Module 9D Flashcards
Net Sales =
Gross Sales - Sales Discounts - Sales Returns/Allowances
Cost of Goods Purchased =
Gross Purchases - Purchase Discounts - Purchase Returns/Allowances + Freight/Transportation In
Gross Margin (Profit) =
Net Sales - COGS
Operating Expenses Examples
Selling Expenses, General & Administrative Expenses, Organization cost, Impairment losses SEC Registrants
Selling Expenses Examples
Salary, Showroom Depreciation, Freight Out, Bad Debt Expense, Warranty Expense
General & Administration Expenses Examples
Headquarters Depreciation, Research and Development
Operating Income (Profit) =
Gross Margin (Profit) - Operating Expenses
Other Revenues/Expenses and Gains/Losses Examples
Unrealized Holdings, Interest Revenue
Income from Continued Operations, before tax =
Operating Income + Other Revenues & Gains - Other Expenses & Losses
Income Tax Expense =
Current and Deferred
Income from Continued Operations, NoT (net of tax) =
Income from Continued Operations, before tax - Income Tax Expense
Net Income =
Income from Continued Operations, NoT +/- Discontinued Operations, NoT +/- Extraordinary Gains & Losses, NoT
Comprehensive Income =
Net Income + Other Comprehensive Income
Other Comprehensive Income Examples (5)
- Reclassification Adjustments
- Unrealized Holding Gain/Loss on Available for Sale Securities, ASSUMING FAIR VALUE OPTION IS NOT USED
- Pension or other Postretirement Benefit (OPRB) Adjustments
- Unrealized Holding Gain/Loss on Derivatives held as Cash Flow Hedges, including foreign currency hedges as cash flow hedges
- Cumulative Foreign Currency Translation Adjustment (Current Rate Method)
Examples of items that are NEVER Extraordinary
Foreign Currency, Strike, Writedown of assets
