From the following accounts, calculate (a) net sales, (b) cost of goods sold (after adjustment), (c) gross profit, and (d) net income Sales Discounts $500 Physical count of Inventory, December 31, 2019 79 Sales Returns and Allowances $191 Cash 3,895 Accounts Receivable 441 Ending Inventory , Decemb...

a Net sales is 3259 Sales 3950 Sales R A 191 Sales ...

From the following accounts, calculate (a) net sales, (b) cost of goods sold (after adjustment), (c) gross

Question:

From the following accounts, calculate (a) net sales, (b) cost of goods sold (after adjustment), (c) gross profit, and (d) net income.

Sales Discounts	$500
Physical count of Inventory, December 31, 2019	79
Sales Returns and Allowances	$191
Cash	3,895
Accounts Receivable	441
Ending Inventory, December 31, 2019	75
Cost of Goods Sold	1,087
R. Ronald, Capital	1,950
Operating Expenses	895
Accounts Payable	129

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...

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