support@topuniversitypapers.com

+1(316)4441378

+44-141-628-6690

accountant in general

This week, we will be reviewing Chapter 5 on Merchandising Operations. Companies like Wal-Mart, Target, and Amazon are all examples of companies that purchase inventory from suppliers, and then sell those products to consumers.

1).  Describe the 2 formats for the income statement of a merchandising company, and list the respective sub-totals found in each income statement format. (You should describe some of the accounts found on each type of income statement).

2).  a) Describe purchase discounts and purchase returns & allowances.

      b) Describe the 2 shipping terms methods companies use when delivering products, and how freight costs are accounted for.

3).  Sales on Account – Many sales are made on account (on credit) instead of with cash or a credit card. Assume that your new company purchases products for resell to customers, and your plan is to sell those products at a profit. Make the appropriate journal entries to record the sale (on account – ie., on credit) assuming your company sells 4 of those products to a single customer. (You should select any price you wish to pay to your vendor for the purchase).  Hint – There will be 2 entries…Be sure to include both the sale to the customer, as well as the impact of the reduction of inventory through cost of goods sold.

Post your initial response to the discussion question no later than Thursday 11:59 PM EST/EDT. You will not be able to see any of your classmates’ posts until you have posted your initial response.

If you are posting your initial response, click the Start a New Thread button.
If you are responding, click the Reply to Thread button for the thread you wish to respond to

 

You can place an order similar to this with us. You are assured of an authentic custom paper delivered within the given deadline besides our 24/7 customer support all through.

 

Latest completed orders:

# topic title discipline academic level pages delivered
6
Writer's choice
Business
University
2
1 hour 32 min
7
Wise Approach to
Philosophy
College
2
2 hours 19 min
8
1980's and 1990
History
College
3
2 hours 20 min
9
pick the best topic
Finance
School
2
2 hours 27 min
10
finance for leisure
Finance
University
12
2 hours 36 min
[order_calculator]