Question and answer
Jack Penny Company identifies the following items for possible inclusion in the physical inventory. Indicate whether each item should be included or excluded from the inventory taking. (a) Goods
shipped on consignment by Penny to another company. (b) Goods in transit from a supplier shipped FOB destination. = included (c) Goods sold but being held for customer pickup. (d) Goods held on consignment from another company. = excluded
Where are the items?
Get an answer
Original conversation
User: Jack Penny Company identifies the following items for possible inclusion in the physical inventory. Indicate whether each item should be included or excluded from the inventory taking. (a) Goods shipped on consignment by Penny to another company. (b) Goods in transit from a supplier shipped FOB destination. = included (c) Goods sold but being held for customer pickup. (d) Goods held on consignment from another company. = excluded

Weegy: Where are the items?
jameshand|Points 1879|

User: Presented here are the components in Pedersen Company’s income statement. Determine the missing amounts. Cost of Gross Operating Net Sales Goods Sold Profit Expenses Income $ 71,200 (b) $ 30,000 (d) $10,800 $108,000 $70,000 (c) (e) $29,500 (a) $71,900 $109,600 $46,200 (f)





Weegy: (a) Cost of Goods Sold 47,730 (78,230 - 30,500) Operating Expenses 12,690 (30,500 - 17,810) (b) Gross Profit 38,800 (111,050 - 72,250) Operating Expenses 14,710 (38,800 - 24,090) (c) Sales 157,280 (73,610 + 83,670) Net Income 34,660 (83,670 - [ 49,010) ]
Expert answered|thewolf010|Points 720|

User: Prepare the journal entries to record the following transactions on Ramirez Company’s books using a perpetual inventory system. (a) On March 2 Ramirez Company sold $800,000 of merchandise to Ikerd Company, terms 2/10, n/30. The cost of the merchandise sold was $540,000. (b) On March 6 Ikerd Company returned $110,000 of the merchandise purchased on March 2. The cost of the merchandise returned was $75,000. (c) On March 12 Ramirez Company received the balance due from Ikerd Company.

Question
Asked 5/19/2012 4:51:33 PM
0 Answers/Comments
New answers
Rating

There are no new answers.

Comments

There are no comments.

Add an answer or comment
Log in or sign up first.
Questions asked by the same visitor
Carino pays no costs in March, $2,500 in April, and $2,000 in May (incurred in April). How much expense should the firm deduct from revenues in the month when it recognizes the revenue? Why?
Weegy: Business will incur a loss when expenses are higher than revenue. (More)
Question
Expert Answered
Asked 5/14/2012 2:39:14 AM
0 Answers/Comments
Carino pays no costs in March, $2,500 in April, and $2,000 in May (incurred in April). How much expense should the firm deduct from revenues in the month when it recognizes the revenue? Why?
Weegy: Business will incur a loss when expenses are higher than revenue. User: Selected accounts of Callahan Company are shown here. Supplies Expense July 31 750 Salaries Payable July 31 1,200 Salaries Expense July 15 1,200 31 1,200 Service Revenue July 14 4,100 31 900 31 500 Supplies July 1 Bal. 1,100 July 31 750 10 200 Accounts Receivable July 31 500 Unearned Service Revenue July 31 900 July 1 Bal. 1,500 20 600 Instructions After analyzing the accounts, journalize (a) the July transactions and (b) the adjusting entries that were made on July 31. (Hint: July transactions were for cash.) Weegy: Cliffsnotes defined Unearned revenues are payments for future services to be performed or goods to be delivered. [ Advance customer payments for newspaper subscriptions or extended warranties are unearned revenues at the time of sale.At the end of each accounting period, adjusting entries must be made to recognize the portion of unearned revenues that have been earned during the period. SOURCE: ] (More)
Question
Expert Answered
Asked 5/14/2012 4:05:03 PM
0 Answers/Comments
17,943,006 questions answered
Popular Conversations
Manhattan Island is __________. A. the largest island in Canada B. ...
Weegy: the manhattan island is the most highly populated island in north america. letter D would be the best answer. ...
10/22/2014 8:51:05 AM| 9 Answers
Arabian glass, which authorities believe appeared in the second half ...
Weegy: Obsidian, which was used by early man to make arrowheads, is a naturally occurring glass. 'which was used by ...
10/22/2014 10:45:16 AM| 3 Answers
What is the center of the circle that has a diameter whose endpoints ...
Weegy: The center of the circle that has a diameter whose endpoints are (2, 7) and (-6, -1) is (-2, 3) User: ...
10/22/2014 10:50:52 AM| 3 Answers
Perform the indicated operation. (8c 2 - 2c - 15) ÷ (4c + 5) = ...
Weegy: 3-3 = 0 User: Cool Scoops ice cream shop offers 60 different one-topping sundaes. If there are 12 flavors of ...
10/22/2014 11:16:59 AM| 3 Answers
Which kingdom contains only ...
Weegy: Which kingdom contains only producers? - D. Plantae
10/22/2014 7:29:36 AM| 2 Answers
Which words in the sentence make up the adjective phrase? Which word ...
Weegy: Which words in the sentence make up the adjective phrase? Which word does the adjective phrase modify? Bees ...
10/22/2014 9:30:59 AM| 2 Answers
Weegy Stuff
S
L
1
1
1
1
L
1
L
Points 2367 [Total 14742]| Ratings 0| Comments 2367| Invitations 0|Offline
S
L
1
L
P
C
1
P
C
1
L
Points 1586 [Total 11067]| Ratings 4| Comments 1546| Invitations 0|Offline
S
1
L
1
L
P
P
L
Points 823 [Total 13052]| Ratings 0| Comments 823| Invitations 0|Offline
S
L
Points 524 [Total 1923]| Ratings 0| Comments 524| Invitations 0|Offline
S
1
L
L
Points 483 [Total 6277]| Ratings 3| Comments 453| Invitations 0|Offline
S
Points 482 [Total 482]| Ratings 0| Comments 452| Invitations 3|Offline
S
Points 431 [Total 432]| Ratings 6| Comments 371| Invitations 0|Offline
S
Points 270 [Total 270]| Ratings 1| Comments 260| Invitations 0|Offline
S
P
C
L
P
L
1
Points 48 [Total 6282]| Ratings 0| Comments 48| Invitations 0|Offline
S
Points 27 [Total 27]| Ratings 0| Comments 27| Invitations 0|Offline
Home | Contact | Blog | About | Terms | Privacy | Social | ©2014 Purple Inc.