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What is the formula for NET SALES
Revenue From Sales --- Sales Returns, Allowances & Discounts = Net Sales
What is the formula for Gross Profit
Net Sales --- Cost of Merchandise Sold = Gross Profit
Whats the Formula to find Income from Operations
Gross Profit -- Operating Expenses (Selling & Admin) = Income from operations
Whats the Formula for Net Income
Income for operations --- Other Income Expenses (Rent Rev & Interest Expense = Net income
In the Single Step Income Statement whats the formula to find the Net income
Revenues --- Expenses = Net inocme
In the Single Step income statement, how would you find the total Revenue
Net Sales --- Rent Revenue = Total Revenues
In the Single Step Income Statement, What expenses need to be added to to creat the sum of the net income
Cost of Merchandise sold
Selling Expenses
Admin Expenses
Interest Expenses
Name the Steps for the retained Earnings Statement
1. Take Starting retained earnings Balance
2. Take Net income and subtract it from dividens
3. add the total from the sum of Net income to the starting retained earnings balance
What are the 3 brand new Revenues
Sales
Sales returns and allowances
sales discounts
What are the New Expenses
Cost of Merchandise sold
Delivery Expense
Whats the 1 new Asset
Merchandise Inventory
What does N/30 mean
30 days
FOB SHIPPING POINT Who pays for shipping
Buyer
FOB DESTINATION Who pays for Shipping
Seller
Author:
2game4u
ID:
143866
Card Set:
Accounting
Updated:
2012-03-26 05:15:31
Tags:
ACCT
Folders:
Description:
Chapter 5
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