Accounting for Merchandising Business
Accounting for Selling Business
A. Comparison of Salary Statement
Net Income sama dengan Revenues – Expenses
Net Sales - Cost of Merchandise Sold = Gross Profit/ Margin by Sales Low Profit/ Margin from Revenue – Functioning Expenses sama dengan Operating Cash flow Operating Profits – Financing Costs = Net Income
Pertaining to the Year Finished December thirty-one, 2013
Net SalesP a couple of, 393, two hundred and fifty
Cost of Items Sold 1, 313, 600
Gross Make money from Sales you, 079, 600
Operating Expenses 586, 040
Operating Income 493, 610
Finance Costs 38, 4 hundred
Net Income S 455, 210
B. Operating Cycle of the Merchandising Business
Cash SalesSales On Accounts
Inventory Products on hand
Cash Accounts Payable
C. Source Document - evidence of purchase
1 . Revenue Invoice -- to inform the customer the total cost of shipment installment payments on your Bill of Loading -- issued by shipping business, agreement involving the shipping firms. 3. Affirmation of Bank account - directed by the vendor to the buyer to inform the purchaser of the invoices already because of. 4. Established Receipt - evidence which the seller have receives repayment from the buyer. 5. Deposit Slips - contains identity of the holder, account number, account being paidValidated put in - the money deposited have been received by the buyer.
6th. Check- drafted document instructing a financial institution to shell out the person the required amount. be aware: check is more secure
six. Purchase Requisition – Document generated by a user department or storeroom-personnel to notify thepurchasing department of items it needs to order, their quantity, plus the timeframe. It could alsocontain the authorization to proceed with the purchase.
eight. Purchase Order – A purchase order sets forth the descriptions, quantities, prices, discounts, payment terms, date of performance or shipment,...
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