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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.
Q. What do you mean by partnership? A partnership is a non-incorporated business owned by two or more persons associated as partners. Habitually the same persons who own the bu
Stewart Company sold 180 units @ $320 each on October 31, 2012. Cash selling and administrative expenses were $15,000. The following information is also available: The
what would be the entry for-"rent recieved in advance"
S olvency Ratios (Long Term): These Ratios measure the long term financial provision of the firm. Creditors and Bankers are mainly interested in liquidity. But shareholders, and
#quest1. Use the general journal to journalize the following transactions completed during July of the current year. 2. Post from the general journal to the general ledger. Using
Q. Explain about Long-term investments? A long-term investment habitually consists of securities of another company held with the intention of (a) obtaining control of another
Compute each of the following amounts Company reported current assets of $80,000, non-current assets of $350,000, current liabilites of $32,000 and long term liabilities of $120,00
Q. What is Passage of title in transpotation? Passage of title is a term that point to the transfer of the legal ownership of goods. Title to the goods usually passes from sell
Q. Show the Chart of accounts? Chart of accounts -- a listing of all accounts or categories into that businesstransactions would be classified and recorded. Every account gener
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