Accounting II - Day 2 Chapter 1 Revenue centers Different...

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Day 2 - Chapter 1 Revenue centers - Different departments (rooms, food & beverage) for hotels side revenue centers - parking lots, allowance***- (Money set aside for comps/voids) net rev = revenue - allowances NET REVENUE (sales) Revenues - Allowances = Net Revenues GROSS PROFIT Net Revenue - Cost of Goods Sold = Gross Profit COST OF GOODS SOLD (expense) Beginning Inventory + Purchases + Other Expenses (Freight) - Ending Inventory = Cost of Goods Sold **Ending inventory becomes beginning inventory** Discount / Trade Discount Money off a purchase / Price that is different off the price list Cash Discount Paying within a certain amount of time, discount is given 2/10,N30 (Discount Percentage)(Number of days), (Net “all”)(30 Days) ***From Date of Invoice*** Invoice date = 1/10, therefore last day of discount = 1/20 2/10, N30 ROG ROG = Receipt of Goods Goods Received = 1/15, therefore last day of discount = 1/25 EOM = End of Month ***Invoice Date*** Go to end of month, count number of days after
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  • Spring '17
  • ProfessorWahl
  • Revenue, Generally Accepted Accounting Principles, 30 days, 77.1%, 90,000 1,000 89,000 24,000 65,000 Day

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