Which of the following relationships is invalid?
a. Beginning inventory + purchases of inventory - returns of inventory to vendor-purchase discounts on inventory purchases = goods available for sale.
b. Beginning inventory + goods available for sale - ending inventory = cost of goods sold.
c. Gross revenues - sales returns - sales discounts = net revenues.
d. Net revenues - cost of goods sold - expenses = net income.
b
You might also like to view...
Econometric models are large-scale, multiple-equation regression models that are frequently used in product forecasting
Indicate whether the statement is true or false
The concept of atmospherics is only applicable to bricks-and-mortar-based retailers
Indicate whether the statement is true or false
________ is a mistake made by both parties concerning an object that is important to the subject matter of a contract
A) Mutual mistake of value B) Mutual mistake of material fact C) Elementary unilateral mistake D) Fraud by concealment
The ________ style of communication is characterized by language that requires the listener to carefully note what is being said and to observe how the sender is presenting the message.
A. facilitating B. affective C. instrumental D. conductive