Goods available for sale can:Multiple Choice4-be sold and then become Cost of Goods Sold on the income statement.not be sold and thus are not reported as Cost of Goods Sold on the balance sheet.not be sold and thus are reported as Inventory on the income statement.be sold and thus reported as Cost of Goods Sold on the balance sheet.

Answer : Goods available for sale : Goods that are finished , ready and available to be sold known…

Answered: Multiple Choice O be sold and then…

Business

Accounting

Multiple Choice O be sold and then become Cost of Goods Sold on the inco-

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter5: Accounting For Retail Businesses

Section: Chapter Questions

Problem 40E: Identify items missing in determining cost of goods sold For (a) through (e), identify the items...

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Concept explainers

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.

Question

Goods available for sale can:
Multiple Choice
4-
be sold and then become Cost of Goods Sold on the income statement.
not be sold and thus are not reported as Cost of Goods Sold on the balance sheet.
not be sold and thus are reported as Inventory on the income statement.
be sold and thus reported as Cost of Goods Sold on the balance sheet.

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