Accounting

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

143866

Card Set

Accounting

Description

Chapter 5

Updated

2012-03-26T05:15:31Z

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