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miskamm [114]
3 years ago
10

The matching principle

Business
1 answer:
Delicious77 [7]3 years ago
6 0

Answer: The matching principle <u>"d. states that the revenues and related expenses should be reported in the same period".</u>

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Explanation: The application of this principle is a consequence of double entry; In the specific case of the Correspondence Principle we refer to the relationship that exists between an income and expense at the time of registering a transaction. It can be summarized in the following statement:

For every income there is an expense and for every expense there is an income.

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Selected financial information for Feemster Company for 2012 follows. Sales $ 2,000,000 Cost of goods sold 1,400,000 Merchandise
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Answer:

The merchandise inventory turnover during 2012 is 8 times.

Explanation:

The following information is given:

Sales -  $ 2,000,000

Cost of goods sold - $1,400,000

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Merchandise inventory End of year - $ 195,000

After considering these information, it is easy to calculate the merchandise inventory turnover. The formula is shown below:

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Now, we can compute easily

Merchandise Inventory Turnover = 1,400,000 ÷ $175,000

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