Calculate Net Income for Alpine Sales Group based on the data given below: Cash Sales Operating Expenses Cost of Goods Sold Sales Discounts Sales Returns and Allowances $ 490,000 2,286,000 640,000 720,000 12,000 20,000 $2,254,000 $894,000 $1,094,000 $1,534,000 Calculate Net Sales for Alsap Sales Group based on the data given below: Cash Sales Operating Expenses Cost of Goods Sold Sales Discounts Sales Returns and Allowances $ 490,000 2,486,000 640,000 920,000 10,000 20,000 $2,456,000 $1,734,000 $2,454.000 $1,536,000 Calculate Gross Profit for Alsap Sales Group based on the data given below: Cash Sales Operating Expenses Cost of Goods Sold Sales Discounts Sales Returns and Allowances $ 490,000 2,486,000 640,000 920,000 10,000 20,000 $2,456,000 $1.734,000 $2.454.000 $1,536,000 Gross profit equals sales + sales discounts - sales returns and allowances - cost of goods sold. sales + sales discounts and sales returns and allowances + cost of goods sold. sales - sales discounts - sales returns and allowances - cost of goods sold. sales + sales returns and allowances sales discounts - cost of goods sold. On August 5, Granger, Inc. purchased inventory for $10,000 with terms of 1/15, n/30 from May Distributors. On August 8, Granger, Inc. returned $2,000 of the merchandise purchased on August 5. The entry to record Granger, Inc.'s payment with discount to May Distributors on August 19 would be: Accounts Payable 8,000 Cash 7.9201 Inventory 80 Cash 7.920 Sales Discounts 80 Accounts Receivable 8,000 Accounts Payable 10,000 Cash 9.900 Inventory 100 Accounts Payable 10.000 Cash 8.000 Inventory 2.000 The Miles Company sold merchandise on account for $32,000 with terms of 1/10, n/45. The cost of the merchandise sold was $26,800. Under a perpetual inventory system, the journal entry to record the sale of merchandise would be: Debit - Accounts Receivable for 32,000; and Credit - Sales for 32,000 Debit - Inventory for 26,800; Credit - Cost of Goods Sold for 26,800 Debit Cash for 32,000: Credit - Sales for 32,000 Debit - Accounts Receivable for 26,800; Credit - Sales for 26,800 Debit - Accounts Receivable for 32,000: Credit - Sales for 32,000 Debit - Cost of Goods Sold for 26,800; Credit - Inventory for 26,800 In the general ledger, the balance in the Inventory account on December 31, 2011 is $850,000. The physical inventory indicates that $832,000 of merchandise is actually on hand. The adjusting entry for the inventory shrinkage for the year ended December 31, 20Y1 includes a credit to Inventory for 832,000. debit to Cost of Goods Sold for $18,000. debit to Inventory for $18,000. debit to Cost of Goods Sold for $832,000. On March 5, Atkins, Inc. purchased merchandise for $12,500 with terms of 2/10,n/45. On March 18, Atkins, Inc. returned $2,000 of the merchandise it purchased on March 5. Choose the correct general journal entry for the March 18 transaction. 10,500 Accounts Payable Inventory Cash 210 10,290 Accounts Payable 2.000 Inventory 2.000 12,500 Inventory Accounts Payable 12,500 2,000 Cash Inventory 2.000
