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What is carriage inward in accounting?
It's an income statement item . It is added to cost of sales.. e.g.,Sale ACost of SalesOpening inventory XAdd: Purchase XAdd:Charge In XLess: Closing inventory (X)________BGross Profit A-B=CExpenses (D)Carriage Out (E)Net Income =C-D-Ewhile carriage out will be added in the expenses of income statement.
What is journal entry for carriage on sales?
Debit Cash / bank / Account receivableDebit Carriage outwardCredit Sales
What is computerized sales inventory system?
Acomputerized Sales and Inventory is a method performed through the use of computers.
Is inventory a cash equivalent?
Yes it depends of inventory nature if inventory can immediately be sold to sales then it is cash equivalent.
If ending merchandise inventory is overstated?
An overstatment of year-end inventory results in an increase in the gross margin (sales - cost of sales). overstating ending inventroy understates cost of sales
What is carriage inward in accounting?
It's an income statement item . It is added to cost of sales.. e.g.,Sale ACost of SalesOpening inventory XAdd: Purchase XAdd:Charge In XLess: Closing inventory (X)________BGross Profit A-B=CExpenses (D)Carriage Out (E)Net Income =C-D-Ewhile carriage out will be added in the expenses of income statement.
What is journal entry for carriage on sales?
Debit Cash / bank / Account receivableDebit Carriage outwardCredit Sales
What is carriage on sale?
It is a sales
What is meant by the term carriage on sales?
Carriage on purchases is an expense incurred when the business delivers goods to their customers and it is not included in the amount of sales.
What is computerized sales inventory system?
Acomputerized Sales and Inventory is a method performed through the use of computers.
Examples of Entity Relationship Diagram of sales and inventory system?
Date|| Sales ------------- Inventory *Amount ........... *Item
When do stores have sales?
Stores have sales when they want new inventory but do not have either the space in the store needed or they do not have enough profit for the new inventory. So the answer is for new inventory.
What does it mean to move inventory?
It means to make sales so that the merchandise held in inventory is moved out of inventory.
Is turnover calculated by first deducting items like carriage in and sales returns from sales or is it total sales without deductions?
it is sales less sales returns
Is inventory a cash equivalent?
Yes it depends of inventory nature if inventory can immediately be sold to sales then it is cash equivalent.
If ending merchandise inventory is overstated?
An overstatment of year-end inventory results in an increase in the gross margin (sales - cost of sales). overstating ending inventroy understates cost of sales
What types of data might a sales manager need to track?
Sales inventory, Shipment time frame, customer service, Replace Inventory, Track sales persons selling list
