. Which of the following figures from a firm’s financial statements should be used as itsflow rate when computing its inventory turns?a. Sales revenueb. Cost of goods soldc. Inventoryd. Net income

Match each defınition with the term that best describes it. An income measure that includes gains and [ Choose ] [Choose ] Sales revenue (Sales) Expenses incurred in the process of earning sales revenue. losses that are excluded from the determination of net income. An account that is offset against a revenue Contra revenue account account on the income statement. Cost of goods sold Periodic inventory system FOB destination The total cost of merchandise sold during the Comprehensive income FOB shipping point Perpetual inventory system period. An inventory system under which the [ Choose ] company does not keep detailed inventory records throughout the accounting period but determines the cost of goods sold only at the end of an accounting period. An inventory system under which the [ Choose ] company keeps detailed records of the cost of each inventory purchase and sale, and the records continuously show the inventory that should be on hand. The primary source of revenue in a [ Choose…

Enumerate the five parts of cost of goods sold section of the income statement.

Dividing cost of goods sold by the average of merchandise inventory is the calculation for the a.accounts receivable turnover. b.merchandise inventory turnover. c.working capital turnover. d.plant and equipment turnover.

Multiple Select Question Select all that apply Identify the statements below which are correct regarding a merchandiser's multi-step income statement. Accounts receivable is included on the statement. Cost of goods sold is subtracted from net sales in order to determine gross profit. Merchandise inventory is reported on the statement. Total assets is the lastne on the statement. Expenses are subtracted from gross profit in order to calculate net income.

Determine the gross profit from sales for the period.

How to calculate net sales revenue and net purchases

Briefly explain the accounting treatment for sales returns and allowances. Where are these accounts reported in the income statement?

Under the gross profit method, if the gross profit rate is based on cost, the cost of sales is computed as A. Gross sales times cost ratio B. Net sales divided by sales ratio C. Net sales times cost ratio D. Gross sales divided by sales ratio