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    Cost of Goods Sold and the Tax Gap; Trade and Cash Discounts; Financial Statement Ratios

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    Use the Library to go to the SBA (United States Government, Small Business Administration) web site. There is a vast amount of information available on this site. You are encouraged to spend some time there exploring the links within the site. Minimally, click on the link titled: "Financing Your Business". Read at least one of the articles.

    State something which you learned from your reading. What did you find most helpful about the site?

    Objective: Calculate trade and cash discounts
    Calculate financial statement ratios.

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    Solution Preview

    From the objective, I assumed you wanted an article which mentioned trade and cash discounts, so I searched for one that did and included info on them in the summary.
    Cost of Goods Sold and the Tax Gap
    FS-2006-23, July 2006

    When computing business income, businesses that make or buy goods to sell may deduct the cost of those goods from their gross receipts. (This applies to manufacturers, wholesalers, and retailers, but not personal service businesses such as doctors, lawyers, carpenters, and ...

    Solution Summary

    Cost of goods sold and the tax gap, trade and cash discounts and financial statement ratios are investigated and discussed. The solution is detailed and well presented.