Financial Statements, Merchandising, and Inventory (4-6)

Where is Income Summary reported at year end?

Which of these is carried over to the next accounting period after a close?

The order of the 4 closing entries are to first close ______________, then ____________, then _____________ and finally

Total cost of inventory divided by total units is this inventory costing system.

Sales-COGS =

ST liabilities are expected to be paid within:

This LT asset is never depreciated

Accumulated depreciation is considered a(n) ______ account and carries a _______ balance.

Assets are listed in their order of ________

Inventory costs on the income statement are included in:

The seller would record sales revenue of ____ if they sold $2000 of inventory with terms 2/10, n/45.

There are ___ closing entries.

Patents, copyrights, and trademarks are examples of

Sales discounts forfeited

Title passes to the buyer when it arrives at the buyer under:

FOB Shipping Point, who pays the shipping costs?

Shrinkage relates to:

In a period of rising prices, this inventory costing method would yield the highest net income

Highly priced, unique assets would likely use this inventory costing method.

What Financial Statement includes Accumulated depreciation?

An example of a temporary account is:

A business buys good, then sells goods to customers, and buys goods again with the cash is called the

Under this inventory method of cost flows, the inventory is assumed to be composed of the most recent costs?

3/15, n/45

The journal entry to record shrinkage includes: