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- https://biz.libretexts.org/Courses/Coastline_College/BUS_C100%3A_Introduction_to_Business_(White)/14%3A_Using_Financial_Information_and_Accounting/14.06%3A_The_Income_StatementAdding the cost of goods manufactured to the value of beginning inventory, we get the total cost of goods available for sale, $127,500. To determine the cost of goods sold for the year, we subtract th...Adding the cost of goods manufactured to the value of beginning inventory, we get the total cost of goods available for sale, $127,500. To determine the cost of goods sold for the year, we subtract the cost of inventory at the end of the period: Several steps are involved in finding net profit or loss. (These are shown in the right-hand column of Table 14.2.) First, cost of goods sold is deducted from net sales to get the gross profit.
- https://biz.libretexts.org/Courses/Cosumnes_River_College/BUS_215%3A_Introduction_to_Business_(Brown)/07%3A_Finance_and_Accounting_for_Entrepreneurs/7.05%3A_Developing_Startup_Financial_Statements_and_ProjectionsBut the vertical format still presents the two sides of the equation—except that liabilities and equity are on the bottom half of the statement. For example, if it takes six months to renovate the piz...But the vertical format still presents the two sides of the equation—except that liabilities and equity are on the bottom half of the statement. For example, if it takes six months to renovate the pizzeria and the monthly rent is $2,000, then the burn rate is $2,000 per month and forecasts that the business will need an additional $12,000 ($2,000 × six months) available in financing on top of the cost of renovations.
- https://biz.libretexts.org/Courses/Folsom_Lake_College/BUS_350%3A_Small_Business_Management_Entrepreneurship_(Buch)/03%3A_The_Business_Plan_-_Marketing_Organization_Location_Finances/08%3A_Financial_Statements_and_Plan/8.03%3A_Using_Financial_Information_and_Accounting/8.3.06%3A_The_Income_StatementThe cost of goods sold is the total expense of buying or producing the firm’s goods or services. Delicious Desserts’ cost of goods sold is based on the value of inventory on hand at the beginning of t...The cost of goods sold is the total expense of buying or producing the firm’s goods or services. Delicious Desserts’ cost of goods sold is based on the value of inventory on hand at the beginning of the accounting period, $18,000. Adding the cost of goods manufactured to the value of beginning inventory, we get the total cost of goods available for sale, $127,500. To determine the cost of goods sold for the year, we subtract the cost of inventory at the end of the period:
- https://biz.libretexts.org/Workbench/MGT_1010/01%3A_Introductory_Business/1.01%3A_Book-_Introduction_to_Business_(OpenStax)/1.1.14%3A_Using_Financial_Information_and_Accounting/1.1.14.06%3A_The_Income_StatementAdding the cost of goods manufactured to the value of beginning inventory, we get the total cost of goods available for sale, $127,500. To determine the cost of goods sold for the year, we subtract th...Adding the cost of goods manufactured to the value of beginning inventory, we get the total cost of goods available for sale, $127,500. To determine the cost of goods sold for the year, we subtract the cost of inventory at the end of the period: Several steps are involved in finding net profit or loss. (These are shown in the right-hand column of Table 14.2.) First, cost of goods sold is deducted from net sales to get the gross profit.
- https://biz.libretexts.org/Bookshelves/Accounting/Accounting_in_the_Finance_World/05%3A_Why_Must_Financial_Information_Be_Adjusted_Prior_to_the_Production_of_Financial_Statements/5.02%3A_Preparing_Various_Adjusting_EntriesThis page discusses the learning objectives for accounting adjustments, focusing on prepaid expenses and accrued revenue. It explains how prepaid expenses shift from assets to expenses over time, requ...This page discusses the learning objectives for accounting adjustments, focusing on prepaid expenses and accrued revenue. It explains how prepaid expenses shift from assets to expenses over time, requiring adjustments in financial statements. Additionally, it highlights the complexity in recognizing accrued revenues and the necessity of professional judgment to align these practices with U.S. GAAP principles.
