What should be true about the balance sheet equation after transactions in service and merchandising companies?

ABC Company sold goods worth \$3,000 with terms 2/10 net 30. Using the gross method, what is the journal entry if the customer pays within the discount period?

If a company has a beginning inventory of \$8,000, purchases of \$4,000, and an ending inventory of \$2,000, what is the cost of goods sold?

A company purchases 300 units of a product at \$8 per unit. What is the total cost of the inventory purchase?

A company purchases goods under FOB Shipping Point terms. The goods cost \$1,000, and the freight cost is \$50. How should the company record the freight cost?

Using a T account, determine the ending inventory balance given: Beginning Inventory \$25,000, Purchases \$20,000, Purchase Discounts \$1,000, Purchase Returns \$2,000, and COGS \$15,000.

What is the primary difference between a periodic inventory system and a perpetual inventory system?

A company purchases \$3,000 worth of inventory on account. How should this transaction be recorded in a periodic inventory system?

A buyer purchases 300 units at \$10 each under FOB Shipping Point terms and pays \$50 in freight costs. What is the total inventory cost?

In the notation '3/10 NET 45,' what does the '10' signify?

How do purchase discounts affect the calculation of cost of goods sold in a periodic inventory system?

Given the following data: Sales Revenue \$350,000, Service Revenue \$60,000, Wage Expense \$45,000, Interest Expense \$15,000, Cost of Goods Sold \$160,000, Income Tax Expense \$25,000, Other Expenses \$35,000. What is the net income?

Which subtotal is calculated after subtracting operating expenses from gross profit?

What is the primary purpose of comprehensive income?