Net income from a series of transactions that include more than just revenue and expense transaction

May 5th, 2015
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Be able to determine net income from a series of transactions that include more than just revenue and expense transactions and understand how those transactions impact cash flow. Solution is also included an example with detail and understandable answer.

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Question: Be able to determine net income from a series of transactions that include more than just revenue and expense transactions and understand how those transactions impact cash flow?Answer:The income statement shows the dollar amount of sales of the companys products or services during the period, listed as revenues, sales, or sales revenue. Many companies use the term net sales to indicate the amount of sales revenue earned after deducting sales returns and allowances. The statement also shows the cost of goods and services used up by the company during the period in producing

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