- https://biz.libretexts.org/Bookshelves/Accounting/Accounting_in_the_Finance_World/03%3A_In_What_Form_Is_Financial_Information_Actually_Delivered_to_Decision_Makers_Such_as_Investors_and_CreditorsThis page discusses financial reporting topics such as income statement construction, profitability principles, conservatism, methods to boost net assets, and balance sheet reporting alongside cash fl...This page discusses financial reporting topics such as income statement construction, profitability principles, conservatism, methods to boost net assets, and balance sheet reporting alongside cash flow statements. It also includes end-of-chapter exercises for enhanced comprehension and practice.
- https://biz.libretexts.org/Workbench/MGT_1010/05%3A_Book-_Entrepreneurship_(OpenStax)/5.09%3A_Entrepreneurial_Finance_and_Accounting/5.9.05%3A_Developing_Startup_Financial_Statements_and_ProjectionsBut the vertical format still presents the two sides of the equation—except that liabilities and equity are on the bottom half of the statement. For example, if it takes six months to renovate the piz...But the vertical format still presents the two sides of the equation—except that liabilities and equity are on the bottom half of the statement. For example, if it takes six months to renovate the pizzeria and the monthly rent is $2,000, then the burn rate is $2,000 per month and forecasts that the business will need an additional $12,000 ($2,000 × six months) available in financing on top of the cost of renovations.
- https://biz.libretexts.org/Bookshelves/Accounting/Principles_of_Financial_Accounting_(Jonick)/01%3A_Accounting_Cycle_for_the_Service_Business_-_Cash_Basis/1.04%3A_Financial_StatementsClosing entries are special journal entries made at the end of the accounting period (month or year) after the financial statements are prepared but before the first transaction in the next month is r...Closing entries are special journal entries made at the end of the accounting period (month or year) after the financial statements are prepared but before the first transaction in the next month is recorded in the journal. The effects are that the credit balance in Retained Earnings increases each month by the month’s net income amount, and the balances of Fees Earned and all the expense accounts become zero.
- https://biz.libretexts.org/Bookshelves/Accounting/Accounting_in_the_Finance_World/zz%3A_Back_Matter/20%3A_GlossaryThis page offers a comprehensive glossary of accounting terms, providing definitions for key concepts such as depreciation, inventory, dividends, and financial reporting standards like GAAP. It covers...This page offers a comprehensive glossary of accounting terms, providing definitions for key concepts such as depreciation, inventory, dividends, and financial reporting standards like GAAP. It covers a wide range of topics including executed contracts, financial ratios, and corporate structures, emphasizing the importance of accurate financial management and reporting practices.
- https://biz.libretexts.org/Bookshelves/Accounting/Principles_of_Financial_Accounting_(Jonick)/01%3A_Accounting_Cycle_for_the_Service_Business_-_Cash_Basis/1.02%3A_Net_IncomeA_Critical_AmountThe difference between the total revenue and total expense amounts for a particular period (such as a month or year), assuming revenue is higher, is profit. A net loss results if total expenses for a ...The difference between the total revenue and total expense amounts for a particular period (such as a month or year), assuming revenue is higher, is profit. A net loss results if total expenses for a month (or year) exceed total revenue for the same period of time. Net income is a result that business people are extremely interested in knowing since it represents the results of a firm’s operations in a given period of time.
- https://biz.libretexts.org/Bookshelves/Business/Entrepreneurship/Entrepreneurship_(OpenStax)/09%3A_Entrepreneurial_Finance_and_Accounting/9.04%3A_Developing_Startup_Financial_Statements_and_ProjectionsBut the vertical format still presents the two sides of the equation—except that liabilities and equity are on the bottom half of the statement. For example, if it takes six months to renovate the piz...But the vertical format still presents the two sides of the equation—except that liabilities and equity are on the bottom half of the statement. For example, if it takes six months to renovate the pizzeria and the monthly rent is $2,000, then the burn rate is $2,000 per month and forecasts that the business will need an additional $12,000 ($2,000 × six months) available in financing on top of the cost of renovations.
