Exercises Part B

$29.($a$)$ Prepare a schedule of cost of goods sold for Pan Canadian Sports Equipment for June from the following figures: beginning inventory $$33800,$ Purchases $$7200,$ Purchases Returns and Allowances $$100,$ Purchases Discounts $$25,$ Transportation$-$in $$400,$ ending inventory $$32100.$

$($b$)$ Prepare an income statement using the cost of goods sold from part $($a$)$ and the following figures: Sales for June $$14500,$ Sales Returns and Allowances $$200,$ Sales Discounts $$50,$ Salaries Expense $$2500,$ Rent Expense $$2700,$ Delivery Expense $$600,$ Other Expenses $$800.$

$($c$)$ Prepare the current asset section of the balance sheet on June $30$ using the following figures: Cash $$7200,$ Accounts Receivable $$2700,$ Supplies $$700.$ Remember that you must also use the figure for the ending inventory. Refer to part $($a$)$ of this exercise.