This topic contains a solution. Click here to go to the answer

Author Question: Sales returns and allowances and Sales discounts are ________. A) contra-asset accounts and are ... (Read 127 times)

craiczarry

  • Hero Member
  • *****
  • Posts: 527
Sales returns and allowances and Sales discounts are ________.
 
  A) contra-asset accounts and are netted against Accounts receivable on the balance sheet
  B) contra-expense accounts and netted against Cost of goods sold on the income statement
  C) expense accounts and added to Sales on the income statement
  D) contra-revenue accounts and netted against Sales on the income statement

Question 2

Assuming that the company uses the perpetual inventory system, determine the Gross Profit for the month of Mayusing the LIFO cost method.
 a. 348
  b. 452
  c. 444
  d. 356



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

choc0chan

  • Sr. Member
  • ****
  • Posts: 362
Answer to Question 1

D

Answer to Question 2

c




craiczarry

  • Member
  • Posts: 527
Reply 2 on: Jul 5, 2018
Great answer, keep it coming :)


triiciiaa

  • Member
  • Posts: 349
Reply 3 on: Yesterday
Excellent

 

Did you know?

The word drug comes from the Dutch word droog (meaning "dry"). For centuries, most drugs came from dried plants, hence the name.

Did you know?

Eat fiber! A diet high in fiber can help lower cholesterol levels by as much as 10%.

Did you know?

The first oncogene was discovered in 1970 and was termed SRC (pronounced "SARK").

Did you know?

Nearly 31 million adults in America have a total cholesterol level that is more than 240 mg per dL.

Did you know?

There are major differences in the metabolism of morphine and the illegal drug heroin. Morphine mostly produces its CNS effects through m-receptors, and at k- and d-receptors. Heroin has a slight affinity for opiate receptors. Most of its actions are due to metabolism to active metabolites (6-acetylmorphine, morphine, and morphine-6-glucuronide).

For a complete list of videos, visit our video library