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Accounting chapter 5

Accounting 203 GMU - chapter 5

QuestionAnswer
Determine cost of goods sold under a periodic inventory system beginning inventory + cost of goods purchased - ending inventory
what is the cost of goods purchased? purchases - purchase returns & allowances - purchase discount + fright in
Gross profit Rate Gross profit / net sales
profit margin net income / net sales
quality of earnings ratio net cash provided by operating activity / net income
gross profit sales revenue - cost of goods sold
net income gross profit - operating expenses
FOB Free On Board
FOB Shipping point buyer pays freight costs
FOB Destination Seller pays for freight costs
what does a multi-step income statement have? gross profit, income from operations, and net income.
net sales sales revenue - sales returns and allowances - sales discount
Created by: goudakid78