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Work8 ANSWER SHEET 1

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18 views3 pages

Work8 ANSWER SHEET 1

Uploaded by

Chelsea Nicole Dantes
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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San Beda University

College of Arts and Sciences

Argel John P. Casallas

INCOME STATEMENTS AND BALANCE SHEET – MANUFACTURER’S VS.


MERCHANDISER’S

 Sales is the revenue generated by the Merchandising business from selling


their products.
 Cost of Goods Sold is the cost of goods used for the selling of the finished
goods.
 Merchandise Inventory is the goods that retailers and resellers have
purchased with the intent to sell to customers.
 Purchases is the value of all goods and services purchased during the
accounting period for resale or consumption in the production process.
 Total Goods available for sale is the total cost of inventory that's available
for customers to purchase at the beginning of an accounting period.
 Gross Profit is the profit a business makes after subtracting all the costs that
are related to manufacturing and selling its products or services.
 Operating Expenses is an expense that a business incurs through its normal
business operations.
 Net Income is the amount an individual or business makes after deducting
costs, allowances, and taxes.

 Current Assets is a short-term asset that a company expects to use up,


convert into cash, or sell within one fiscal year or operating cycle.
 Cash is the amount of actual money a business has at its disposal.
 Accounts Receivables are the balance of money due to a firm for goods or
services delivered or used but not yet paid for by customers.
 Merchandise Inventory is the goods that retailers and resellers have
purchased with the intent to sell to customers.

 Sales is the revenue generated by the Manufacturing business from selling


their products.
 Cost of Goods Manufactured and Sold is the cost of acquiring or
manufacturing the products that a company sells during a period.
 Finished Goods are products that have completed all aspects of the
production process, and which are being held for sale.
 Cost of Goods Manufactured is a schedule or statement that shows the total
production costs for a company during a specific period of time.
 Cost of Goods Available for Sale is the total recorded cost of beginning
finished goods or merchandise inventory in an accounting period, plus the
cost of any finished goods produced or merchandise added during the
period.
 Gross Profit is the profit a business makes after subtracting all the costs that
are related to manufacturing and selling its products or services.
 Operating Expenses is an expense that a business incurs through its normal
business operations.
 Net Income is the amount an individual or business makes after deducting
costs, allowances, and taxes.

 Direct materials are components that go into a manufactured product.


 Raw Materials are the cost of the components that go into a final
manufactured product.
 Direct Labor are the costs associated with paying workers to make a product
or provide a service.
 Manufacturing Overhead is the sum of all the indirect costs which are
incurred while manufacturing a product.
 Manufacturing costs are the costs incurred during the production of a
product.
 Work in process is the total cost of unfinished goods currently in the
production process at the end of each accounting period.
 Cost of Goods Manufactured is a schedule or statement that shows the total
production costs for a company during a specific period of time.

 Current Assets is a short-term asset that a company expects to use up,


convert into cash, or sell within one fiscal year or operating cycle.
 Cash is the amount of actual money a business has at its disposal.
 Accounts Receivables are the balance of money due to a firm for goods or
services delivered or used but not yet paid for by customers.
 Raw Materials are the cost of the components that go into a final
manufactured product.
 Work in process is the total cost of unfinished goods currently in the
production process at the end of each accounting period.
 Finished Goods are products that have completed all aspects of the
production process, and which are being held for sale.

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