Selected accounts and a section of a worksheet for Sunhill Stores are shown below: Worksheet (section only)
Question:
Selected accounts and a section of a worksheet for Sunhill Stores are shown below:
Worksheet (section only) | ||||||||
Account | Adjusted trial balance | Income statement | Balance sheet | |||||
Debit | Credit | Debit | Credit | Debit | Credit | |||
Inventory Sales Sales Returns and Allowances Discount Allowed Purchases Purchases Returns and Allowances Discount Received Freight Inwards Income Tax Expense Current Tax Liability | ? 6 500 4 910 196 560 1960 13 760 | 335 400 3 280 2610 13 760 | ||||||
Required
The beginning and ending inventory were $45760 and $52420 respectively. Enter the beginning and ending inventory amounts in the appropriate columns and extend the other account balances listed to their appropriate columns.
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:
Accounting
ISBN: 978-1118608227
9th edition
Authors: Lew Edwards, John Medlin, Keryn Chalmers, Andreas Hellmann, Claire Beattie, Jodie Maxfield, John Hoggett