1 answer

Return on sales equals gross profit divided by sales Amounts due from customers are called accounts...

Question:

Return on sales equals gross profit divided by sales Amounts due from customers are called accounts payable Retained earnings
Return on sales equals gross profit divided by sales Amounts due from customers are called accounts payable Retained earnings indicate the amount of cash available for shareholders.

Answers

Return on sales equals gross profit divided by sales.

The given statement is false. Since gross profit divided by sales represent Gross profit ratio. Return on sales can be calculated by dividing net income by net sales.

Amount due from customers are called accounts payable

The given statement is false. The amount due from customers are called Accounts receivables.

Retained earnings indicate the amount of cash available for distribution to shareholders.

The given statement is false. Retained earnings indicate the amount of profit available for distribution to shareholders, thus retained earnings is not same as cash.

Kindly comment if you need further assistance.

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