Financial Statements Flashcards
1
Q
Multistep Income Statements: Merchandising Company
A
Net Sales - COGS = Gross Margin - Operating Expenses = Income from Operations \+/- Other Revenues and Expenses = Income Before Income Taxes - Income Tax Expenses = Net Income
2
Q
Multistep Income Statements: Service Company
A
Revenues - Operating Expenses = Income from Operations \+/- Other Revenues and Expenses = Income Before Income Taxes - Income Tax Expenses = Net Income
3
Q
Flow of Costs: Merchandising Company
A
Beginning Inventory \+ COGP (purchased) = COGAS (available for sale) - Ending Inventory = COGS
