Accounting

Card Set Information

Author:
2game4u
ID:
143866
Filename:
Accounting
Updated:
2012-03-26 01:15:31
Tags:
ACCT
Folders:

Description:
Chapter 5
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  1. What is the formula for NET SALES
    Revenue From Sales --- Sales Returns, Allowances & Discounts = Net Sales
  2. What is the formula for Gross Profit
    Net Sales --- Cost of Merchandise Sold = Gross Profit
  3. Whats the Formula to find Income from Operations
    Gross Profit -- Operating Expenses (Selling & Admin) = Income from operations
  4. Whats the Formula for Net Income
    Income for operations --- Other Income Expenses (Rent Rev & Interest Expense = Net income
  5. In the Single Step Income Statement whats the formula to find the Net income
    Revenues --- Expenses = Net inocme
  6. In the Single Step income statement, how would you find the total Revenue
    Net Sales --- Rent Revenue = Total Revenues
  7. 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
  8. 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
  9. What are the 3 brand new Revenues
    • Sales
    • Sales returns and allowances
    • sales discounts
  10. What are the New Expenses
    • Cost of Merchandise sold
    • Delivery Expense
  11. Whats the 1 new Asset
    Merchandise Inventory
  12. What does N/30 mean
    30 days
  13. FOB SHIPPING POINT Who pays for shipping
    Buyer
  14. FOB DESTINATION Who pays for Shipping
    Seller

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