Answered: 31. Gross Sales - Sales Discount -…

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Accounting

31. Gross Sales - Sales Discount - Sales Returns and Allowances is equal to?

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter11: Accounting For Purchases And Cash Payments

Section: Chapter Questions

Problem 2MC: In the income statement, Freight-In is (a) added to purchases. (b) subtracted from purchases. (c)...

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31. Gross Sales - Sales Discount - Sales Returns and Allowances is equal to?

Gross Profit

Cost of Goods Sold

Net Sales

Net Purchases

Total Goods Available for Sale

Net Income

Freight In

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The difference between merchandise available for sale and the end-of-period merchandise inventory is called (a) gross profit. (b) net purchases. (c) net sales. (d) cost of goods sold.
In the income statement, Freight-In is (a) added to purchases. (b) subtracted from purchases. (c) added to sales. (d) subtracted from cost of goods.
Which of the following is not a component of Net Sales?a. Sales Returns and Allowancesb. Sales Discountsc. Cost of Goods Soldd. Sales Revenue
Gross profit is calculated as the difference between net sales revenue and ________. A. cost of merchandise inventory B. purchase expense C. cost of goods sold D. operating expenses
The difference between net sales and cost of goods sold is called (a) gross profit.(b) net purchases.(c) goods available for sale.(d) the bottom line.
34. Cost of Goods Sold + Ending Inventory = _____________ Gross Profit Cost of Goods Sold Net Sales Net Purchases Total Goods Available for Sale Net Income Freight In
What is the term applied to the excess of revenue from sales over the Cost of Merchandise Sold? a. net income Ob. gross sales Oc. gross profit Od. income from operations
Gross profit is the gross sales price charged for the goods sold A.True B.False
40) The difference between Net sales and Cost of goods sold is referred as _____________. a. Gross profit b. Income statement c. Balance sheet d. Inventory
The gross margin estimation method estimates the cost of goods sold by multiplying the costs to sales ratio by purchases. O multiplying the sales revenue by the inventory turnover ratio. multiplying the cost of goods available by the gross margin percentage. O multiplying the sales revenue by cost-to-sales ratio.
How to calculate the gross profit for merchandise business? A. Total Sales minus all the operating expenses. O B. Total Sales minus the Total purchase cost C. Net Sales minus all the operating expenses D. Net Sales minus the COGS
How do you calculate gross profit as a percentage of sales?