Question
INSTRUCTIONS: Complete the following statements by writing the appropriate words or amounts in the Answers column. STATEMENTS Answers 0.... The form of balance sheet with
INSTRUCTIONS: Complete the following statements by writing the appropriate words or amounts in the Answers column.
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STATEMENTS | Answers | |
0.... The form of balance sheet with assets, liabilities, and stockholders equity listed in a downward sequence is referred to as the | report form |
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1.... The document that the seller sends to the buyer listing the terms of the sale is called the |
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2.... The inventory accounting system in which the amount of inventory on hand can always be determined is called the |
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3.... The inventory accounting system in which the cost of the merchandise sold is determined at the end of the accounting period is called the |
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4.... If the purchaser is to assume the cost of delivering the goods, the terms of the sale are stated as FOB |
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5.... If the seller is to assume the cost of delivering the goods, the terms of sale are stated as FOB |
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68.... A sales invoice for $25,000, terms 2/10, n/30, FOB shipping point, is paid within the discount period. The seller has prepaid transportation costs of $125. Purchases of $450 are returned to the seller |
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6.... The amount of the sales discount is | $ |
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7.... The title of the account in which the discount is recorded by the seller is |
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8.... The amount of cash received from the customer assuming payment is not made in the discount period is | $ |
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9.... Gross profit is the difference between sales and |
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10.... If ownership (title) to merchandise passes to the buyer when merchandise is delivered to the freight carrier, the shipping terms are |
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