Chapter 19 Flashcards
1
Q
Cost of delivered merchandise
A
Purchases+transportation inn
2
Q
Net purchases
A
Cost of delivered merchandise-Purchase discounts+purchases returns and allowances
3
Q
Cost of merchandise available
A
Beginning merchandise inventory+net purchases
4
Q
Cost of merchandise sold
A
Cost of merchandise available-ending merchandise inventory
5
Q
Gross profit on sales
A
Net sales-cost of merchandise sold
6
Q
Operating income
A
Gross profit on sales-total operating expenses
7
Q
Net income
A
Operating income-federal corporate income tax expense
8
Q
Ending retained earnings
A
Beginning retained earnings+net income
9
Q
Total stockholders equality
A
Capital stock+retained earnings
10
Q
Net sales
A
Sales-sales returns and allowances
