determine the symbols of net sales for the
Determine the symbols of Net Sales for the Period
- Cost of Goods Sold
= Gross Profit
- Operating Expenses
+ Other Income
- Other Expenses
= Net Income
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state the steps of merchandise inventory1 transfer the beginning inventory figuredebit income summary for beginning inventory amountcredit
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classified income statementit is more involved for a merchandising business to conclude net loss or net income income statement is categorized into
determine the symbols of net sales for the period- cost of goods sold gross profit- operating expenses
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the operating expenses sectionoperating expenses - directly associated to the sale of merchandisegeneral expenses administrative expenses related to
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state the term- liabilitiescurrent liability is a debt which is due for payment within one year long-term liability is one not paid in a yearowners
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