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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?
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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.

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Asked 5/19/2012 4:51:33 PM
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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)
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Expert Answered
Asked 5/14/2012 2:39:14 AM
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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)
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Expert Answered
Asked 5/14/2012 4:05:03 PM
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