0
Want this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
How to calculate gross profit?
Sales (or revenue, it's the same thing) - cost of goods sold= Gross Profit
What is the difference between gross sales and gross receipts as far as an audit is concerned?
GROSS RECEIPTS is the total amount received prior to the deduction of any allowances, discounts, credits, etc. GROSS REVENUE is income (at invoice values) received for goods and services over some given period of time. GROSS SALES is the total revenue at invoice value prior to any discounts or allowances. Gross Receipts = Gross Revenue = Gross Receipts They are all the same thing, which is the total amount of revenue that a business generates during a year prior to taking any discounts, allowances, etc. Gross Sales - COGS = Gross Profit Gross Receipts - COGS = Gross Profit Gross Revenue - COGS = Gross Profit
Is gross weight and tare weight the same thing?
No,Truck weight of 16,000 lbs, trailer weight of 18,000 lbs = 34,000 lbs tare weight (weight empty).The total LOADED weight of combined vehicle is gross weight, i.e. 80,000 lbs.The net weight is the gross weight minus the tare weight; 80,000 - 34,000 = 46,000 lbs or 23 tons
What is weight of 1973 vw thing?
Listed curb weight - 1920lbs. As tested by Road &Track magazine oct' 1973 - 2290lbs. Gross weight is 2,954 pounds.
Is income the same thing as revenue how?
Yes, income is the same thing as revenue, however there are key words to help distinguish between the types of "income" or revenue.Revenue (sometimes referred to as income) is the money a company receives from providing a good or service. Sales Revenue or Sales Income are a good example of how Revenue and Income can be interchangeable. Both refer to the same thing, money brought into a business from "sales".Gross Income (rarely referred to as Gross Revenue) is the income a company has after the cost of goods sold are deducted.Net Income is basically the what's remaining of the Gross Income after all expenses such as Taxes, Salaries, Etc are paid.Retained Earnings is the final step. Retained earnings is simply PROFIT. It is what the company has after dividends are paid out of Net Income, if applicable. Retained earnings is what the company literally made after all COGS, Expenses, and Dividends are paid.
What is power lifting?
The three lifts squat, bench press, and deadlift are used in powerlifting, a strength competition, in three attempts at their maximum weight.
How do you weigh a truck?
The simplest way is simply to get on a truck scale. If you can't weigh the whole thing at once, then you scale out one axle at a time, and add the combined weight of all the axles to get your gross weight.
Is income the same thing as revenue?
yes
What is the gross vehicle weight of a 1968 El Camino?
The gvw is 4800 lbs on my '70 (virtually the same thing), remember its classified as a pick up. The actual weight is around 3600lbs. depending on engine and equipment.
Why is unrealized gross profit considered a liability in the balance sheet?
Basically, unrealized gross profit is not an asset, liability, expense, revenue and owner equity. Because asset always record in DR side as a nature. Liability record on CR side but we don't have to pay any thing in unrealized gross profit. expense nature is DR revenue nature is CR but unrealized gross profit is expected to be an income after realizing. owner equity means to invest in business and unrealized gross profit is not an investment. So, we have to assume the unrealized gross profit as liability because it is mutually unearned. Unearned, it is an advance amount which is liability until we earned it. Similarly, unrealized is expected to be earned in future after collecting the installments of sales, as unearned is a part of liability so, unrealized gross profit is also a part of liability through unearned account.
Total revenue and total cost curves?
total cost= total revenue, it is the same thing in different name.
Are gross margin and contribution margin the same thing?
No, they're not the same thing. Gross Margin is revenue minus COGS (cost of goods sold). Contribution Margin is revenue minus variable costs (such as materials and labor that go into making the product). It shows you how much of each dollar of sales varies with the amount of sales, and thus, what percentage of each dollar of sales is left for fixed costs. This is the definition that I've understood. However, it's confusing even as I write it because the difference between them seems to imply that there are (or could be) variable costs below the gross profit line. Or maybe there are some fixed costs associated with costs of goods sold and that's why the distinction should be made above the gross profit line. If anyone has any contributions (no pun intended) that can clarify this, I would appreciate it. ---- Another way to distinguish between the two is by using these definitions. Gross Margin = Revenue - Full Absorption Cost*Contribution Margin = Revenue - Variable Cost *Full absorption cost being defined as the sum of the fixed and variable overhead, direct labor, and direct materials costs.
