What is the cost of goods sold section, Accounting Basics

Assignment Help:

The cost of goods sold section

Cost of merchandise sold to customers during a period is subtracted from net sales figure for the same period to get amount of gross profit. (Net Sales - cost of goods sold = Gross profit)

1810_The cost of goods sold section.png

You need both beginning and ending merchandise inventory figures and net purchases for period. (Purchases Returns and Purchases Discounts and Allowances decrease cost of Purchases.)

Related Discussions:- What is the cost of goods sold section

prepare the ledger accounts-trial balance-balance sheet , A part of Deeper...

A part of Deeper Coral's income is earned from conducting diving lessons. Level Lesson Type Fee per hour I Intro

Recording, does immaterial items have to be recorded

does immaterial items have to be recorded

In accounting, 1. what is accounting ? 2. what should we/i do to know accou...

1. what is accounting ? 2. what should we/i do to know accounting 3. what are the basics of accounting? 4 is accounting is hard ?

Ratios and Analysis, Your report must include at a minimum the following it...

Your report must include at a minimum the following items. 1. Calculate the following ratios based on the 2011 financial statement: * Current ratio * Quick ratio * Total asset

Accounts receivable - ar, Money payable by customers (individuals or corpor...

Money payable by customers (individuals or corporations) to the other entity in exchange for goods or services that have been given or used, but not yet paid for. Receivables typic

Provision for taxation and proposed dividend in fund flow, Treatment of Pro...

Treatment of Provision for Taxation and Proposed Dividend: As preparing the Funds Flow Analysis, the treatment of condition for Taxation and planned Dividend is very significa

CANADA PENSION PLAN REPORTING REQUIREMENTS ON THE T4, SCENARIO In May of t...

SCENARIO In May of the current year, your employer received a PIER report from the CRA that identified Canada Pension Plan (CPP) contribution deficiencies for employees in the org

Balance of the merchandise inventory account, Q. Balance of the Merchandise...

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

Procedure of recording business transactions, Q. Procedure of recording bus...

Q. Procedure of recording business transactions? The raw information of accounting is the business transactions. We documented the transactions in section 1 as increases or dec

Aasignment coverage, Define accounting.Briefly explain the accounting conce...

Define accounting.Briefly explain the accounting concepts which guide the accountants at recording stage

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages