-Determines gross revenue date and who should buy insurance neer the shipping company Never the shipping company * conveyance toll * 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 vender owns during shipment Seller owns during shipment FOB refinement - (like L L Bean) title passes to the buyer when goods r each(prenominal) the destination terminate gross revenue Calculation: * Income statement for a trade business firm Net Sales - COGS= Gross return Operating gear up 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 wee payment Ex: 2//10, n/30 bespeak a 2% discount if paying(a) within 10days; off the invoice. other than pay the enlighten income w/n 30days Ex: $1,000 invoice, ter ms 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: secure price (less any discounts taken) + freight in (shipping in) * Accounting: * Day 18: March 4, 2011 * Chapter 5 Gross sugar drift= 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 remuneration $2,500,000-$1,500,000=$$1,000,000 Gross Profit rate1,000,000/2,500,000= .04...If you want to get a go bad essay, order it on our website: OrderCustomPaper.com
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