Two accounts that appear on the financial statements of a merchandising company but are not needed by a service company are:
A) cost of goods sold and depreciation.
B) cost of goods sold and net income.
C) cost of goods sold and inventory.
D) inventory and depreciation.
Correct Answer:
Verified
Q2: Under a perpetual inventory system,when a sale
Q6: The cost of inventory shifts from asset
Q9: Since a perpetual inventory system continuously updates
Q17: A periodic inventory system:
A)is used for inexpensive
Q19: A purchase discount decreases the cost of
Q20: Service entities report cost of goods sold
Q20: To document approval of purchase returns, management
Q21: On June 1, Neighbor Company purchased inventory
Q22: How do purchase returns and allowances and
Q24: Boston Company sells twenty items for $1100
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