1. How do you get net sales?
2. What other names are given or used for cost of goods sold?
3. How do you determine the length of the accounting period if the problem does not clearly state it?
4. Give the items that enter the cost of sales section.
5. What is net income from operation?
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Answer:
1.Net sales, or net revenue, is the money your company earns from doing business with its customers. Net income is profit – what's left over after you account for all revenue, expenses, gains, losses, taxes and other obligations.
2.Cost of Goods Sold are also known as “cost of sales” or its acronym “COGS.” COGS refers to the cost of goods that are either manufactured or purchased and then sold. COGS count as a business expense and affect how much profit a company makes on its products, according to The Balance.
3.Your company's accounting period (also called 'accounting reference date') is usually set when you incorporate a new company with Companies House, with the end of the financial year being know as the company's 'year end'. ... Corporation tax is then due 9 months and 1 day after your accounting period ends.
4.Examples of what can be listed as COGS include the cost of materials, labor, the wholesale price of goods that are resold, such as in grocery stores, overhead, and storage. Any business supplies not used directly for manufacturing a product are not included in COGS.
5.In accounting and finance, earnings before interest and taxes is a measure of a firm's profit that includes all incomes and expenses except interest expenses and income tax expenses.
Explanation:
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