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Current Asset
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∙ 11y ago
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How is merchandise inventory classified on the balance sheet?
As a current asset
What type of account is Merchandise Inventory?
Merchandise Inventory is an asset account that shows up on the balance sheet.
Inventory on a classified balance sheet?
Inventory is par to current asset at asset side in classified balance sheet as inventory is used within one fiscal year.
How is merchandise inventory normally presented on a balance sheet?
it is an asset
Merchandise inventory is reported as a long-term asset on the balance sheet?
7
How is merchandise inventory classified on the balance sheet?
As a current asset
Is it truth Merchandise inventory is classified as a current asset in a classified balance sheet?
Yes merchandise inventor is usable within one fiscal year that's why it is current asset and shown as a current asset in balance sheet.
What type of account is Merchandise Inventory?
Merchandise Inventory is an asset account that shows up on the balance sheet.
The Cost of Goods Sold account is classified as?
Expense on the income statement. The COI or Merchandise Inventory is reported on the balance sheet as an asset.
Inventory on a classified balance sheet?
Inventory is par to current asset at asset side in classified balance sheet as inventory is used within one fiscal year.
How is merchandise inventory normally presented on a balance sheet?
it is an asset
What financial statement does merchandise inventory at end of period go on?
Closing merchandise inventory belongs on both the income statement and the balance sheet. On the income statement, it is included under Cost of Goods Sold; on the balance sheet it is categorised under Current Assets.
Where is the amount of merchandise inventory disclosed in the financial statements?
Amount of merchandise inventory is disclosed at the bottom of the financial statement under balance sheet.
Merchandise inventory is reported as a long-term asset on the balance sheet?
7
Is merchandise inventory is a long-term asset on the balance sheet true or false?
False
How should this tranacstion be recorded in the journal entry if merchandise inventory that cost 620000 is reported on the balance sheet at 690000?
debit owners equity 70000credit inventory 70000
How should this transaction be recorded in the journal entry if merchandise inventory that cost 620000 is reported on the balance sheet at 690000?
debit owners equity 70000credit inventory 70000
