merchandising company.
The operating cycle of a merchandising company is ordinarily shorter than that of a service company.
 
Question 2
 
  Due to the turnover time of inventory, merchandising companies have an operating cycle that is longer than a service company.
The operating cycle of a merchandising company is ordinarily ___________________ that of a service firm.
 
Question 3
 
  The cost of having merchandise delivered to the store is part of the cost of getting the inventory ready to sell. All costs incurred to get inventory ready to sell are included as part of Inventory account with a debit. 
Jax Company uses a perpetual inventory system and on November 30 purchased merchandise for which it must pay the shipping charges. Which of the following is one part of the required journal entry when Jax pays the shipping charges of $200? 
 
 
Question 4
 
  Sales Discounts is a contra account to Sales Revenue. It is reported on the income statement as a deduction from Sales Revenue.
 
Question 5
 
  Two entries are required. One will record the sale with a debit to cash and a credit to sales revenue. The second entry is to reduce the inventory; debit cost of goods sold and credit inventory.
Which statement is true when recording the sale of goods for cash in a perpetual inventory system?
 
 Question 6
 
  Sales less cost of goods sold equals gross profit. Subtracting operating expenses from gross profit equals net income.
Net income is $15,000, operating expenses are $20,000, and net sales total $75,000. How much is cost of goods sold?
 
 
Question 7
 
  Cost of goods sold is subtracted from net sales to calculate gross profit.
Which one of the following will result in gross profit?
 
 
Question 8
 
  Under the periodic inventory system, cost of goods sold for the period is calculated by adding purchases for the period to the beginning inventory balance and subtracting the ending inventory balance.
Under what system is cost of goods sold determined at the end of an accounting period?
 
Question 9
 
  Net income ($15,000) divided by net sales ($75,000) equals profit margin of 20%.
Net income is $15,000, operating expenses are $20,000, net sales total $75,000, and sales revenues total $95,000. How much is the profit margin?
 
Question 10
 
  Unlike the perpetual system, companies do not attempt to record the cost of merchandise sold on the date of the sale. At the end of the period, a physical inventory is taken to determine the cost of merchandise sold.
In a periodic inventory system, when is the cost of the merchandise sold determined?
 

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WileyPLUS Assignment: Week 4 Vocabulary Activity
Resource: WileyPLUS
Complete the following Week 4 Assignment in WileyPLUS:
• Chapter 5 Crossword Puzzle 1
 

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Week 4 Assignment

Complete the following Week 4 Assignment in

  • Problem 4-8A
  • Brief Exercise 5-1
  • Brief Exercise 5-2
  • BYP 5-1
  • BYP 5-2
  • IFRS 5-2
  • IFRS 5-4
  • Practice Question 1
  • Practice Question 2
  • Practice Question 3

 

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ACC 545 Week 4 Team Comprehensive Income and Retained Earnings

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This Tutorial contains an Excel File which can be used for any values
 
ACC 290 Week 5 Apply Connect Assignment
 
Note: You have only 1 attempt available to complete assignments
 
There are 3 Questions in this Tutorial (details given below, our excel sheet can be used for any values)
 
 
 
1
On December 31, after adjustments, Gonzalez Company’s ledger contains the following account balances:
 
 
101 Cash $ 30,200 Dr.
111 Accounts Receivable 16,100 Dr.
121 Supplies 2,300 Dr.
131 Prepaid Rent 38,900 Dr.
141 Equipment 47,000 Dr.
142 Accumulated Depreciation—Equip. 1,150 Cr.
202 Accounts Payable 6,800 Cr.
301 Emilio Gonzalez, Capital (12/1/2019) 48,620 Cr.
302 Emilio Gonzalez, Drawing 6,500 Dr.
401 Fees Income 120,080 Cr.
511 Advertising Expense 4,100 Dr.
514 Depreciation Expense—Equip. 830 Dr.
517 Rent Expense 2,900 Dr.
519 Salaries Expense 21,800 Dr.
523 Utilities Expense 6,020 Dr.
 
Required:
 
Journalize the closing entries in the general journal.
Post the closing entries to the general ledger accounts. Hint: Be sure to enter beginning balances.
Analyze:
 
What is the balance of the Salaries Expense account after closing entries are posted?
 
 
 
2
A partially completed worksheet for At Home Pet Grooming Service, a firm that grooms pets at the owner’s home, follows.
 
Required:
 
Complete the worksheet.
Record the adjusting entries in the general journal (transactions 1-3).
Record the closing entries in the general journal (transactions 4-7).
Post the adjusting entries and the closing entries to the general ledger accounts. Hint:  Be sure to enter beginning balances.
Prepare a post-closing trial balance.
Analyze:
 
What total debits were posted to the general ledger to complete all closing entries for the month of December?
 
 
 
 
3.
A completed worksheet for The King Group is given below.
 
The King Group
Worksheet
Month Ended December 31, 2019
 
Required:
Record the adjusting entries in the general journal (transactions 1-3).
Record the closing entries in the general journal (transactions 4-7).
Post the adjusting entries and the closing entries to the general ledger accounts.  Hint: Be sure to enter beginning balances.
Prepare a post-closing trial balance.
Analyze:
How many accounts are listed in the adjusted and post-closing trial balance section?
 
 

 

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ACC 545 Week 5 Team Statement of Cash Flow and Liquidity Analysis

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