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38 Cards in this Set

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average cost
COGS/total units available for sale
Gross profit:
sales-COGS
Inventory Turn over ratio
COGS/average inventory(number of times)
Days in Inventory
365/Inventory Turn over ratio
Flow of cost
Cost of beginning inventory
+COGS purchased
_________________
COGS available for sale
-COGS
____________
Cost of goods in ending inventory
Perpetual inventory
continuous record maintained, COGS recorded at time of sale.
Periodic inventory
Physical inventory taken at the end of the accounting period
Journal: Recording purchases of merchandise
Inventory
AP/Cash
Journal:Record payment of freight on purchase
Inventory
Cash
Journal:Discount taken
AP
Inventory
Cash
Journal: Return of Merchandise purchased
AP/Cash
Inventory
Journal: Recording Sales of Merchandise
AR
Sales
Inventory
COGS
Journal: Sales Returns and Allowances
Sales R&A
AR/Cash
Inventory
COGS
Journal: Return of Merchandise purchased
AP/Cash
Inventory
Sales Discounts
Cash
Sales Discounts
AR
Journal: Recording Sales of Merchandise
AR
Sales
Inventory
COGS
Gross Profit Ratio
gross profit/net sales %
Profit Margin Ratio
Net income/Net Sales %
Journal: Sales Returns and Allowances
Sales R&A
AR/Cash
Inventory
COGS
Taxes (Fifo and Lifo)
Highest: FIFO
Lowest: LIFO
Sales Discounts
Cash
Sales Discounts
AR
Gross Profit Ratio
gross profit/net sales %
Fraud Triangle
Financial Pressure
Opportunity
Rationalization
Receivables turnover ratio
Sales/Average AR
Profit Margin Ratio
Net income/Net Sales %
Taxes (Fifo and Lifo)
Highest: FIFO
Lowest: LIFO
Average Collection Period Ratio
365/Receivables turnover ratio
Fraud Triangle
Financial Pressure
Opportunity
Rationalization
Inventory Turnover Ratio
Sales/Average inventory
Average Collection Period Ratio
365/Receivables turnover ratio
Average inventory
Beginning + end/2
Company's Bank Statement: Bank side
Balance at end of month
+Deposits in Transit
_________________
--Outstanding Checks
__________________
Adjusted Cash Balance
Company's Bank Statement: us
Cash Balance
+collection of a note
__________________
--NSF check
--error
--service charge
______________
Adjusted Cash Balance
Journalize: Loaned $35,000 cash on a 1 year note (record interest in last transaction)
Note Rec 35,0000
Cash
Journalize: Recieved a $10,000, 9 month 6%
Note Rec 10,000
Cash
Record interest of notes
Interest Recievable
Interest revenue
Recording bad debts: allowance method
Bad dept exp
Allowance for DA
Allowance for DA
AR
Balance Sheet
Recievables
Less: Allowance for DA
=Net recievables