Day 5 - Take Notes on Multi-Step Income Statement
Prepare notes for the following topics:
- Revenue from Sales
- Sales
- Sales Returns
- Sales Allowances
- Sales Discounts
- Net Sales
- Cost of Merchandise Sold
- Periodic Inventory System
- Perpetual Inventory System
- Gross Profit
- as bonus: look up what Gross Margin Percentage represents
- Income from Operations
- Selling Expenses
- Administrative (General) Expenses
- Other Income and Expenses
- aka: Non-Operating Income and Expenses
- Bonus: look up definition of:
- Income Before Taxes
- Federal Corporate Income Tax Expense
Start thinking about how to turn this info into a Paper Slide Video
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