On the basis of the accounts listed below, calculate 1. Net sales 2. Cost of goods sold

Question:

On the basis of the accounts listed below, calculate

1. Net sales

2. Cost of goods sold (after adjustment)

3. Gross profit

4. Net income

Accounts Payable

$6,000

Operating Expenses

2,000

J.Jensen, Capital

 19,400

Cost of Goods Sold

4,137

Ending Inventory, December 31, 2019

1,250

Sales

10,210

Accounts Receivable

1,489

Cash

756

Sales Returns and Allowances

275

Physical Count of Inventory December 31, 2019

1,200

Sales Discount

394

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 =...
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

College Accounting A Practical Approach

ISBN: 9780134729312

14th Edition

Authors: Jeffrey Slater, Mike Deschamps

Question Posted: