Generally, the revenue account for a merchandising business is entitled Oa. Gross Sales Ob. Sales Oc. Fees Earned Od. Gross Profit
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- Which of the following represents the components of the income statement for a merchandising business? A. Sales Revenue - Cost of Goods Sold = gross profit B. Service Revenue - Operating Expenses = gross profit C. Sales Revenue - Cost of Goods Manufactured = gross profit D. Service Revenue - Cost of Goods Purchased = gross profitSales Returns and Allowances is classified as a contra-cost account on the income statement.Which of the following represents the components of the income statement for a manufacturing business? A. Sales Revenue - Cost of Goods Sold = gross profit B. Service Revenue - Operating Expenses = gross profit C. Service Revenue - Cost of Goods Manufactured = gross profit D. Sales Revenue - Cost of Goods Manufactured = gross profit
- Identify each of the following items relating to sections of an income statement as Revenue from Sales (S), Cost of Goods Sold (CGS), Selling Expenses (SE), General Expenses (GE), Other Income (OI), or Other Expenses (OE). a. Utilities Expense b. Advertising Expense c. Purchases Discounts d. Sales Returns and Allowances e. Interest Income f. Freight In g. Depreciation Expense, Equipment h. Interest Expense i. Rent Expense j. SalesWhich of the following accounts would be reported under operating expenses on a multi-step income statement? A. sales B. advertising expense C. sales returns and allowances D. interest expenseUsing the following information, prepare the Cost of Goods Sold section of an income statement.
- Which of the following is an example of a contra revenue account? A. sales B. merchandise inventory C. sales discounts D. accounts payableFor a manufacturer, what is the description of the account that is comparable to a merchandising businesss cost of merchandise sold?Which of the following accounts are used when recording the sales entry of a sale on credit? A. merchandise inventory, cash B. accounts receivable, merchandise inventory C. accounts receivable, sales D. sales, cost of goods sold
- A multi-step income statement ________. A. separates cost of goods sold from operating expenses B. considers interest revenue an operating activity C. is another name for a simple income statement D. combines cost of goods sold and operating expensesCOMPUTING GROSS PROFIT The following data were taken from the accounts of Burnside Bedknobs, a retail business. Determine the gross profit.Which of the following represents the components of the income statement for a merchandising business? a.Service Revenue – Operating Expenses = gross profit b.Sales Revenue – Cost of Goods Sold = gross profit c.Service Revenue – Cost of Goods Purchased = gross profit d.Sales Revenue – Cost of Goods Manufactured = gross profit