Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 18, 2024

Why do Gross Margin, Operating Margin and Net Income accounts not appear in a chart of accounts? Only one entry is made during each accounting

Why do Gross Margin, Operating Margin and Net Income accounts not appear in a chart of accounts?

Only one entry is made during each accounting period to the Retained Earnings account. What is that entry, and when is it made?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting Australia And New Zealand Edition

Authors: Jerry J. Weygandt

11th Edition

1119668654, 978-1119668657

More Books

Students also viewed these Accounting questions

Question

★★★★★

A factory has a $100,000 capital budget. Determine which project(s) should be funded and the opportunity cost of capital. Project First Cost Annual Benefits Life (years) Salvage Value $50,000 $13,500...

Answered: 1 week ago

Question

★★★★★

=+c. Use the given data to produce an estimate of s, the standard deviation of salt content. Is the statistic you used to produce your estimate unbiased?

Answered: 1 week ago

Question

★★★★★

On December 31, Trinkets Supply Company noted the following transactions that occurred during 2011, some or all of which might require adjustment to the books. (a) Payment of $4,300 to suppliers was...

Answered: 1 week ago

Question

★★★★★

Why do Gross Margin, Operating Margin and Net Income accounts not appear in a chart of accounts? Only one entry is made during each accounting period to the Retained Earnings account. What is that...

Answered: 1 week ago

Question

★★★★★

Bond Company constructs its own buildings. In 2019, a total of P1,228,500 interest was included as part of the cost of a new building just being completed. The following is a summary of construction...

Answered: 1 week ago

Question

★★★★★

What is a strategic business that Starbucks has or has recently faced; contextualized within the organizational setting, including an overview of relevant strategic decisions that led to its current...

Answered: 1 week ago

Question

★★★★★

Describe how the concepts of touchpoints and the tasks in the job - mapping process are applied in customer experience management. b ) Explain how the total customer experience is an integral part of...

Answered: 1 week ago

Question

★★★★★

A standard model of what Information Technology does looks like the following:: Input - Processing - Output Now consider the US census. Data is the "Input", the computer systems of the Census Office...

Answered: 1 week ago

Question

★★★★★

The accounting department of a large limousine company is analyzing the costs of its services. The cost data and level of activity for the past 16 months follow. Special Customer Paychecks Analyses...

Answered: 1 week ago

Question

★★★★★

2. The table below provides you with the 'Inventory turnover ratio' and 'receivable turnover ratio' of two auto-parts manufacturing firms (Firm A and Firm B). Also provided is the average values of...

Answered: 1 week ago

Question

★★★★★

Identify the different methods employed in the selection process.

Answered: 1 week ago

Question

★★★★★

Demonstrate the difference between ability and personality tests.

Answered: 1 week ago

Question

★★★★★

Understand the critical nature of the performance management process and the role of human resources in infl uencing the associated systems and operations.

Answered: 1 week ago

Previous Question Next Question