0
Merchandise inventory is reported as a long-term asset on the balance sheet?
Wiki User
∙ 10y ago
7
Wiki User
∙ 10y ago
Add your answer:
Earn +20 pts
What is the normal balance of the merchandise inventory account?
Merchandise Inventory is an asset account, so the normal balance is Debit.
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
What type of account is Merchandise Inventory?
Merchandise Inventory is an asset account that shows up on the balance sheet.
Normal balance for merchandise inventory?
debit
Merchandise inventory is classified on the balance sheet as a?
Current Asset
What is the normal balance of the merchandise inventory account?
Merchandise Inventory is an asset account, so the normal balance is Debit.
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
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.
What type of account is Merchandise Inventory?
Merchandise Inventory is an asset account that shows up on the balance sheet.
Normal balance for merchandise inventory?
debit
Merchandise inventory is classified on the balance sheet as a?
Current Asset
How is merchandise inventory normally presented on a balance sheet?
it is an asset
How is merchandise inventory classified on the balance sheet?
As a current asset
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.
Where is inventory is reported in financial statement?
Value of Inventory is an asset on the balance sheet.
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.
