1) Why is Cost of Goods Sold listed under revenues on the Income Statement if it is actually an expense?
2) Does it have a credit or debit balance?
3) What other if any statements does it appear on, and what accounts does it affect?
I am providing a sample question and if you could help explain it I would appreciate it.
"ABC International has a beginning balance in its inventory asset account of $500,000. It buys $450,000 of materials from suppliers during the month. At month-end, it counts its ending inventory and determines that there is $200,000 of inventory on hand. The cost of goods sold journal entry is:"
Cost of Goods Sold $750,000
"This entry matches the ending balance in the inventory account to the costed actual ending inventory, while eliminating the $450,000 balance in the purchases account."
Repeat Problem 25 for the topology of Fig. 12.89. Assume C1 and C2 are very small and neglect other capacitances.Problem 25Consider the feedback circuit shown in Fig. 1...Apr 24 2020
The energy band diagram for a reverse-biased Si pn-junction diode under steady-state conditions is pictured in Fig. P5.5.(a) With the aid of the diagram and assuming sing...Jul 25 2020
Why was the singular methodology based on guidelines rather than policies and procedures?Jul 08 2020
âˆš (2x+3)=9?Apr 23 2020
If you were the professor and you knew what was going through Vincent’s mind, what would you say to >Aug 04 2020
Calculate the ideal density-specific impulse (in units of kg-sec/m3) for the propellant combination LOX/HTPB at an oxidizer-to-fuel ratio of 2.3 at a pressure ratio acros...Jul 23 2020
Explanation of MAS and needs for numerous types of MAS >May 06 2020
what is CGI? Why was CGI introduced?What are the disadvantages of an architecture using CGI scripts? >Apr 02 2020
Determine the flue gas composition (in units of lbmol as well as percent), including CO2, H2O, SO2, and N2, for the combustion of 100 lb of food waste if it has the follo...Jul 17 2020
Both bond Sam and Bond Dave have 7 percent coupons, make semiannual payments, and are priced at par value. Bond Sam has 3 years maturity, whereas Bond Dave has 20 years t...May 20 2020
Welcome to MyCourseHelp Services, World's leading Academic solutions provider with Millions of Happy Students.