On the basis of the accounts listed below, calculate a. Net sales b. Cost of goods sold
Question:
On the basis of the accounts listed below, calculate
a. Net sales
b. Cost of goods sold
c. Gross profit
d. 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 Discounts..................................................394
Ending InventoryThe 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 =...
Step by Step Answer:
a Net Sales Sales SRA SD 10210 275 394 9541 ...View the full answer
College Accounting A Practical Approach
ISBN: 978-0134166698
13th Canadian edition
Authors: Jeffrey Slater, Debra Good
