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Answer Accounting Scenario / Questions (Example)

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 Accounting Questions Student’s Name Institution Affiliation Cost of Goods Sold and Gross Profit The cost of goods sold refers to the expenses incurred by a business in developing or creating a product or a service. They are “costs that are directly attributable to the production of a product or a service” ("How To Prepare A Profit And Loss (Income) Statement" 2018). The cost of goods sold therefore means direct costs such as the cost of raw material cost of direct labor and overheads incurred in the process of producing or developing a service. Therefore in the case of Jim cost of the overall gross profit and net income generated by a business. Jim should thus take the value of sales revenue and make adjustments by reducing the sales revenue with hats returned as well as reduce the sales value with discount allowed. Consequently he should also reduce the cost of goods sold by the relevant costs of the hats returned to the business. References Aurora B. (2013). The Cost Of Production Under Direct Costing And Absorption Costing – A Comparative Approach. Retrieved 5 February 2018 from How To Prepare A Profit And Loss (Income) Statement. (2018). Retrieved 5 February 2018 from [...]

Order Description:

Word has gotten around that you know accounting and can explain it well. Jim, another of your friends has a unique business. During the summer he buys hats that cost $5.00 each and sells them at the beach for $12.00 each. Other than the cost of the hat, his only other expense last summer was $120 for parking. He sold 78 hats last summer. His accountant prepared a financial statement for him and he has several questions about the income statement. He asks: What does the cost of goods sold and gross profit mean? How much gross profit do I make on each hat? Why show both gross profit and net income? If I have hats returned or a give a discount, how will that be shown on the income statement? Please use in-text citations from credible online resources, please include the links to the website in which you retrieved the information. These resources should be universities, accounting firms in the U.S., forbes or businessweekly. Please use APA format.

Subject Area: Accounting

Document Type: Paraphrasing

This project has already been completed by one of the Studybay experts. The client rated this project:

Project's rating is 5/5

Price $15

Words 550

Pages 2

Completed in 2 days

Expert Carkim G

Client Review

Awesome work as always!!! Highly recommended!! :-D


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