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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)
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.)
Q. Describe the methods of recording? Two general deductions from gross sales are (a) sales discounts and (b) sales returns and allowances. Sellers trace these deductions in co
On october 31 A fund accrued 2000.00 for legal fees. In November 2000 the fund received an invoice. for October 2008 legal fees for an amount of $2500 and paid the invoice on Nov
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
what is the implication of applying accounting concept wrongly
How to create account for barter transactions? As My Company is providing a service to another company and that company is reimbursing us with his service.
how its help
Define the term - LIABILITIES Liabilities are debts owed by business. Paying cash is generally not possible or convenient, so businesses purchase services and goods on credit.
Why to and by using in journal, trading a/c, p&l a/c and ledger?
beginning inventory,purchase,and sales data for commodity A are as follows november 1 inventory 1500units @k20.00 2 sold 5000unit @ 40.00 12 purchase 10000 units @22
briefly explain management process
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