{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-28T05:35:42-04:00", "answer_date": "2024-06-28 05:35:42", "is_docs_available": null, "is_excel_available": null, "is_pdf_available": null, "count_file_available": 0, "main_page": "student_question_view", "question_id": "4246181", "url": "\/study-help\/questions\/please-provide-solution-and-explanation-on-each-item-for-my-4246181", "question_creation_date_js": "2024-06-28T05:35:42-04:00", "question_creation_date": "Jun 28, 2024 05:35 AM", "meta_title": "[Solved] Please Provide Solution and explanation o | SolutionInn", "meta_description": "Answer of - Please Provide Solution and explanation on each item for my guidance. I will really appreciate it thank you :) Fill in | SolutionInn", "meta_keywords": "provide,solution,explanation,item,guidance,will,appreciate,thank,fill,blanks,14,items", "question_title_h1": "Please Provide Solution and explanation on each item for my guidance. I will really appreciate it thank you :) Fill in the Blanks 14 Items", "question_title": "Please Provide Solution and explanation on each item for my guidance. I", "question_title_for_js_snippet": "Please Provide Solution and explanation on each item for my guidance I will really appreciate it thank you ) Fill in the Blanks 14 Items 1The formal income statement uses figures for inventory 2 The gross profit figure is found on the worksheet 3 expenses are related to the selling activity 4 are related to the administrative function 5 could be broken down into selling and administrative expense 6 The figure for capital is not found on the worksheet 7 are cash or other assets that will be converted into cash during the normal operating cycle of the company or one year, whichever is longer 8 and are long lived assets used for the production or sale of other assets or services 9 Debts or obligations that are to be paid with current asets within one year or one operating cycle are called 10 Mortgage Payable is an example of a 11 Ending merchandise inventory is a 12 By the adjusting process, the beginning inventory of the period is transferred to 13 The post closing trial balance contains no accounts 14 reversing entry involves certain entries True or False 15 items 1 Cost of goods sold is the primary difference between a merchandising and a service business income statement 2 Debiting income summary and crediting beginning merchandise inventory eliminates the beginning inventory at the end of the period 3 Cost of goods sold is a major expense of a merchandising business 4 Using the nature of expense method of presenting expenses in the income statement has the advantage of simplicity because no allocation of operating expenses between functional classifications is necessary 5 The function of expense method reports gross margin and income from operations 6 Operating income is not computed in the nature of expense method 7 Gross margin from sales is the income that the business would have made if all goods available for sale had been sold during the period 8 The excess of gross profit over operating expenses is called operating profit 9 In the worksheet, the ending inventory amount will appear in the income statement credit column and the balance sheet debit column 10 The determination of net cost of purchases would include addition of transportation Out 11 The traditional balance sheet arrangement of assets on the left hand side with the liabilities and owner's equity on the right hand side is called the report form 12 Net sales is not ah account name 13 In the income statement, operating expenses are classified as selling expenses, administrative expenses and other operating expenses, 14 The sales returns and allowances account has a normal debit balance 15 The closing entry for transportation in debits purchases and credits income summary True or False 14 items 1 Both Transportations In and Transportation Out accounts are closed by crediting the accounts 2 On the worksheet of a merchandising entity that uses the perpetual inventory system, the Merchandise Inventory account balance is not adjusted 3 When using the perpetual inventory system, the Merchandise Inventory account will not appear in closing entries 4 The worksheet of a merchandising entity that uses the perpetual inventory system will not have a Transportation In account 5 When preparing a worksheet for a merchandising entity that uses the perpetual inventory system, the cost of goods sold can be derived from the balances of several accounts in the Income Statement columns 6 Under the perpetual inventory system, the ending merchandise inventory balance is closed at the same time as Cost of Goods Sold 7 When preparing a worksheet for a merchandising entity that uses the periodic inventory system, the merchandise inventory amount shown on the trial balance will be carried over to the Balance Sheet debit column 8 On the worksheet of a merchandising entity that uses the periodic inventory system, both Purchases and Purchases Returns and Allowances appear in the Income Statement columns 9 The Purchases account is closed to the Merchandise Inventory account 10 The ending inventory amount appears in both income Statement columns on the worksheet of a merchandising entity that uses the periodic inventory system 11 Under the periodic inventory system, the merchandise Inventory account appears in the closing entries made at the end of the period 12 When preparing closing entries under the periodic inventory system, Sales and Purchases Returns and Allowances are both closed in the same entry 13 Sales Discounts is a contra revenue account with a normal credit balance 14 Purchases Discounts would be recorded as a credit", "question_description": "

Please Provide Solution and explanation on each item for my guidance. I will really appreciate it thank you :)<\/strong><\/p>

Fill in the Blanks 14 Items<\/strong><\/p>

1The formal income statement uses <\/u> figures for inventory.<\/p>

<\/p>

2. The gross profit figure is <\/u> found on the worksheet.<\/p>

<\/p>

3. <\/u>expenses are related to the selling activity.<\/p>

<\/p>

4. <\/u> are related to the administrative function.<\/p>

<\/p>

5. <\/u> could be broken down into selling and administrative<\/p>

expense.<\/p>

<\/p>

6. The <\/u>figure for capital is not found on the worksheet.<\/p>

<\/p>

7. <\/u>are cash or other assets that will be converted into cash<\/p>

during the normal operating cycle of the company or one year, whichever is longer.<\/p>

<\/p>

8 <\/u> and <\/u> are long-lived assets used for the<\/p>

production or sale of other assets or services.<\/p>

<\/p>

9. Debts or obligations that are to be paid with current asets within one year or one<\/p>

operating cycle are called <\/u>.<\/p>

<\/p>

10. Mortgage Payable is an example of a .<\/u><\/p>

<\/p>

11. Ending merchandise inventory is a <\/u>.<\/p>

<\/p>

12. By the adjusting process, the beginning inventory of the period is transferred to <\/u><\/p>

<\/p>

13 The post-closing trial balance contains no <\/u> accounts.<\/p>

<\/p>

14. reversing entry involves certain <\/u>entries.<\/p>

<\/p>

True or False 15 items<\/strong><\/p>

1. Cost of goods sold is the primary difference between a merchandising and a service<\/p>

business income statement.<\/p>

<\/p>

2. Debiting income summary and crediting beginning merchandise inventory<\/p>

eliminates the beginning inventory at the end of the period.<\/p>

<\/p>

3. Cost of goods sold is a major expense of a merchandising business.<\/p>

<\/p>

4. Using the nature of expense method of presenting expenses in the income<\/p>

statement has the advantage of simplicity because no allocation of operating<\/p>

expenses between functional classifications is necessary.<\/p>

<\/p>

5. The function of expense method reports gross margin and income from operations.<\/p>

<\/p>

6. Operating income is not computed in the nature of expense method.<\/p>

<\/p>

7. Gross margin from sales is the income that the business would have made if all<\/p>

goods available for sale had been sold during the period.<\/p>

<\/p>

8. The excess of gross profit over operating expenses is called operating profit.<\/p>

<\/p>

9. In the worksheet, the ending inventory amount will appear in the income statement<\/p>

credit column and the balance sheet debit column.<\/p>

<\/p>

10. The determination of net cost of purchases would include addition of transportation<\/p>

Out.<\/p>

<\/p>

11. The traditional balance sheet arrangement of assets on the left-hand side with the<\/p>

liabilities and owner's equity on the right-hand side is called the report form.<\/p>

<\/p>

12. Net sales is not ah account name. <\/p>

<\/p>

13. In the income statement, operating expenses are classified as selling expenses,<\/p>

administrative expenses and other operating expenses,<\/p>

<\/p>

14. The sales returns and allowances account has a normal debit balance.<\/p>

<\/p>

15. The closing entry for transportation in debits purchases and credits income<\/p>

summary.<\/p>

<\/p>

True or False 14 items<\/p>

1 Both Transportations In and Transportation Out accounts are closed by crediting the accounts.<\/p>

<\/p>

2. On the worksheet of a merchandising entity that uses the perpetual inventory<\/p>

system, the Merchandise Inventory account balance is not adjusted.<\/p>

<\/p>

3. When using the perpetual inventory system, the Merchandise Inventory account<\/p>

will not appear in closing entries.<\/p>

<\/p>

4. The worksheet of a merchandising entity that uses the perpetual inventory system<\/p>

will not have a Transportation In account.<\/p>

<\/p>

5 When preparing a worksheet for a merchandising entity that uses the perpetual<\/p>

inventory system, the cost of goods sold can be derived from the balances of several<\/p>

accounts in the Income Statement columns.<\/p>

<\/p>

6. Under the perpetual inventory system, the ending merchandise inventory balance is<\/p>

closed at the same time as Cost of Goods Sold.<\/p>

<\/p>

7. When preparing a worksheet for a merchandising entity that uses the periodic<\/p>

inventory system, the merchandise inventory amount shown on the trial balance<\/p>

will be carried over to the Balance Sheet debit column. <\/p>

<\/p>

8. On the worksheet of a merchandising entity that uses the periodic inventory system,<\/p>

both Purchases and Purchases Returns and Allowances appear in the Income Statement columns.<\/p>

<\/p>

9 The Purchases account is closed to the Merchandise Inventory account.<\/p>

<\/p>

10 The ending inventory amount appears in both income Statement columns on the<\/p>

worksheet of a merchandising entity that uses the periodic inventory system.<\/p>

<\/p>

11. Under the periodic inventory system, the merchandise Inventory account appears in the closing entries made at the end of the period.<\/p>

