click below
click below
Normal Size Small Size show me how
Chapter 6 terms
Stack #38800
Acctg Ch 6 | Definitions |
---|---|
Cost of Merchandise Sold | The cost is reported as en expense when merchandise is sold. |
Gross Profit | Sales - CMS |
Merchandise Inventory | Unsold merchandise at end of an acctg period. |
Net Income | Gross Profit - Operating expenses |
Sales | The total amt charged customers for mdse sold, including cash sales and sales acct. |
Sales Ret. & Allow. | From the seller's view, returned mdse or an adjmnt. for defective mdse. |
Sales Discount | From the seller's view, discounts that a seller may offer the buyer for early payment. |
Net Sales | - sales ret. & allow. and sales discounts from sales. |