Fundamental Financial Accounting Concepts
Quiz 4: Accounting for Merchandising Businesses
A Common Size Income Statement Is Prepared by Dividing All
A common size income statement is prepared by dividing all amounts on the statement by net income.
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Sales discounts do not affect a company's gross margin percentage.
The return on sales ratio indicates the amount of each sales dollar that is left over after covering the cost of goods sold.
With a periodic inventory system,inventory purchases are recorded in the Purchases account at the time of purchase.
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