Indicate the Financial Statement Where Each Item Listed Below Would

question 75

Short Answer

Indicate the financial statement where each item listed below would be found.
BS = the balance sheet
IS = the income statement
CF = the statement of cash flows
F = the notes to the financial statements
N = The item is NOT part of GAAP-based accounting disclosure.
______ 1.cash collected from customers
______ 2.cash paid to suppliers
______ 3.the fair market value of inventory,which includes the desired profit margin
______ 4.the cost flow method adopted for inventory valuation
______ 5.inventory
______ 6.cost of goods sold
______ 7.sales

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Definitions:

Acquisition Differential

The difference between the cost of acquiring a company and the fair value of its identifiable net assets at the time of acquisition, essentially another term for goodwill.

Trademarks

Symbols, names, phrases, or logos legally registered or established by use as representing a company or product.

Unrealized Inventory Profits

Profits that have been recorded on paper due to an increase in inventory value but have not been realized through sales.

Significant Influence

The power to participate in the financial and operating policy decisions of an investee, without having control over those policies.