COGS
X1	Inventory 1/1/2018					950000
X2	Purchases				1060000
X3	Less: Purchase Discounts				21000
	Net Purchase				1039000
X4:	Add: Freight-In				19000	1058000
	Inventory available for sale					200800
	Less: Inventory 12/31/2018					864070
	COGS Total					1143930

Rapid Roller Inc. Adjusted Trial Balance December 31, 2018 Credit $ Debit 140,000 275,000 Part A - Calculate the following (show your work). $ 22,000 10,000 23,000 1. Calculate Net Sales 2. Calculate Net Accounts Receivable 3. Calculate Shares Outstanding 950,000 1,250,000 300,000 2,000,000 Part B - Prepare the fiscal year 2018 financial statements for Rapid Roller Inc. 450,000 155,000 1. Multiple Step Income Statement 2. Retained Earnings Statement 3. Classified Balance Sheet Cash Accounts Receivable Allowance for Doubtful Accounts Notes Receivable Supplies Inventory, 1/1/18 Equipment Accumulated Deperciation - Equipment Building Accumulated Deperciation - Building Land Accounts Payable Salaries and Wages Payable Notes Payable Mortgage Payable Common Stock Par $ 0.01 APIC Retained Earnings Dividends - Common Sales Revenue Sales Discounts Sales Returns and Allowances Purchases Purchase Discounts Freight in Selling Expenses Administrative Expenses Rent Revenue Income Tax Expense Gain on Sale of Land 365,000 24,000 125,000 1,750,000 20,000 980,000 (110,000) $ 50,000 2,650,000 35,000 68,000 1,060,000 21,000 $ $ $ 19,000 195,000 245,000 26,000 $ 325,000 177,000 6,800,000 $ 6,800,000 $