merchandising companies
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buy and sell goods- wholesaler to retailer to consumer (amazon, target)
one expense that is not an operating expense
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interest expense
flow of costs for a merchandising company
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beginning inventory+ (COGPurchased + freight in charges) -COGReturned=
COGAvailable for sale - Ending inventory= COGS
Honor of notes receivable (payee) journal entry
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dr. cash (total amount
owed)
cr. notes receiv
(original
amount loaned)
interest rev
(accumulated
interest)
LIFO method
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last in first out: tires, newest stored in front and oldest stored in back. value
of ending inventory comes from first in.
limited life intangibles amortization expense journal entry
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, dr. amortization expense
cr. specific
intangible asset
asset is credited, reducing balance
depreciation with regards to PP&E is specific to
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land improvements, buildings, equipment (NOT LAND)
single-step income statement
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revenue-expense=net income
indefinite life intangibles amortization expense journal entry
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no amortization
if beginning inventory is understated, COGS is
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understated
purchase of merchandise journal entry
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dr. inventory
cr. accounts payable
inventory periodic system
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inventory at end of period- golf balls
net income
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income before income tax- income tax expense
in FOB shipping point ownership passes when
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Give this one a try later!
buy and sell goods- wholesaler to retailer to consumer (amazon, target)
one expense that is not an operating expense
Give this one a try later!
interest expense
flow of costs for a merchandising company
,Give this one a try later!
beginning inventory+ (COGPurchased + freight in charges) -COGReturned=
COGAvailable for sale - Ending inventory= COGS
Honor of notes receivable (payee) journal entry
Give this one a try later!
dr. cash (total amount
owed)
cr. notes receiv
(original
amount loaned)
interest rev
(accumulated
interest)
LIFO method
Give this one a try later!
last in first out: tires, newest stored in front and oldest stored in back. value
of ending inventory comes from first in.
limited life intangibles amortization expense journal entry
Give this one a try later!
, dr. amortization expense
cr. specific
intangible asset
asset is credited, reducing balance
depreciation with regards to PP&E is specific to
Give this one a try later!
land improvements, buildings, equipment (NOT LAND)
single-step income statement
Give this one a try later!
revenue-expense=net income
indefinite life intangibles amortization expense journal entry
Give this one a try later!
no amortization
if beginning inventory is understated, COGS is
, Give this one a try later!
understated
purchase of merchandise journal entry
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dr. inventory
cr. accounts payable
inventory periodic system
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inventory at end of period- golf balls
net income
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income before income tax- income tax expense
in FOB shipping point ownership passes when
Give this one a try later!
