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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.
Inventory is habitually the largest and most important asset owned by a merchandising business. The inventory of some companies similar to car dealerships or jewellery stores may c
what are the internal sources of accounting?
Q. Goal of financial reporting? The second goal of financial reporting is to provide information to help present and potential investors and creditors and other users in assess
Q. Show accounting deception situations? In 2002 The Sarbanes-Oxley Act was approved. The Act was approved as one result of the large losses to the employees and investors from
Q. What do you mean by Salaries? The recording of the payment of employee salaries typically involves a debit to an expense account and a credit to Cash. But for a company pays
types of legancies
A bauxite mine was acquired at a cost of $1,500,000 and estimated to contain 6,000,000 tons of ore. During the year, 95,000 tons were mined and sold. Prepare the journal entry fo
Instructions: 1. Using the journal entry sheet provided, record the transactions for January. January is the first full month of operations. 2. After journalizing the transactio
differenciate between a cash book and a ledger
need to get assignment done, its corporate accounting.
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