On the basis of the accounts listed below, calculate: a. Net sales b. Cost of goods sold
Question:
a. Net sales
b. Cost of goods sold
c. Gross profit
d. Net income
Transcribed Image Text:
Accounts Payable Operating Expenses J. Jensen, Capital Purchases Freight-In Ending Merchandise Inventory, December 31, 2013 Sales Accounts Receivable Cash Purchases Discounts Sales Returns and Allowances Beginning Merchandise Inventory, January 1, 2013 Purchases Returns and Allowances Sales Discounts 6,000 2,000 19,400 4,450 80 1,250 10,210 1,489 756 142 275 1,565 251 394
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 70% (17 reviews)
a Net Sales Sales SRA SD 10210 275 394 9541 b Cost of Goods Sold Beg Inv Net Purch Freightin ...View the full answer
Answered By
Mary Boke
As an online tutor with over seven years of experience and a PhD in Education, I have had the opportunity to work with a wide range of students from diverse backgrounds. My experience in education has allowed me to develop a deep understanding of how students learn and the various approaches that can be used to facilitate their learning. I believe in creating a positive and inclusive learning environment that encourages students to ask questions and engage with the material. I work closely with my students to understand their individual learning styles, strengths, and challenges to tailor my approach accordingly. I also place a strong emphasis on building strong relationships with my students, which fosters trust and creates a supportive learning environment. Overall, my goal as an online tutor is to help students achieve their academic goals and develop a lifelong love of learning. I believe that education is a transformative experience that has the power to change lives, and I am committed to helping my students realize their full potential.
5.00+
4+ Reviews
21+ Question Solved
Related Book For
College Accounting A Practical Approach
ISBN: 978-0132564441
11th Canadian Edition
Authors: Jeffrey Slater, Brian Zwicker
Question Posted:
Students also viewed these Accounting questions
-
The income statement for Astro Inc. for 2010 is as follows: For the Year Ended December 31, 2010 Sales revenue ........... $ 500,000 Cost of goods sold ......... 400,000 Gross profit ........... $...
-
The Pacific Manufacturing Company operates a job-order costing system and applies overhead cost to jobs on the basis of direct labor cost. In computing an overhead rate for the year, the companys...
-
On-Demand Sports Co. operates two divisionsthe Action Sports Division and the Team Sports Division. The following income and expense accounts were provided as of November 30, 2012, the end of the...
-
On August 31, 2018, Rijo Equipment Repair Corp.'s opening trial balance was as follows. The company prepares adjusting entries monthly. During September, the following transactions were completed:...
-
Cars arrive at a car wash randomly and independently; the probability of an arrival is the same for any two time intervals of equal length. The mean arrival rate is 15 cars per hour. What is the...
-
Zing Corp. prepares monthly bank reconciliations as part of its cash controls. Zing's bank provided the following amount about Zing's cash balance at the bank for during the month of April 2020:...
-
6. What information systems can HP establish that will better enable it to compete with Dell? Visit www.hp.com for inspiration and ideas.
-
Considering the stress concentration at point A in the figure, determine the maximum normal and shear stresses at A if F = 200 lbf. .y 2 in 0 12 in I-in dia. g-in R. 2 in 1-in dia. 15 in 1-in dia.
-
4) Flower Company stock currently sells for $55 per share. The market requires a 9% return on the firm's stock. If the company maintains a constant 4% dividend growth rate, what was the most recent...
-
What role did the computer play in the use of the finite element method?
-
Prepare a worksheet from the following information: (A and B) Merchandise Inventoryending¦¦¦¦¦¦¦. $13 (C) Store Supplies on...
-
From the following trial balance, complete a worksheet for Jims Hardware of Halifax: Assumptions a. and b. Ending inventory on December 31 is calculated at $315 c. Insurance expired, $150 d....
-
What is the raw material of sciences?
-
9. [10] Suppose that B and W are BMs and that they are correlated with correlation coefficient P (-1, 1) in the sense that the correlation coefficient between Bt and Wt for all t>0. Then we can...
-
You have just incorporated and started your business. Your corporate pre-tax profit is $40,000. This is your only source of income. This income is eligible for the Small Business Deduction and is...
-
4. Provide the information requested in the statements below: a) Find and draw all C's that do not contain H's (if any). For this, redraw the structure where you show the d ('s). N b) Find and draw...
-
Suppose that f(x) = 8x + 5. (A) Find the slope of the line tangent to f(x) at x = 7. (B) Find the instantaneous rate of change of f(x) at x = -7. C) Find the equation of the line tangent to f(x) at x...
-
Whichof the following regarding the relationship between business risk and financial risk is least accurate based on our discussions in class? A. Business risk represents uncertainty caused by...
-
Take a few minutes to think about the options. Is the way organisations have to go through the processes of recruiting, inducting, developing, paying and working with staff so similar in every...
-
What are the six activities involved in the physical supply/distribution system?
-
Explain how an under-recovery of overheads should be accounted for in arriving at a figure for closing inventory.
-
From the following accounts (not in order), prepare a post-closing trial balance for Wurley Co. on March 31, 201X. $24,700 P Wurley, Capital Accounts Receivable Legal Supplies Office Equipment Repair...
-
From the adjustments section of a worksheet presented in Figure 5.22, prepare adjusting journal entries for the end of October. Adjustments Dr Prepaid Rent Office Supplies Accumulated Depreciation,...
-
From the following T accounts, journalize the four closing entries on July 31, 201X. J. Kohl, Capital 10,000 Rent Expense 7,500 Wage Expense J. Kohl, Withdrawals 3,00200 Income Summary Insurance...
-
Marigold industries had the following inventory transactions occur during 2020: 2/1/20 Purchase 51 units @ $46 cost/unit 3/14/20 purchase 98 units @ $49 cost/unit 5/1/20 purchase 68 units @ $53...
-
In this investment portfolio simulation, you and the bean counters, will invest and manage a fictitional amount of $ 1 , 0 0 0 , 0 0 0 during next three weeks. The simulation includes two fictitional...
-
Roberson Corporation uses a periodic inventory system and the retail inventory method. Accounting records provided the following information for the 2018 fiscal year: Cost Retail Beginning inventory...
Study smarter with the SolutionInn App