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Do sales and cost of goods sold get recorded at the same time?
Wiki User
∙ 15y ago
No.
1. If you do not have a computerized accounting system:
Inventory manufactured or purchased for sale are first debited to "Inventory".
When sold, you debit "bank, or accounts receivable" and credit "sales"
At the end of the accounting period, which could be monthly or yearly, or anytime inbetween, usually after a physical inventory, you then reduce your inventory by crediting "Inventory" and charging the amount reduced to "Cost of Sales".
2. If you have a computerized accounting system:
When you acquire the merchandise to be sold you debit it to a specific "card" in the program's memory of the "Inventory" account.
When you sell it, you will debit "Bank or accounts receivable" and credit "Sales". In order to create your sales invoice, you will have to identify the "card" where the merchandise is posted.
When you change accounting periods (a.i. May to June) the computerized accounting program will then process the sale by reducing the inventory and debiting "Cost of Sales" automatically.
Wiki User
∙ 15y ago
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Is the song holiday by the bee gees the same song recorded by the scorpions?
No
Who recorded the song Shakedown?
"Shakedown" is a Pop rock and hard rock song recorded by Bob Seger, an American rock singer. The song was recorded in 1987 and was released on May 23rd of the same year.
How does Missy Elliott make money for her promoters?
Because she brings in the audience which in turn results in high ticket sales which is what generates a promoters revenue, minus the costs of the show and profit is left over. The same is evident with CD sales. Because she brings in the audience which in turn results in high ticket sales which is what generates a promoters revenue, minus the costs of the show and profit is left over. The same is evident with CD sales.
In what year was the song 'My Mistake' first recorded?
My Mistake' song which was sung by a rock group from New Zealand which is called Split Enz was recorded in the year 1977. It was also released in the same year.
What group recorded the song Sweet Emotion?
"Sweet Emotion" was recorded by the American rock group Aerosmith. It was released in 1975 on the album "Toys in the Attic", as well as in a single release that same year.
How to calculate gross profit?
Sales (or revenue, it's the same thing) - cost of goods sold= Gross Profit
Is cost of sales or turnover the same as net sales?
Cost of sales is the expenses to earn sales so cost of sales and net sales are not same, formula for gross profit is as follows: Gross profit = Sales - Cost of sales
Are cost of goods available for sale the same as cost of goods manufactured?
No, because cost of goods manufactured is part of the first. Cost of goods available for sale also includes purchases
Is sales returns an asset?
Sales return is that portion of finished goods which once sold but refund back by customers so as finished goods are assets same way sales return is asset as well because it increase the finished goods inventory.
What is use of the gross profit method assumes a. the amount of gross profit is the same as in prior years. b. sales and cost of goods sold have not changed from previous year?
b
When you're preparing an income statement to calculate gross margin you must subtract?
You must subtract the cost of goods sold from the net sales to get the gross margin (same as gross profit)
Why total revenue equal to total cost?
No total revenue is total finance in, you need to take from this the running costs of the business to get the gross profit (net sales minus the cost of goods and services sold).
If selling prices sales mix and cost structure remain the same do profits and sales increase using variable costing?
Equal
When a business enterprise sells goods domesticallyin most jurisdiction it is obliged to charge sales tax in most same firm does not have to charge sales tax when making export sales to foreigners.wh?
ask mr mills
Does decreasing the sales price increase the contribution margin?
No, decreasing the sales price does not necessarily increase the contribution margin. The contribution margin is the difference between the sales price and the variable costs. If the sales price decreases, the contribution margin will decrease as well unless there is a corresponding decrease in variable costs.
Is cost of sales the same as cost of revenues?
Yes it is, it's just slightly different terminology. You would probably find cost of revenue in a serivice based company. It should be noted that in final published accounts it's always referred to as cost of sales.
Is sales and total operating revenue the same thing?
Sales is the amount received from selling the goods while total operating revenue is the revenue which is earn only through basic business operating activity.
