2)
Sheridan Department Store is located in midtown Metropolis. During the past several years, net income has been declining because suburban shopping centers have been attracting business away from city areas. At the end of the company's fiscal year on November 30, 2022, these accounts appeared in its adjusted trial balance. Accounts Payable Accounts Receivable Accumulated Depreciation Equipment Cash Common Stock Cost of Goods Sold Freight-Out Equipment Depreciation Expense Dividends Gain on Disposal of Plant Assets Income Tax Expense Insurance Expense Interest Expense Inventory Notes Payable Prepaid Insurance Advertising Expense Rent Expense Retained Earnings Salaries and Wages Expense Sales Revenue Salaries and Wages Payable Sales Returns and Allowances Utilities Expense $ 29,000 18,800 74,800 8,800 38,500 670,680 6,990 175,030 15,100 13,200 2,200 11,000 9,900 5,500 28,700 47,850 6,600 36,850 37,400 15.500 130,600 994,000 6,600 22.000 11,300 Additional data: Notes payable are due in 2026. Skysong, Inc. operates a retail operation that purchases and sells snowmobiles, among other outdoor products. The company purchases all inventory on credit and uses a periodic inventory system. The Accounts Payable account is used for recording inventory purchases only; all other current liabilities are accrued in separate accounts. You are provided with the following selected information for the fiscal years 2020 through 2023, inclusive. (a) Calculate the missing amounts. 2020 2021 2022 2023 Income Statement Data $105,000 $ (e) (a) 26,240 Sales revenue Cost of goods sold Gross profit Operating expenses 76,650 55.760 69,300 (f) Net income $ (b) $ 3,280 $ Balance Sheet Data Inventory $14,000 $ (c) $16,200 $ 6,300 7,000 5,100 Accounts payable Additional Information Purchases Calculate the missing amounts. 2020 2021 2022 2023 $105,000 S (e) 277,000 (a) 26,240 26,180 76,650 55,760 (i) 69,300 (f) 49,280 8 (b) 23,280 8 $14,000 S (c) 216,200 S (k) 6,300 7,000 5,100 (D 28,390 $ $26,550 (d) (h) 27,050 Sheridan Department Store is located in midtown Metropolis. During the past several years, net income has been declining because suburban shopping centers have been attracting business away from city areas. At the end of the company's fiscal year on November 30, 2022, these accounts appeared in its adjusted trial balance. Accounts Payable Accounts Receivable Accumulated Depreciation Equipment Cash Common Stock Cost of Goods Sold Freight-Out Equipment Depreciation Expense Dividends Gain on Disposal of Plant Assets Income Tax Expense Insurance Expense Interest Expense Inventory Notes Payable Prepaid Insurance Advertising Expense Rent Expense Retained Earnings Salaries and Wages Expense Sales Revenue Salaries and Wages Payable Sales Returns and Allowances Utilities Expense $ 29,000 18,800 74,800 8,800 38,500 670,680 6,990 175,030 15,100 13,200 2,200 11,000 9,900 5,500 28,700 47,850 6,600 36,850 37,400 15.500 130,600 994,000 6,600 22.000 11,300 Additional data: Notes payable are due in 2026. Skysong, Inc. operates a retail operation that purchases and sells snowmobiles, among other outdoor products. The company purchases all inventory on credit and uses a periodic inventory system. The Accounts Payable account is used for recording inventory purchases only; all other current liabilities are accrued in separate accounts. You are provided with the following selected information for the fiscal years 2020 through 2023, inclusive. (a) Calculate the missing amounts. 2020 2021 2022 2023 Income Statement Data $105,000 $ (e) (a) 26,240 Sales revenue Cost of goods sold Gross profit Operating expenses 76,650 55.760 69,300 (f) Net income $ (b) $ 3,280 $ Balance Sheet Data Inventory $14,000 $ (c) $16,200 $ 6,300 7,000 5,100 Accounts payable Additional Information Purchases Calculate the missing amounts. 2020 2021 2022 2023 $105,000 S (e) 277,000 (a) 26,240 26,180 76,650 55,760 (i) 69,300 (f) 49,280 8 (b) 23,280 8 $14,000 S (c) 216,200 S (k) 6,300 7,000 5,100 (D 28,390 $ $26,550 (d) (h) 27,050
