1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Ahat [919]
3 years ago
12

Mr. Etemadi has prepared the following list of statements about service companies and merchandisers.

Business
1 answer:
lions [1.4K]3 years ago
6 0

Answer:

1.True

2.False

3.True

4.True

5.False

6.False

7.True

8.False

Explanation:

1. Measuring net income for a merchandiser is conceptually the same as for a service company.

Net Income = Sales - Expenses

2. For a merchandiser, sales less operating expenses is called gross profit.

Gross Profit = Sales less Cost of Sales

3. For a merchandiser, the primary source of revenues is the sale of inventory.

Merchandiser purchases inventory for resale.

4. Sales salaries and wages is an example of an operating expense.

Operating Expenses are expenses incurred to derive income in primary activities of a company

5. The operating cycle of a merchandiser is the same as that of a service company.

The service company can have client work outstanding at end of year but this differs from that of a merchandiser

6. In a perpetual inventory system, no detailed inventory records of goods on hand are maintained.

Detailed records are kept after every sale

7. In a periodic inventory system, the cost of goods sold is determined only at the end of the accounting period.

After a given period cost of sales and inventory balances are determined -opposite of perpetual

8. A periodic inventory system provides better control over inventories than a perpetual system.

Perpetual is even better as it keeps track of both inventory and cost of goods sold after every sale

You might be interested in
As interest rates rise, _____.
brilliants [131]

B.it becomes more expensive to hold money as cash is the correct answer

7 0
3 years ago
Read 2 more answers
Fusaro Corporation uses a predetermined overhead rate base on machine-hours that it recalculates at the beginning of each year.
andrew-mc [135]

Answer:

The correct answer is A.

Explanation:

Giving the following information:

Fusaro Corporation uses a predetermined overhead rate base on machine-hours.

Estimated total fixed manufacturing overhead= $684,000

Estimated activity level= 40,000 machine-hours

Actual activity level 37,700 machine-hours

First, we need to calculate the predetermined overhead rate:

Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Estimated manufacturing overhead rate= 684,000/40,000= $17.1 per machine hour

Now, we can allocate the manufacturing overhead:

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Allocated MOH= 17.1* 37,700= $644,670

5 0
3 years ago
What was the total manufacturing cost assigned to Job P? (Do not round intermediate calculations.) Total manufacturing cost_____
Nastasia [14]

Answer:

$52,285

Explanation:

The computation of the total manufacturing cost assigned to Job P is shown below:-

Total manufacturing cost = Direct material + Direct labor + Manufacturing overhead applied

= $13,000 + $21,000 + (2,300 × $7.95)

= $13,000 + $21,000 + $18,285

= $52,285

Therefore for computing the total manufacturing cost assigned to Job P we simply applied the above formula.

6 0
3 years ago
The _____ is a production period long enough for the firm to adjust the
EastWind [94]

Answer:

long run, productive resources

4 0
3 years ago
Emily wants to search online for entrepreneurship opportunities in the field of business development. However, she wants to skip
jeka94

Answer:

C.

“entrepreneurship + business + development - branding”

Explanation:

Researchers usually put a hyphen before a word as a technique to exclude it from online search results. This method allows for narrowing down results to the desired pages only.  When searching for keywords that are frequently used together,  putting a hyphen helps exclude unwanted results.

4 0
3 years ago
Other questions:
  • Moreno Motors Inc. identifies that bikers are usually the first users of their newly launched products. The firm sends consultan
    15·1 answer
  • Portions of the financial statements for Horizon Telecom are provided below. HORIZON TELECOM Income Statement For the Year Ended
    7·1 answer
  • "johnson corp, is selling based on marginal cost pricing. if the marginal cost of producing good a is twice that of b, what is t
    15·1 answer
  • Matt has $471.60 in his checking account and feels he's doing pretty well financially.Then his car stops running. His mechanic i
    10·1 answer
  • Abercrombie & Fitch is developing a program to get to know its customers. Which of the following is not a reason why A&F
    15·1 answer
  • Plaintiffs purchased state lottery tickets and were winners along with 76 others. The state had advertised that $1,750,000 would
    14·1 answer
  • In the country of Wiknam, the velocity of money is constant. Real GDP grows by 3 percent per year, the money stock grows by 8 pe
    9·1 answer
  • Given the following data: Average operating assets $ 1,372,000 Total liabilities $ 144,060 Sales $ 1,029,000 Contribution margin
    14·1 answer
  • Although monetary policy cannot reduce the natural rate of unemployment, other types of government policies can. a. True b. Fals
    12·1 answer
  • Give an example of a time where you used Physical Capital to make or create something.​
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!