f13 - Copyright Doug Hillman 1999 Merchandising Business...

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Unformatted text preview: Copyright Doug Hillman 1999 Merchandising Business Copyright Doug Hillman 1999 Merchandising Income Statement Net Sales Cost of Goods Sold Gross Margin Operating Expenses Net Operating Margin Copyright Doug Hillman 1999 Merchandising Income Statement Other Revenues and Expenses Net Income before Taxes Income Tax Expense Net Income Copyright Doug Hillman 1999 Net Sales Sales Total or gross sales of merchandise Trade discounts Percentage reduction from list price Sales returns and allowances Reduction of price after sale Return of unacceptable merchandise Copyright Doug Hillman 1999 Net Sales Sales Discounts Discount for payment within a stated period 2/10, n/30 2% discount if paid within 10 days Gross amount due in 30 days Copyright Doug Hillman 1999 Net Sales Gross sales revenue Deduct: Sales returns and allowances Sales discounts Net sales revenues Copyright Doug Hillman 1999 Merchandise Inventory Systems Periodic inventory system Determine cost of goods sold and inventory balance only at end of each...
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f13 - Copyright Doug Hillman 1999 Merchandising Business...

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