is a result when sales exceed the cost to produce goods or render the services
revenue
it is used especially when the nature of business is merchandising or retail
sales
is used to record revenues earned by rendering services
service income
what is the formula for mark up price?
cost x desired mark up percentage
what is the formule for selling price
cost + mark up
payment on internet, utilities expense, salaries and wages of the business-what are those?
operating expense
refer to the amount of merchandise or goods sold by the business for a given period of time
cost of goods sold/ cost of sales
refers to goods and merchandise ate the beginning operation of business or accounting period
merchandise inventory, beginning
refer to the merchandise or goods purchased
purchases
refers to goods and merchandise left at the end of operation or accounting period
merchandise inventory, end
refers to amount paid to transport goods or merchandise purchased from the supplier to the buyer
freight in
