Abbott Company purchased $6,900 of merchandise inventory on account. Advent provides the perpetual inventory technique. How does this transaction impact the financial statements?


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Assume the perpetual inventory approach is offered. 1) The company purchased $12,700 of merchandise on account under terms 4/10, n/30.2) The firm returned $2,200 of merchandise to the supplier before payment was made.3) The licapability was phelp within the discount duration.4) All of the merchandise purchased was sold for $19,400 cash. What effect will the rerotate of merchandise to the supplier have on the audit equation?
Assets and also liabilities are lessened by $2,200.The purchase return will decrease assets (merchandise inventory) and also decrease liabilities (accounts payable) by $2,200, the full invoiced amount of the merchandise changed.
Assume the perpetual inventory method is provided. 1) The company purchased $12,500 of merchandise on account under terms 3/10, n/30.2) The firm reverted $2,000 of merchandise to the supplier before payment was made.3) The licapability was paid within the discount period.4) All of the merchandise purchased was offered for $19,000 cash. The amount of gross margin from the four transactions is:
Assume the perpetual inventory strategy is offered. 1) The firm purchased $12,400 of merchandise on account under terms 2/10, n/30.2) The company returned $1,900 of merchandise to the supplier prior to payment was made.3) The licapability was passist within the discount period.4) All of the merchandise purchased was offered for $18,800 cash. The net cash flow from operating activities as a result of the four transactions is:
$8,510.Cash outflow for inventory purchase: ($12,400 - $1,900) × 0.98 = $10,290Cash incirculation from inventory sale: $18,800Net cash flow = $18,800 - $10,290 = $8,510
Middleton Company type of offers the perpetual inventory strategy. The company purchased an object of inventory for $115 and marketed the item to a customer for $200. What impact will the sale have on the company"s inventory account?
The Wilboy Company purchased $31,000 of merchandise from the Poole Wholesale Company. Wilkid likewise phelp $2,400 for freight expenses to have the items shipped to its location. Which of the following statements about the necessary entries for the transactions is true? Wilkid uses the perpetual inventory system.
Tin agency had the following outcomes throughout 2017. Sales $1,152,000Gross Margin $352,700Ending Inventory $80,900Based on the indevelopment provided, what was the company"s expense of goods sold?
A company purchased inventory on account. If the perpetual inventory technique is used, which of the following choices accurately reflects just how the purchase affects the company"s financial statements?
Use the adhering to account numbers and also matching account titles to answer the complying with question. (1)Cash(2) Merchandise inventory(3) Cost of goods sold(4) Transportation-out(5) Dividends(6) Usual stock(7) Selling expense(8) Loss on the sale of land(9) Sales Which accounts would show up on the income statement?
Use the complying with account numbers and also equivalent account titles to answer the complying with question.(1) Cash(2) Merchandise inventory(3) Cost of goods sold(4) Transportation-out(5) Dividends(6) Typical stock(7) Selling expense(8) Loss on the sale of land(9) Sales Which accounts would certainly appear on the balance sheet?
How does the purchase of inventory on account under the perpetual inventory approach affect the financial statements?
all of these answer choices are correct.(a cash discount/a sales discount by the seller/a purchase discount by the buyer)
two percent discount have the right to be deducted if the invoice is passist before the fifteenth day following the date of the sale.
Butte Company recognized $24,000 of revenue on the cash sale of merchandise that expense $11,000. How will certainly the sale be reported on the statement of cash flows?
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