In terms of the accounting equation, merchandise inventory is an asset, as shown below. The numbers in parentheses refer to the chapters in which the items are discussed. Assets Current Assets Cash and cash equivalents (6) Accounts receivable (7) Allowance for Uncollectible Accounts (7) ...
This refers to the cost to your business of merchandise inventory sold during the accounting period in question. You can find COGS on your company’s income statement or in your accounting records. 4. Calculate ending inventory The ending merchandise inventory equation is straightforward: You sim...
Accounting Equation Accounting Principles Adjusting Entries Balance Sheet Inventory and Cost of Goods Sold Mark the Question as Read Advance Your Accounting and Bookkeeping Career Perform better at your job Get hired for a new position Understand your small business ...
This refers to the cost to your business of merchandise inventory sold during the accounting period in question. You can find COGS on your company’s income statement or in your accounting records. 4. Calculate ending inventory The ending merchandise inventory equation is straightforward: You sim...
This refers to the cost to your business of merchandise inventory sold during the accounting period in question. You can find COGS on your company’s income statement or in your accounting records. 4. Calculate ending inventory The ending merchandise inventory equation is straightforward: You sim...
You can find COGS on your company’s income statement or in your accounting records. 4. Calculate ending inventory The ending merchandise inventory equation is straightforward: You simply take the cost of what you started with (beginning inventory), add what you gained (purchased inventory), ...
This refers to the cost to your business of merchandise inventory sold during the accounting period in question. You can find COGS on your company’s income statement or in your accounting records. 4. Calculate ending inventory The ending merchandise inventory equation is straightforward: You sim...