Que # 3. The following account titles and balances were taken from the trial balance of Neloy Sales Company. The Company uses the periodic inventory method. Account Title Amount Advertising Expense $12,800 Rent Expense Depreciation Expense 3,000 Salary Expense Income Taxes 10,700 Sales Revenue Interest Expense 5,000 Sales Discounts Merchandize Inventory, January 1 18,000 Sales Return and Allowances Merchandize Inventory, Dec. 31 20,100 Transportation-in Miscellaneous Expense 800 Transportation-out Purchases 130,000 Purchase Return and Allowances Required: 1. Prepare a Schedule of Cost of Goods Sold. 2. Prepare a Multistep Income Statement 14,000 53,000 290,000 13,500 8,000 5,500 10,800 2.700 (3+4)=7 Que. 4. ABC retailers uses the periodic inventory method to count for its inventory transactions. The following account titles and balances were drawn from their records. Beginning balance of inventory $12,450, purchases, $153,200, purchase return and allowances, 54,800, sales, $340,000, sales return and allowances, $3,160, freight-in, $1,080, interest revenue $5,200, loss on sale of furniture $300, and operating expenses, S25,700. A physical count of merchandize indicated that $14,650 of merchandize was on hand at the end of the accounting period. Required: (2+2) = 4 a. Prepare a schedule of cost of goods sold. b. Prepare a multistep income statement Que. 5. Write down the journal entries for the following transaction in the books of a seller and in the books of a buyer: (1+1)=2 Transaction: The seller granted the buyer $1,100 allowance for damaged goods that the buyer agreed to keep elins Course search elearning Management System a. Prepare a schedule of cost of goods sold. b. Prepare a multistep income statement Que. 5. Write down the journal entries for the following transaction in the books of a seller and in the books of a buyer: (1+1)=2 Transaction: The seller granted the buyer $1,100 allowance for damaged goods that the buyer agreed to keep Que. 6. Write down two points (in sentence form) that will make difference between the Income Statement of a Service Company and the Income Statement a Merchandizing Company. (1+1)=2 Que # 3. The following account titles and balances were taken from the trial balance of Neloy Sales Company. The Company uses the periodic inventory method. Account Title Amount Advertising Expense $12,800 Rent Expense Depreciation Expense 3,000 Salary Expense Income Taxes 10,700 Sales Revenue Interest Expense 5,000 Sales Discounts Merchandize Inventory, January 1 18,000 Sales Return and Allowances Merchandize Inventory, Dec. 31 20,100 Transportation-in Miscellaneous Expense 800 Transportation-out Purchases 130,000 Purchase Return and Allowances Required: 1. Prepare a Schedule of Cost of Goods Sold. 2. Prepare a Multistep Income Statement 14,000 53,000 290,000 13,500 8,000 5,500 10,800 2.700 (3+4)=7 Que. 4. ABC retailers uses the periodic inventory method to count for its inventory transactions. The following account titles and balances were drawn from their records. Beginning balance of inventory $12,450, purchases, $153,200, purchase return and allowances, 54,800, sales, $340,000, sales return and allowances, $3,160, freight-in, $1,080, interest revenue $5,200, loss on sale of furniture $300, and operating expenses, S25,700. A physical count of merchandize indicated that $14,650 of merchandize was on hand at the end of the accounting period. Required: (2+2) = 4 a. Prepare a schedule of cost of goods sold. b. Prepare a multistep income statement Que. 5. Write down the journal entries for the following transaction in the books of a seller and in the books of a buyer: (1+1)=2 Transaction: The seller granted the buyer $1,100 allowance for damaged goods that the buyer agreed to keep elins Course search elearning Management System a. Prepare a schedule of cost of goods sold. b. Prepare a multistep income statement Que. 5. Write down the journal entries for the following transaction in the books of a seller and in the books of a buyer: (1+1)=2 Transaction: The seller granted the buyer $1,100 allowance for damaged goods that the buyer agreed to keep Que. 6. Write down two points (in sentence form) that will make difference between the Income Statement of a Service Company and the Income Statement a Merchandizing Company. (1+1)=2