<\/p>

12. When preparing closing entries under the periodic inventory system, Sales and<\/p>

Purchases Returns and Allowances are both closed in the same entry.<\/p>

<\/p>

13. Sales Discounts is a contra-revenue account with a normal credit balance.<\/p>

<\/p>

14 Purchases Discounts would be recorded as a credit<\/p>", "transcribed_text": "", "related_book": { "title": "Entrepreneurial Finance", "isbn": "1305968352, 978-1337635653, 978-1305968356", "edition": "6th edition", "authors": "J. Chris Leach, Ronald W. Melicher", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/1482.jpg", "uri": "\/textbooks\/entrepreneurial-finance-6th-edition-1482", "see_more_uri": "" }, "free_related_book": { "isbn": "0323030203", "uri": "\/textbooks\/psychotropic-drugs-4th-edition-978-0323030205-269794", "name": "Psychotropic Drugs", "edition": "4th Edition" }, "question_posted": "2024-06-28 05:35:42", "see_more_questions_link": "\/study-help\/questions\/business-finance-2024-September-13", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/a-chemical-firm-produces-sodium-bisulfate-in-100-pound-bags", "description": "A chemical firm produces sodium bisulfate in 100- pound bags. Demand for this product is 20 tons per day. The capacity for producing the product is 50 tons per day. Setup costs $ 100, and storage and...", "stars": 3 }, { "url": "\/study-help\/psychology\/contact-person-at-the-organization-1980724", "description": "Contact person at the organization", "stars": 3 }, { "url": "\/rachel-bought-a-car-from-the-beautiful-used-car-agency", "description": "Rachel bought a car from the Beautiful Used Car Agency under a written contract. She purchased the car in reliance on Beautifuls agents oral representations that it had never been in a wreck and...", "stars": 3 }, { "url": "\/study-help\/questions\/assuming-the-weighted-average-method-determine-and-b-the-cost-9853606", "description": "Assuming the weighted average method, determine and b. the cost of inventory on Nov 30 Module6AssessmentProblem2-2.xIsx a. 356.65 , b. 2166.35 a. 324 , b. 2199 a. 405 , b. 2118 a. 364.5 , b. 2214", "stars": 3 }, { "url": "\/study-help\/questions\/1-the-accompanying-information-are-accessible-for-a-bond-presumptive-4463379", "description": "1. The accompanying information are accessible for a bond Presumptive worth $1,000 Coupon Rate 18.96% A long time to Maturity 6 Recovery esteem $1,860 Respect development 17.87% What is the current...", "stars": 3 }, { "url": "\/study-help\/microeconomics\/which-country-has-the-absolute-advantage-in-computer-production-use-1383099", "description": "Which country has the absolute advantage in computer production? Use the following table: Amount of Beef or Computers Produced by One Worker in a Day Canada Beef Computers Japan 8 5 3 4", "stars": 3 }, { "url": "\/study-help\/microeconomics\/which-country-has-the-comparative-advantage-in-computer-production-use-1383097", "description": "Which country has the comparative advantage in computer production? Use the following table: Amount of Beef or Computers Produced by One Worker in a Day Canada Beef Computers Japan 8 5 3 4", "stars": 3 }, { "url": "\/study-help\/particle-physics\/a-metal-sphere-is-grounded-and-an-electrically-charged-rod-1373990", "description": "A metal sphere is grounded and an electrically charged rod is held close to it. The sphere acquires a charge \\(q\\). The grounding wire is removed, and the sphere is brought in contact with another...", "stars": 3 }, { "url": "\/study-help\/microeconomics-\/consider-the-nonlinear-regression-model-yexp-leftmathbfxprime-boldsymbolbeta-ight-left1exp-1432903", "description": "Consider the nonlinear regression model \\(y=\\exp \\left(\\mathbf{x}^{\\prime} \\boldsymbol{\\beta} ight) \/\\left[1+\\exp \\left(\\mathbf{x}^{\\prime} \\boldsymbol{\\beta} ight) ight]+u\\), where the error term is...", "stars": 3 }, { "url": "\/study-help\/business-essentials\/the-term-blue-chip-applies-to-stocks-issued-by-a-1326763", "description": "The term blue chip applies to stocks issued by a company in excellent financial standing with a record of producing earnings and paying dividends. Stocks in companies such as GE and Chrysler were...", "stars": 3 } ], "next_back_navigation": { "previous": "\/study-help\/questions\/review-pictures-vaughn-ltd-offered-to-sell-common-shares-on-4246180", "next": "\/study-help\/questions\/allowing-employees-to-contribute-to-a-qualified-retirement-program-will-4246182" }, "breadcrumbs": [ { "name": "Study help", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers" }, { "name": "Business", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers\/business" }, { "name": "Accounting", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/business-accounting" }, { "name": "Please Provide Solution and explanation on each item for my guidance. I", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/please-provide-solution-and-explanation-on-each-item-for-my-4246181" } ], "skill_details": { "skill_id": "9", "skill_name": "Accounting", "parent_id": "1" } } }