Accounting for income statement
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7 Terms
1
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Net Sales
Sales - Sales Discounts - Sales R&A
2
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Net Purchases
Purchases - Purchases Discounts - Purchases R&A + Transportation In
3
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COGS
Net Purchases + Beginning inventory - Ending Inventory
4
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COGA
Beginning inventory + Net Purchases + Transportation In
5
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Income Summary
Beginning Inventory - Ending Inventory
6
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Gross Profit
Net Sales - COGS
7
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Contra Revenue
Sales Discounts + Sales R&A
Note 
Flashcards (25)