"Too many letters and symbols"
This is (BI + P)
What is Goods Available
Walmart purchases 1000 left shoes on October 1 for $500. The Wholesaler gives Walmart 10/30. Walmart pays the Wholesaler on September 5. How much was the discount?
What is $0
FOB Shipping Point. ABC Company paid a $300 transportation fee to deliver those desks.
DR. Inventory 300
CR. Cash 300
A businesses that sell directly to final consumers
What is a retailer?
When is Project 1 due, the date and the weekend day
October 11, Friday
This is (BI+P-COGS=EI)
What is Cost of goods equation
___ inventory can not not not account for Shrinkage
What is Periodic
Inventory at the beginning of the year cost $13,700. During the year, the company purchased (on account) inventory costing $85,500. Inventory that had cost $81,500 was sold on account for $96,200. At the end of the year, inventory was counted and its cost was determined to be $17,700. What is Ending Inventory?
What is 17,700
A businesses that sell to retailers
What is a Wholesaler
When is the next exam? Date and Day
October 24, thursday
This is (BI+P-EI=COGS)
What is Cost of Goods Equation
____ can not not not not account for Shrinkage
What is Perpetual
Inventory losses that occur as a result of theft or deterioration.
What is Shrinkage
What day is Halloween on this year?
Thursday
What is n/30
Sales Discounts
(T/F) Sales returns and allowances is a contra revenue account
What is True
The amount the customer pays for an item
Sales Price
How many points do you need to get an A or B in this class
A=+630
B=560-629
Gross Profit/ Net Sales X 100
Gross Profit Percentage
Merchandising companies follow a simple operating cycle: sell services to customers, collect cash from them, and use money to pay for operating expenses
What is False
FOB Destination. ABC Company paid a $300 transportation fee to deliver those desks.
What is No Journal Transaction?
A series of activities that a company undertakes to generate revenues and, ultimately, cash.
Operating Cycle
Which planet spins the fastest?
– Jupiter is the fastest spinning planet in our solar system rotating on average once in just under 10 hours.