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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?
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