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 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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Related Book For  book-img-for-question

Accounting

ISBN: 978-1118608227

9th edition

Authors: Lew Edwards, John Medlin, Keryn Chalmers, Andreas Hellmann, Claire Beattie, Jodie Maxfield, John Hoggett

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