Lala Emits

* Accounting:
* Day 17: March 2, 2011
* Chapter 5
* Who owns goods during shipping?




-Determines gross revenue date and who should buy insurance
never the shipping company
Never the shipping company


* Shipping terms
* FOB shipping point- (like ebay) appellation (ownership) passes to the buyer when the goods r apiece the shipper (shipping point)
Buyer owns during freight
Buyer owns during shipment


Seller owns during shipment

Seller owns during shipment

FOB refinement - (like L L Bean) title passes to the buyer when goods reach the destination


Net Sales Calculation:
* Income statement for a trade firm
Net Sales - COGS= Gross return Operating set down= Net income
Net- something being subtracted Gross- Total
Sale returns- merchandise is returned to the vender and a store character reference or refund is assumption
Sales allowances- merchandise is not returned and a state credit or refund devoted
Sales discounts- a discount is given off the invoice (bill) for early payment
Ex: 2//10, n/30
Take a 2% discount if paying(a) within 10days; off the invoice. Otherwise pay the net income w/n 30days
Ex: $1,000 invoice, terms 2/10, n/30 if we pay w/n 10 days
1,000 X 2%= $20off - $1,000 20= $980
1/15, n/45 take 1% off w/n 15 days other than pay net income w/n 45days
Cost of GODS ( an expense)
The apostrophize of the goods sold:
Purchase price (less any discounts taken) + freight in (shipping in)

* Accounting:
* Day 18: March 4, 2011
* Chapter 5
Gross sugar rate= Gross profit/ Net sales
- how much of each sale dollar is gross profit to the firm
Ex:
Net Sales= $2,500,000
COGS=$1,500,000
Operating Expense=$580,000
Gross Profit $2,500,000-$1,500,000=$$1,000,000
Gross Profit rate1,000,000/2,500,000= .04...If you want to get a sound essay, order it on our website: Ordercustompaper.com



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