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Q. Explain about Cost of goods sold?
Cost of goods sold is the main expense in merchandising companies. Note the cost of goods sold segment of the classified income statement in Exhibit 39. This section has previously discussed the items used in calculating cost of goods sold. Merchandisers habitually highlight the amount by which sales revenues exceed the cost of goods sold in the top part of the income statement. The surplus of net sales over cost of goods sold is the gross margin or gross profit. To express gross margin as a percentage rate we divide gross margin by net sales. In Exhibit 39 the gross margin rate is approximately 39.3 per cent (USD 103,000/USD 262,000). The gross margin rate indicates that out of every sales dollar approximately 39 cents is available to cover other expenses as well as produce income. Business owners watch the gross margin rate closely since a small percentage fluctuation is able to cause a large dollar change in net income. As well a downward trend in the gross margin rate may indicate a problem such as theft of merchandise. For example one Southeastern sporting goods company SportsTown Inc suffered noteworthy gross margin deterioration from increased shoplifting and employee theft.
GDYJ-503 is developed according to the national standard GB-86 Insulating Oil Dielectric Strength Testing Method .The tester can test three cups of oil at the similar time. LCD scr
What is the full disclosure principle
Explain in detail about the MERCHANDISE INVENTORY Cost of merchandise purchased during an accounting period is debited to Purchases account. To determine VALUE of the goods on
#How to make journal entries?
Journal Entries are recorded on a double entry system like debit and credit concept. In order to record a journal entry the following steps require to be followed. ? Enter the J
Q. Transactions affecting only the balance sheet? Since every transaction affecting a business entity must be recorded in the accounting records analyzing a transaction before
even after preparing BRS why does balance as per cash book and balance as per pass book do not tally?
Q. What is periodic inventory procedure? In the periodic inventory procedure the Merchandise Inventory account is updated periodically subsequent to a physical count has been m
Periodic Review
What do you recognize by Open Item Managed Account? Ans) Open item management make sures that all items that have not yet been cleared are available in the system. Only after ea
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