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Need help completing income statement thank you At the beginning of the current season on April 1, the ledger of Sandhill Pro Shop showed Cash
Need help completing income statement thank you
At the beginning of the current season on April 1, the ledger of Sandhill Pro Shop showed Cash $3,045; Inventory $4,045; and Common Stock $7,090. The following transactions occurred during April 2022. Apr. 5 Purchased golf bags, clubs, and balls on account from Arnie Co. $1,635, terms 4/10,n/60. 7 Paid freight on Arnie Co. purchases $87. 9 Received credit from Arnie Co.for merchandise returned $335. 10 Sold merchandise on account to members $1,461, terms n/30. 12 Purchased golf shoes, sweaters, and other accessories on account from Woods Sportswear $905, terms 1/10,n/30. 14 Paid Arnie Co. in full. 17 Received credit from Woods Sportswear for merchandise returned $105. 20 Made sales on account to members $883, terms n/30. 21 Paid Woods Sportswear in full. 27 Granted credit to members for clothing that did not fit properly $87. 30 Received payments on account from members $1,330. Date Account Titles and Explanation Debit Credit Apr. 5 Purchases 1635 Accounts Payable 16 Apr. 7 Freight-In 87 Cash Apr. 9 Accounts Payable 335 Purchase Returns and Allowances Apr. 10 Accounts Receivable 1461 Sales Revenue 14 Apr. 12 Purchases 905 Accounts Payable 9 Apr. 14 Accounts Payable 1300 Apr. 14 Accounts Payable 1300 Purchase Discounts Cash 12 Apr. 17 Accounts Payable 105 Purchase Returns and Allowances Apr. 20 v Accounts Receivable 883 Sales Revenue 8 Apr. 21 Accounts Payable 800 Purchase Discounts Cash Apr. 27 Sales Returns and Allowances 87 Accounts Receivable Apr. 30 cash 1330 Apr. 27 Sales Returns and Allowances 87 Accounts Receivable Apr. 30 V cash 1330 Accounts Receivable 13 Debit Credit Cash 2248 $ Accounts Receivable 927 Inventory 4045 Freight-In 87 Common Stock 7090 Sales Revenue 2344 Sales Returns and Allowances 87 Purchases 2540 Purchase Returns and Allowances 440 Purchase Discounts 60 $ 9934 $ 9934 SANDHILL PRO SHOP Income Statement (Partial) April 30, 2022 Sales Sales Revenue Less Sales Returns and Allowances Net Sales $ $ $ vi Net Income /(Loss) Cash 4/1 Bal. 3045 4/7 87 4/30 1330 4/14 1248 4/21 792 4/30 Bal. 2248 Accounts Receivable 4/10 1461 4/27 87 4/20 883 4/30 1330 4/30 Bal. 927 Inventory 4/1 Bal. 4045 4/30 Bal. 4045 Accounts Payable 4/9 335 4/5 1635 4/14 1300 4/12 905 4/17 105 4/21 800 4/30 Bal. Common Stock 4/1 Bal. 7090 4/30 Bal. 7090 Sales Revenue 4/10 1461 4/20 883 4/30 Bal. 2344 Sales Returns and Allowances 4/27 V 87 4/30 Bal. 87 Purchases 4/5 1635 4/12 905 4/30 Bal. 2540 Purchase Returns and Allowances 4/9 335 4/17 105 4/30 Bal. 440 Purchase Discounts 4/14 52 4/21 8 4/30 Bal. 60 Freight-In 4/7 87 4/30 Bal. 87 At the beginning of the current season on April 1, the ledger of Sandhill Pro Shop showed Cash $3,045; Inventory $4,045; and Common Stock $7,090. The following transactions occurred during April 2022. Apr. 5 Purchased golf bags, clubs, and balls on account from Arnie Co. $1,635, terms 4/10,n/60. 7 Paid freight on Arnie Co. purchases $87. 9 Received credit from Arnie Co.for merchandise returned $335. 10 Sold merchandise on account to members $1,461, terms n/30. 12 Purchased golf shoes, sweaters, and other accessories on account from Woods Sportswear $905, terms 1/10,n/30. 14 Paid Arnie Co. in full. 17 Received credit from Woods Sportswear for merchandise returned $105. 20 Made sales on account to members $883, terms n/30. 21 Paid Woods Sportswear in full. 27 Granted credit to members for clothing that did not fit properly $87. 30 Received payments on account from members $1,330. Date Account Titles and Explanation Debit Credit Apr. 5 Purchases 1635 Accounts Payable 16 Apr. 7 Freight-In 87 Cash Apr. 9 Accounts Payable 335 Purchase Returns and Allowances Apr. 10 Accounts Receivable 1461 Sales Revenue 14 Apr. 12 Purchases 905 Accounts Payable 9 Apr. 14 Accounts Payable 1300 Apr. 14 Accounts Payable 1300 Purchase Discounts Cash 12 Apr. 17 Accounts Payable 105 Purchase Returns and Allowances Apr. 20 v Accounts Receivable 883 Sales Revenue 8 Apr. 21 Accounts Payable 800 Purchase Discounts Cash Apr. 27 Sales Returns and Allowances 87 Accounts Receivable Apr. 30 cash 1330 Apr. 27 Sales Returns and Allowances 87 Accounts Receivable Apr. 30 V cash 1330 Accounts Receivable 13 Debit Credit Cash 2248 $ Accounts Receivable 927 Inventory 4045 Freight-In 87 Common Stock 7090 Sales Revenue 2344 Sales Returns and Allowances 87 Purchases 2540 Purchase Returns and Allowances 440 Purchase Discounts 60 $ 9934 $ 9934 SANDHILL PRO SHOP Income Statement (Partial) April 30, 2022 Sales Sales Revenue Less Sales Returns and Allowances Net Sales $ $ $ vi Net Income /(Loss) Cash 4/1 Bal. 3045 4/7 87 4/30 1330 4/14 1248 4/21 792 4/30 Bal. 2248 Accounts Receivable 4/10 1461 4/27 87 4/20 883 4/30 1330 4/30 Bal. 927 Inventory 4/1 Bal. 4045 4/30 Bal. 4045 Accounts Payable 4/9 335 4/5 1635 4/14 1300 4/12 905 4/17 105 4/21 800 4/30 Bal. Common Stock 4/1 Bal. 7090 4/30 Bal. 7090 Sales Revenue 4/10 1461 4/20 883 4/30 Bal. 2344 Sales Returns and Allowances 4/27 V 87 4/30 Bal. 87 Purchases 4/5 1635 4/12 905 4/30 Bal. 2540 Purchase Returns and Allowances 4/9 335 4/17 105 4/30 Bal. 440 Purchase Discounts 4/14 52 4/21 8 4/30 Bal. 60 Freight-In 4/7 87 4/30 Bal. 87Step by Step Solution
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