Discussion Word has gotten around that you know accounting and can explain it well. Jim, another of your friends has a unique business. During the summer he buys hats that cost $5.00 each and sells Accounting DiscussionWord has gotten around that you know accounting and can explain it well. Jim, another of your friends has a unique business. During the summer he buys hats that cost $5.00 each and sells them at the beach for $12.00 each. Other than the cost of the hat, his only other expense last summer was $120 for parking. He sold 78 hats last summer. His accountant prepared a financial statement for him and he has several questions about the income statement. He asks:What does the cost of goods sold and gross profit mean?How much gross profit do I make on each hat?Why show both gross profit and net income?Using Jim’s information,calculate his cost of goods sold,gross profit and net income – show your calculationsIf I have hats returned or a give a discount, how will that be shown on the income statement? Continue to order Get a quote Post navigation Please write a paper about the usefulness of financial statements in making investment decisions. Include applicable biblical quotes and references. The paper should include information about analyzi

Discussion Word has gotten around that you know accounting and can explain it well. Jim, another of your friends has a unique business. During the summer he buys hats that cost $5.00 each and sells Accounting DiscussionWord has gotten around that you know accounting and can explain it well. Jim, another of your friends has a unique business. During the summer he buys hats that cost $5.00 each and sells them at the beach for $12.00 each. Other than the cost of the hat, his only other expense last summer was $120 for parking. He sold 78 hats last summer. His accountant prepared a financial statement for him and he has several questions about the income statement. He asks:What does the cost of goods sold and gross profit mean?How much gross profit do I make on each hat?Why show both gross profit and net income?Using Jim’s information,calculate his cost of goods sold,gross profit and net income – show your calculationsIf I have hats returned or a give a discount, how will that be shown on the income statement? Continue to order Get a quote Post navigation Please write a paper about the usefulness of financial statements in making investment decisions. Include applicable biblical quotes and references. The paper should include information about analyzi

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