NAME: 3 4 5 6 Problem #1 Income Statement - Periodic Acme Merchandising Firm Income Statement - Periodic Inventory System For Year Ended 12/31/XX REVENUE COST OF GOODS SOLD 7 8 9 Account 10 Balances 11 12 Rent Expense 14.400 13 Purchases 144,000 14 Sales 240,000 15 Utilities Expense 9,600 16 Sales R&A 1,200 17 Depreciation Expen 10,800 18 Sales Discounts 1,800 19 Inventory (Beginnin 43,200 20 Advertising Expens 2.400 21 Purchase R&A 720 22 Wages Expense 19,200 23 Purchase Discounts 2.880 24 Telephone Expense 3,600 25 26 Ending Inventory 27 cost 48,000 28 29 30 31 32 33 34 35 36 37 38 | | | GROSS PROFIT EXPENSES NET INCOME Problem 13 Fill in for each account. Periodic vs Perpetual ("X" one column) Periodic Perpetual Both Statement ("X" one) Inc. St. Bal. Sht Closed? ("X" one) Yes No Contra-Account? ("X" one) Yes No Normal Balance Drora Rent Expense Purchases Sales Utilities Expense Sales R&A Depreciation Expense Sales Discounts Inventory Cost of Goods Sold Purchase R&A Purchase Discounts Freight in Telephone Expense Accumulated Depr Problem #2 Income Statement - Perpetual Acme Merchandising Firm Income Statement - Perpetual Inventory System For Year Ended 12/31/XX REVENUE Account Balances 39 40 41 42 43 44 45 46 47 49 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 COST OF GOODS SOLD Rent Expense 14.400 Cost of Goods Sold 135,600 Sales 240,000 Utilities Expense 9,600 Sales R&A 1200 Depreciation Expon 10.800 Sales Discounts 1800 Advertising Expens 2.400 Wages Expense 19.200 Telephone Expense 3.600 GROSS PROFIT EXPENSES NET INCOME 58 69 70 71 72