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COMPLETING THE ACCOUNTING CYCLE MERCHANDISING OPERATIONS MERCHANDISE INVENTORY

This is a summary of an accounting chapter about merchandise inventory. It explains the accounting principles that relate to merchandise inventory, such as conservatism, disclosure and consistency principles. Then, it shows how all four inventory costing methods (specific identification, FIFO, LIFO, weighted average cost) work through an example with tables. It also shows how to calculate gross profit, how to compute the inventory turnover and days' sales of inventory ratios. Finally, It explai...

This is a summary about an accounting I chapter that talks about the accounting cycle. It shows how to prepare financial statements, such as the adjusted trial balance, income statement, statement of owner's equity, and balance sheet. It also focuses on the classified balance sheet explaining which accounts need to be included and in what order. It also shows how using the worksheet can be helpful to complete the financial statements explaining how to complete every single section step by step....

This is a summary about an accounting chapter that talks about merchandising operations. It has definitions and formulas of sales revenue, cost of goods sold, gross profit, merchandise inventory, net cost inventory. It explains transportation cost and what FOB shipping point, FOB destination, freight in, freight out mean. There in an example of how to journalize purchases and sales related to merchandise inventory with a detailed explanation of every single step. It also talks about sales return...

This is a summary about a macroeconomic chapter that talks about economic growth and the wealth of the nations. It defines economic growth and gives the formula to measure it. It provide also an example through a table. It also talks about how growth rates affect income levels showing how to find how much time it takes for an income to double with a fixed rate. It does it mathematically but also through the rule of 70. Finally it talks about the factors that lead to economic growth

This is a summary about a macroeconomic chapter that talks about financial markets and securities. It explains what financial intermediaries are, the difference between indirect and direct finance. It talks about what bonds are, how to find a bond's interest rate including formulas, tables and pictures, what the default risk is, and the bonds ratings. It defines stocks, secondary market and why they are important, treasury securities, home mortgages and securitizazion

This is a summary of a macroeconomics chapter about savings, interest rates and the market for loanable funds. I talk about the role of this market and how it works, including graphs and tables. I talk about interest rates from the saver's and also the borrower's points of view, how inflation affect interest rates. There are also two types of interest rates; real and nominal interest rates. It includes the factors that shift the demand and the supply of loanable funds, and the equilibrium poin...

This is a summary about a macroeconomic chapter which talk about price level and inflation. There are definitions of inflation and deflation, explanation of how to calculate the consumer price index, measure inflation rates, how to compare dollar values using the CPI formula, concerns about the CPI accuracy, and some problems with inflation, such as shoe leather costs, money illusion, menu costs, future price level uncertainty, wealth redistribution, price confusion, and tax distortions. There i...

This is a summary about a macroeconomic chapter which talks about employment. I have written about frictional, structural, and cyclical unemployment, the natural and actual rate of unemployment, the formulas to find employment rate and labor force participation rate. I have included tables, examples, and pictures.