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

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.

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.
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Cost of Goods Sold and the Tax Gap
FS-2006-23, July 2006
http://www.irs.gov/newsroom/article/0,,id=160515,00.html

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. The solution is detailed and well presented. The response received a rating of "5/5" from the student who originally posted the question.

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