E5-26

Chapter 5 Accounting for Merchandising Businesses EX 5-26 Single-step income statement 2018, are as follows: cost of goods Prepare a single-step income statement ary operating data for Custom Wire & Tubing Company during the year ended April sold $6,100,000; administrative expenses, $740,000, int Net income: Summ interest $1,277,500 $25,000; rent revenue, $60,000; sales, s9,332,500; and selling expenses, $1,250.,0M EX 5-27 Adjusting entry for customer refunds, allowances, and returns Scott Company had sales of $12,350,000 and related cost of goods sold of $7,500,000. c provides customers a refund for any returned or damaged merchandise. At the end of the year, Scott estimates that customers will request refunds for 0.8% of sales and estimates that merchandise costing $48,000 will be returned. Journalize the adjusting entries on December 31 to record the expected customer returns. SHOW ME HOW Obj, 4 Obj EX 5-28 Adjusting entry for customer refunds, allowances, and returns related cost of goods sold of $1,150,000 for is had sales of $1800,00 and