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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.
Jan. 1 Purchased a small company and recorded goodwill of $150,000. Its useful life is indefinite. May 1 Purchased for $90,000 a patent with an estimated useful life of 5 years an
Q. What is accrual basis of accounting? In the following illustration, notice that every business transaction affects two or more accounts in the ledger. As well note that
Q. Change in accounting method for inventory? Occasionally companies vary inventory methods in spite of the principle of consistency. Improved financial reporting is the merely
Q. Explain about Accounting period? As those interested in the activities of business need timely information companies must prepare financial statements periodically. To organ
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When does something that is a debit becomes a credit?
A method of expressing the relationship between one accounting result and the other, which is intended to give a useful comparison. Accounting ratios helps in measuring the efficie
what is the accounting concepts and conventions? and what is the procedure to follow the accounting formats
What is the latest change taking place in the accounting world that will make a big difference to the way accountants prepare accounts?
The Greenwood Company purchased equipment costing $900. Greenwood paid $400 in cash and agreed to pay the remaining amount in thirty days. As a result of this transaction
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