2. How would components of Revenues and Expenses differ between a merchandise company versus a manufacturing company?

Q: How do the income statements of a manufacturing firm and a service firm differ?

A: Manufacturing firm is the one which is involved in the production of the products whereas service…

Q: Which of the following is NOT a reason for companies to assign costs to products or services?

A: We know that objective of every business is to attain profitability  Now, Profit for business is =…

Q: 1. "The steps in the accounting cycle for a merchandising company are different from the accounting…

A: “Since you have asked multiple questions, we will solve the first question for you.  If you want a…

Q: What is Cost of Goods Sold (COGS) and how is it calculated? What is Gross Profit and how is it…

A: The income statement is prepared to record the revenues and expenses of the current period.

Q: Product costs are ordinarily found in the traditional Income Statement's Operating Expenses whereas…

A: Product costs are those costs which are incurred on specific products like material cost, labour…

Q: The formula "(Sales Revenue – Cost of Goods Sold) + Sales Revenue" produces:

A: The income statement represents the net profit or net loss of the company that is calculated by…

Q: How do the activities of manufacturers, merchandisers, and service businesses diffe

A: Solution- Business is any activity undertaken to earn profit. There can be three basic types of…

Q: What are the key differences in performing adjusting and  closing for a service company, versus a…

A: The key difference: Since service companies will not have inventory, so there no adjustment required…

Q: Cost of goods sold is also called cost of sales.

A: Cost of goods sold is the direct cost of producing those goods which are sold by the company during…

Q: The income statement of a merchandising company includesa major type of cost that does not appear in…

A:

Q: Selling Expense is an example of     Period cost     Product cost     Cost of sales     Cost of…

A: Selling expense are those expense that incurred on selling the product after manufacturing. For…

Q: Define how costs of goods and other costs such as taxes contribute to the performance besides sales?

A: Performance of the business is usually measured by the ability of the company to generate the net…

Q: What does it mean when a company has a major expense? Like for example, "The major expense for…

A: For your understanding -  There are two types of cost direct costs and indirect costs. Direct costs…

Q: Differnce between selling price,cost of sales,labour cost in informal business

A: The products are produced with different expenses incurred as variable expenses and fixed expenses.

Q: Name the accounting principle that requires inventories to be reported at sales price less…

A: Conservatism Principle This is the concept that you should record expenses and liabilities as soon…

Q: How do service companies differ from manufacturing companies?

A: Company:   A company refers to an artificial judicial person created by a group of individuals who…

Q: The difference between informal and formal business selling

A: Informal and Formal Business : Formal business is a business that is well formalised and its goals…

Q: How do cost management and financial accounting differ?

A: The accounting is a process to identify, classify and record the transactions of the business and…

Q: Determining the unit cost of manufacturing a product is an output of financial accounting. True…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: What are the main differences between a perpetual system  and a periodic system? In your…

A: In accounting, there may be different methods to record a financial transaction. The selling and…

Q: How does the format of the income statement of a manufacturing entity differ from the income…

A: Statement of profit or loss is a statement which records revenue earned by the company during a…

Q: What is the difference between the selling price,cost of sales and labour costs of an informal and…

A: The abbreviations CP and SP stand for Cost Price and Selling Price, respectively. The cost price of…

Q: Difference of the cost price selling price and labour price of informal and formal business

A: For Difference of the cost price selling price and labour price of informal and formal business…

Q: What is the primary distinction between a service company and a manufacturing or merchandising…

A:

Q: In what way does a typical manufacturing business differ from a merchandising concern? in what ways…

A: Manufacturing business means when a company makes finished products by use of raw materials and then…

Q: How much is the cost of goods manufactured?  ANSWER IN GOOD ACCOUNTING FORM. THANK YOU :)

A: Cost of goods manufactured means total costs incurred on the goods that are produced and…

Q: 2- Which of the following is a product cost as it relates to inventory? a. Selling costs. b.…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: Which of these is not an objective of Cost Accounting? O a. Ascertainment of Cost O b. Cost Control…

A: Cost accounting means where every cost of doing business is recorded in necessary account and cost…

Q: According to the information above, which company is undervalued? Why?

A: Since the market price of Dunkin;s conuts should be $48.96 but actual price is $48.85,so the…

Q: (a) How are the components of revenues and expenses different for a merchandising company? (b)…

A: There are generally two types of business organisations-merchandising businesses which sale goods…

Q: What is the difference between cost of sales,selling price,labour costs in a formal business

A: Variable cost: It is the cost that changes with the change in level of unit

Q: Difference between labour cost,cost of sales and selling price in informal and formal business

A: A formal business is a business that is well formalized and its goals are set and organized. Whereas…

Q: Which of the following represents the components of the income statement for a service business?…

A: For a service business, there is no goods that are purchased or sold. It only provide services to…

Q: Indicate whether the following financial statement items apply to a manufacturer, a merchandiser, or…

A: Cost of goods manufactured: Cost of goods manufactured can be defined as total cost incurred in…

Q: the differences between service business and merchandising business?

A: Merchandise business is a kind of business wherein revenues are earned by providing or selling goods…

Q: The difference between net sales and cost of goods sold is called (a) gross profit.(b) net…

A: Gross profit/margin: Difference between the sales and the cost of goods sold is called gross margin.…

Q: Cost of Goods Sold is:   Multiple Choice   A revenue account.   An asset account.   A permanent…

A: Cost of goods sold means the cost incurred on the manufacturing or purchase of goods which has been…

Q: Question 6 Product costs that have become expenses can be found in: O selling expenses. cost of…

A: The product cost is the cost including in the manufacturing process of the production. Example,…

Q: A multi- step income statement ___________. A. Seperates cost of goods sold from operating…

A: Mutli step income statement means an income statement where first gross profit is calculated by…

Q: a company price goods below costs

A:

Q: total net revenue

A: Statement of comprehensive income is a part of financial statements which shows the net income from…

Q: What factors other than the number of units shipped are likely to affect the company shipping…

A: Shipping expense:   It refers too the cost of postage and related transportation to move the package…

Q: How are a merchandiser's  inventories different from the inventories of a service-oriented firm .

A: Solution:- Merchandiser’s inventories different from the inventories of a service-oriented firm:-…