For Each of the Following, Identify in Column 1 the Category

question 96

Essay

For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, and in Column 3 the financial statement that the account in which the account balance is reported.
- $\begin{array} { | l | l | l | l | } \hline \text { Sales } & \text { Column } 1 & \text { Column } 2 & \text { Column } 3 \\\hline & & & \\\hline\end{array}$

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Definitions:

Unrealized Profits

Profits that have been earned but not yet realized through a transaction, such as an increase in value of an asset that has not been sold.

Intercompany Sales

Transactions involving the exchange of goods or services between subsidiaries within the same parent company.

Mark-Up

The amount added to the cost price of goods to cover overhead and profit, resulting in the selling price.

Effective Tax Rate

The true percentage of earnings that a person or business pays to the government, determined by dividing their total tax contribution by their taxable income.