Question
At the beginning of the current season on April 1, the ledger of Sunland Pro Shop showed Cash $2,940; Inventory $3,500; and Common Stock $6,440.
At the beginning of the current season on April 1, the ledger of Sunland Pro Shop showed Cash $2,940; Inventory $3,500; and Common Stock $6,440. The following transactions were completed during April 2022.
Apr. 5 | Purchased golf bags, clubs, and balls on account from Arnie Co. $2,000, terms 2/10, n/60. | |
7 | Paid freight on Arnie purchase $80. | |
9 | Received credit from Arnie Co. for merchandise returned $600. | |
10 | Sold merchandise on account to members $1,390, terms n/30. The merchandise sold had a cost of $750. | |
12 | Purchased golf shoes, sweaters, and other accessories on account from Woods Sportswear $1,070, terms 1/10, n/30. | |
14 | Paid Arnie Co. in full. | |
17 | Received credit from Woods Sportswear for merchandise returned $70. | |
20 | Made sales on account to members $930, terms n/30. The cost of the merchandise sold was $550. | |
21 | Paid Woods Sportswear in full. | |
27 | Granted an allowance to members for clothing that did not fit properly $75. | |
30 | Received payments on account from members $1,280. |
Prepare an income statement through gross profit for the month of April 2022.
SUNLAND PRO SHOP Income Statement (Partial) choose the accounting period April 30, 2022For the Month Ended April 30, 2022For the Year Ended April 30, 2022 | ||
---|---|---|
select an opening name for section one DividendsExpensesNet income / (Loss)Retained Earnings, April 1Retained Earnings, April 30SalesTotal ExpensesTotal RevenuesNet SalesGross Profit | ||
$enter a dollar amount | ||
select between addition and deduction AddLess: enter an income statement item | enter a dollar amount | |
select a closing name for section one DividendsExpensesNet Income / (Loss)Retained Earnings, April 1Retained Earnings, April 30Sales RevenuesTotal ExpensesTotal RevenuesNet SalesGross Profit | enter a total amount for section one | |
enter an income statement item | enter a dollar amount | |
select a summarizing line for this part DividendsExpensesNet Income / (Loss)Retained Earnings, April 1Retained Earnings, April 30Sales RevenuesTotal ExpensesTotal RevenuesNet SalesGross Profit | $enter a total amount for this part |
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