Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

4. Merchandising Operations

Net Sales

Financial Accounting

4. Merchandising Operations

Net Sales

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Multiple Choice

If you have 4 quarters and 2 nickels, what is your total amount in net sales revenue, assuming each coin represents a dollar of sales and there are no deductions for returns, allowances, or discounts?

$4.10

$4.20

$4.50

$4.25

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Verified step by step guidance

Step 1: Understand the problem. Each coin represents a dollar of sales revenue. You are given 4 quarters and 2 nickels, and you need to calculate the total net sales revenue without any deductions for returns, allowances, or discounts.

Step 2: Determine the value of the quarters. Since each quarter represents $1 of sales revenue, multiply the number of quarters (4) by $1. This gives the total revenue from quarters.

Step 3: Determine the value of the nickels. Similarly, each nickel represents $1 of sales revenue. Multiply the number of nickels (2) by $1 to find the total revenue from nickels.

Step 4: Add the revenue from quarters and nickels together. This will give you the total net sales revenue.

Step 5: Verify your calculation by ensuring the sum matches the total number of coins multiplied by $1, as each coin represents $1 of sales revenue.