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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.
Calculate WACC and Rate of Return Capital Structure: 50% debt and 50% equity financing Current cost of debt is 2% above prime (Prime is currently 2.5%) cost of equity is e
Q. What is Public accounting? Public accounting firms offer professional accounting and related services for a fee to organizations, other companies, and individuals. An accoun
Q. Balance of the Merchandise Inventory account? The balance of the Merchandise Inventory account is a cost of the inventory that should be on hand. This fact is a major reason
Q. Need for adjusting entries? The income statement of business information all revenues earned and all expenses incurred to generate those revenues during a given period. An i
Q. Explain about financial statement? The income statement is the statement of retained earnings the balance sheet and the statement of cash flows of Metro Courier Inc demonstr
Determine in brief about the SALES ACTIVITY Just as merchandizing businesses follow specific procedures to process and record purchases, they follow numerous procedures to proc
Please use the following information to answer questions 4-5: Cash $10,000 Accounts Payable $7,000 Accounts Receivable $6,400 Mortgage Payable $65,000 Supplies $1,500 Long-
Workout Expenditures Professional fees (legal, accounting, appraisal) paid to entities unaffiliated with the investment company's advisor or sponsor in connection with any of t
Question 1: (a) What do you understand by term offshore bank? (b) What are the benefits of providing and receiving banking services from an offshore bank? (c) Explain
Account titles and explanation column The first row of an entry shows the account debited. The second row shows the account credited. Notice that we notch the credit account t
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