During October, a sari-sari store had the following transactions involving revenue and expenses. Did the firm eam a net income or incur a net loss for the period? What was the amount? Provided services for Php2,750 in cash Paid Php250 for telephone service Provided services for Php 1,900 on credit Paid salaries of Php1,675 to employees Paid Php350 for office cleaning service

Q: What does inventories /sales ratio mean?

A: An accounting metric used to measure liquidity, solvency, efficiency etc. of a business entity is…

Q: In the financial accounting for inventory, what is a cost flow assumption?

A: Accounting for inventories is a subset of accounting that deals with the value of inventoried assets…

Q: How do you calculate Cost of goods purchased

A: Cost of goods purchased (COGP) refers to the total cost incurred by a company to purchase inventory…

Q: What formula is used to determine net profit

A: Net profit is the actual income earned by an organization after paying all the expenses. It is…

Q: Briefly explain the difference between gross profit, net profit and EBIT.

A: Gross Profit is computed by deducting Cost of goods sold from Sales. Gross profit is the profit a…

Q: Define Gross Profit Method.

A: Definition:   Merchandise Inventory: Merchandise is the stock of goods bought by a wholesaler, or a…

Q: How to calculate total selling expense

A: Selling expenses are the expenses incurred to sell a product to the customer.

Q: How to calculate Rent income from income statement

A: Income Statement- It is a report that shows an organization's revenues, expenses, and net profit and…

Q: Define how costs of goods and other costs such as taxes contribute to the performance besides sales?

A: Performance of the business is usually measured by the ability of the company to generate the net…

Q: n situations where there is no requirement for the taxpayer to provide documentation to substantiate…

A: The EIC is a tax benefit for low to moderate-income individuals and families, and it's meant to…

Q: Distinguish between cash-basis net income and accrual-basis net income.

A:

Q: compute the gross profit percentage

A: Gross profit: It implies to the excess of company's net sales over the cost incurred on goods sold…

Q: How to get or compute the gross sales

A: Gross sales is presented in income statement.

Q: What's the difference between the cost to inventory and the cost of goods sold?

A: Cost of inventory refers to the cost of goods purchased. It is those costs which includes cost of…

Q: Gross profit is calculated as the difference between net sales revenue and​ ________.         A.…

A: Revenue- Revenue refers to the quantity of cash that a corporation actually received during the…

Q: How about the cost of inventory held by the consignee

A: Cost of inventory includes purchase cost of inventory, it's conversation cost and any other expenses…

Q: What is the formula for calculating sales tax? A. Amount of Purchase x Sales Tax Rate = Sales Tax B.…

A: Sales tax : Sales tax is the amount that the merchant must charge to customers who purchase the…

Q: How to calculate gross margin and gross sales

A: Sales means the amount recorded in books as revenue earned by selling the goods or services. Account…

Q: What is the definition net cost of purchases?

A:

Q: purchase Returns & Allowances appears where on an Income Statement?

A: The income statement is the financial statement of the business which shows about the profitability…

Q: What is the gross profit and how do i calculate it

A: Manufacturing department profit is also known as gross profit. This profit includes only costs…

Q: How do you calculate gross profit as a percentage of sales?

A: Gross profit as a percentage of sales, also known as gross profit margin, is a financial metric used…

Q: s the cost of goods sold from the income statement part include the cost of goods in inventory?

A: Cost of Goods Sold=Beginning Inventory+Purchases for the period-Ending Inventory

Q: The price a business pays for goods it purchases to sell is called: A. markup B. purchase price C.…

A: Any item that is displayed for sale and intended to be sold to customers in exchange for a profit is…

Q: A measure of the overall price level paid for various goods and services by individuals: O a. Gross…

A: Solution:- Gross Domestic Product (GDP) means the sum total of prices of goods and services paid by…

Q: How should you compute the number that appears as "cost of good sold" in a common-size income…

A: Lets understand the basics.There are two type of analysis are made.(1) Verticle analysis(2)…

Q: Net net profit is computed in the

A: Net profit in computed in the Income statement or profit and loss statement .  The format of the…

Q: What are the definition criteria of an income and an expense?

A: Ans. Income is money what an individual or business receives in exchange for producing goods or…

Q: What are trade margins? How do they relate to thepricing for a produce, of goods?

A: A product is manufactured so that it can be sold to the consumer for the consumption purpose.…

Q: How do you solve the gross margin and Net income?

A: The income statement is one of the major financial statements prepared to outline and document the…

Q: what is asset? what is gross profit?

A: Financial statements: These are the financial reports prepared by an organization for a financial…