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Need help with income statement please At the beginning of the current season on April 1, the ledger of Sandhill Pro Shop showed Cash $3,045;
Need help with income statement please
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 SANDHILL PRO SHOP Income Statement (Partial) April 30, 2022 Sales Sales Revenue Less Sales Returns and Allowances Net Sales $ $ $ vi Net Income /(Loss) 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 SANDHILL PRO SHOP Income Statement (Partial) April 30, 2022 Sales Sales Revenue Less Sales Returns and Allowances Net Sales $ $ $ vi Net Income /(Loss)Step by Step Solution
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