Versus Technology Announces Second Quarter Results
View Original ArticleTue, 29 May 2012 14:23:00 -0700 TRAVERSE CITY, MI-- - Versus Technology, Inc. today announces significant year-to-date growth and its third consecutive profitable quarter.Revenues for the quarter ended April 30, 2012, increased 89.2% ...
Tilly?s, Inc. Announces First Quarter Fiscal 2012 Results
View Original ArticleWed, 30 May 2012 13:01:00 -0700 Tilly?s, Inc. today announced financial results for the first quarter of fiscal 2012 ended April 28, 2012.
Teavana Holdings, Inc. Announces First Quarter Fiscal 2012 Financial Results
View Original ArticleWed, 30 May 2012 04:00:00 -0700 Teavana Holdings, Inc. today announced financial results for the first quarter fiscal 2012 period ended April 29, 2012.
VeriFone Announces Additional Detailed Cash Flow Data
View Original ArticleTue, 29 May 2012 05:00:00 -0700 VeriFone Systems, Inc. , is providing additional detailed cash flow data and information to address recent topics raised by investors regarding VeriFone?s reported cash flow for the six months ending April 30, 2012, included in the press release issued on May 24, 2012, titled ?VeriFone Reports Results for the Second Quarter of Fiscal 2012.? It is VeriFone?s general policy to respond to investor ...
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Get Clean Books!20:29 12/22/2010, Business:Accounting Articles from EzineArticles.com
Having your books clean and in order will provide a business owner with valuable information. This information will help make wise business decisions for the remaining part of the year. These financial decisions can affect how much taxes a business will pay.
December 2010
Making a profit in a business is derived from several different areas. It can get a little complicated because just as in our personal lives, business is run on credit as well. Many businesses sell their products to their customers on credit. Accountants use an asset account called accounts receivable to record the total amount owed to the business by its customers who haven't paid the balance in full yet. Much of the time, a business hasn't collected its receivables in full by the end of the fiscal year, especially for such credit sales that could be transacted near the end of the accounting period.
The accountant records the sales revenue and the cost of goods sold for these sales in the year in which the sales were made and the products delivered to the customer. This is called accrual based accounting, which records revenue when sales are made and records expenses when they're incurred as well. When sales are made on credit, the accounts receivable asset account is increased. When cash is received from the customer, then the cash account is increased and the accounts receivable account is decreased.
The cost of goods sold is one of the major expenses of businesses that sell goods, products or services. Even a service involves expenses. It means exactly what it says in that it's the cost that a business pays for the products it sells to customers. A business makes its profit by selling its products at prices high enough to cover the cost of producing them, the costs of running the business, the interest on any money they've borrowed and income taxes, with money left over for profit.
When the business acquires products, the cost of them goes into what's called an inventory asset account. The cost is deducted from the cash account, or added to the accounts payable liability account, depending on whether the business has paid with cash or credit.
