True or False: In calculating gross profit, sales revenue is first adjusted for sales returns, discounts and allowances (net sales). Select one: True False
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- Which of the following is an example of a contra revenue account? A. sales B. merchandise inventory C. sales discounts D. accounts payableSales Returns and Allowances is classified as a contra-cost account on the income statement.Gross profit is the difference between: Select one: a. revenues and expenses. b. net income and operating income. c. gross sales and sales discounts. d. Net sales and cost of goods sold.
- The COGS is estimated by deducting the gross profit from sales revenue. Distinguish between gross profit as a percentage of cost and gross profit as a percentage of sales price and how do you convert the gross profit % based upon cost to gross profit % based upon selling price?True or False A sales discount is added in calculating net sales.Sales Revenue is a(n) Multiple Choice O account and asset; Sales Discounts revenue: Sales Returns and Allowances revenue; Cost of Goods Sold liability; Gross Profit is an expense account.
- When the net price method is used to record credit sales, the sales discount not taken account is reported as an, a.) addition to sales returns and allowanceson the income statement b.) deduction from gross sales on the income statement c.) deduction from selling expenses on the income statement d.) addition to sales revenue on the income statementThe 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.In accountinf for sales discounts, most companies use the a. Allowance method b. Gross price method c. Discounted price method d. Net price method
- 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…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 expensesGross profit is the gross sales price charged for the goods sold A.True B.False
