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Q. What do you mean by Net sales?
We demonstrate a condensed income statement to emphasize its major divisions. Next, we explain the more complete income statement actually prepared by accountants. The merchandising company that we use to exemplify the income statement is Hanlon Retail Food Store. This section describes how to record sales revenues including the effect of trade discounts. Then we describe how to record two deductions from sales revenues-sales discounts and sales returns and allowances. The amount that leftovers is net sales. The formula for formative net sales is
In a sales transaction the seller transport the legal ownership (title) of the goods to the buyer.
Habitually the physical delivery of the goods takes place at the same time as the sale of the goods. A business document called as an invoice a sales invoice for the seller and a purchase invoice for the buyer becomes the basis for recording the sale.
How would I do this make it and adjustment account revenue 300.00 of supplies on hand 100.00 of unearned revenue is still unearned at the end of the month Accured salaries are 280
John is considering the best capital structure for his firm. Suppose there are two capital structures for him to choose from. Structure A would have 7,000 shares of stock and $160,
#question.prepare the required adjusting entry for September 30, 2009
Q. Explain about trade discount? A trade discount is a percentage deduction or else discount from the specified list price or catalogue price of merchandise. Companies utilize
Q. Illustrate the Financial accounting process? In this section we describe the accounting equation as the framework for the entire accounting process. Then we demonstrate you
INCOME SUMMARY ACCOUNT This is a temporary account which used to summarize the balances of temporary revenue and expense accounts. This is also known as a clearing account. The
profit
Q. What is Depreciation? Depreciation -- an expense which is supposed to reflect the loss in value of a fixed asset. Forinstance if a machine will entirely wear out after ten y
Are mailing lists are considered as prepaid or period expens?
Q. What do you understand by Revenue? Revenue -- Amounts received by or due a company for services or goods it provides tocustomers. Receipts are cash revenues. Revenues can al
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