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Q. Example of Income statement of a merchandising firm?
To recapitulate the more important relationships in the income statement of a merchandising firm in equation form
- Net sales = Gross sales - Sales discounts + Sales returns as well as allowances.
- Net purchases = Purchases - Purchase discounts + Purchase returns as well as allowances.
- Net cost of purchases = Net purchases + Transportation-in.
- Cost of goods sold = Beginning inventory + Net cost of purchases - Ending inventory.
- Gross margin = Net sales - Cost of goods sold.
- Income from operations = Gross margin - Operating selling and administrative expenses.
- Net income = Income from operations + Non-operating revenues - Non-operating expenses.
Every of these relationships are important because of the way it relates to an overall measure of business profitability. For instance a company may produce a high gross margin on sales. But because of large sales commissions and delivery expenses the owner may realize only an extremely small percentage of the gross margin as profit. The classification in the income statement permits a user to focus on the whole picture as well as on how net income was derived statement relationships.
what would be the entry for-"rent recieved in advance"
Explain:- 1. Why would users want to see cash flows broken out into three parts (operating, investing, and financing)? What's the purpose of this structure? 2. Companies often use
Super stockist is one who supply product to n no. of distributor in area. Distributor is one who supply to dealers in the area
The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. NELSON COMPANY Unadjusted Trial Balance January 31, 2013 Debit Credit Cash $
implication of applying accounting concepts
Over the past two decades, the People's Republic of China has invested billions of RMB in domestic and international air travel capability. Today, almost every major city in China
Q. Show Recording changes in assets? Recording changes in assets, liabilities, and stockholders' equity While recording commerce transactions remember that the foundation of
Q. Illustrating the recording of sales returns? Following are two instances illustrating the recording of sales returns in the Sales Returns and Allowances account - Suppose
10% preference share 336 ooo ordinary share capital 480 000 prepare a statement of profit or loss
it wont balance
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