What is the term used to the excess of sales over the price of products sold? a. gross profit b. operations c. net income d. gross sales

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Sales to customers that use financial institution credit cards such as MasterCard and also Visa are typically recorded by a a. delittle bit to Bank Credit Card Sales, delittle bit to Crmodify Card Expense, and also a crmodify to Sales b. debit to Cash and also a crmodify to Sales c. debit to Cash, credit to Credit Card Expense, and also a crmodify to Sales d. delittle bit to Sales, delittle bit to Credit Card Expense, and a credit to Cash
If the buyer is to pay the freight costs of transporting merchandise, shipment terms are proclaimed as a. FOB shipping point b. FOB location c. FOB n/30 d. FOB buyer
Which account is not classified as a marketing expense? a. Sales Salaries b. Deliincredibly Expense c. Cost of Goods Sold d. Advertising Expense
When the perpetual inventory mechanism is used, the inventory marketed is shown on the revenue statement as a. cost of goods marketed b. purchases c. purchases returns and allowances d. net purchases
Using the following information, what is the amount of gross profit?Purchases- $32,000Inventory, $5,700(Sept 1st)Admin expense- $910Rent Revenue $1200Selling Expense- $960Inventory- $6370(Sept 30th)Sales- $63000Interest Expense- $1040*hint (Cost of items Sold= Inventory on Sept 1st +purchase - inventory on Sept 30) a. $25,300 b. $31,670 c. $30,600 d. $62,840
Inventory shrinkage is recorded once a. merchandise is changed by a buyer b. merchandise purchased from a seller is infinish or short c. merchandise is went back to a seller d. tright here is a difference in between a physical count of inventory and also inventory records
The major difference between the routine and also perpetual inventory systems is that a a. periodic system determines the inventory on hand also only at the end of the bookkeeping period b. routine device keeps a document reflecting the inventory on hand at all times c. periodic device offers a basic suggests to determine inventory shrinkage d. periodic mechanism documents the price of the sale on the day the sale is made
If merchandise marketed on account is went back to the seller, the seller acknowledges the rerotate by issuing a a. sales invoice b. purchase invoice c. crmodify memo d. delittle memo
The enattempt to document the rerotate of merchandise from a customer would include a a. delittle to Sales b. crmodify to Sales c. delittle bit to Customer Refunds Payable d. debit to Estimated Retransforms Inventory
Which of the following items must not be included in the price of ending inventory? a. purchased units in transit, shipped FOB shipping allude b. purchased units in transit, shipped FOB location c. systems on hand also in the warehome d. sold units in transit, not invoiced, and shipped FOB destination
President"s salaries, depreciation of office furniture, and also office supplies are a. offering prices b. miscellaneous expenses c. administrative prices d. inventory expenses
Using the following information, what is the price of goods sold?Purchases-$32,000Inventory- $5700(Sept 1st)Admin expense- $910Rent Revenue-$1200Selling expense-$960Inventory-$6370(Sept 30th)Sales-$63,000Interest Expense-$1040*hint (COGS= INVENTORY ON SEPT 1ST+PURCHASES - INVENTORY ON SEPT 30) a. $32,400 b. $32,670 c. $31,330 d. $38,370
Merchandise is ordered on November 10; the merchandise is shipped by the seller and the invoice is all set, dated, and also mailed by the seller on November 13; the merchandise is got by the buyer on November 18; the entry is made in the buyer"s accounts on November 20. The credit period begins with what date? a. November 10 b. November 13 c. November 18 d. November 20
Inventory is classified on the balance sheet as a a. existing licapacity b. present asset c. irreversible ascollection d. permanent liability
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