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The following accounts and balances are taken from the year-end adjusted trial balance of the Vintage Shop, a single proprietorship. Use the information in
The following accounts and balances are taken from the year-end adjusted trial balance of the Vintage Shop, a single proprietorship. Use the information in these columns to com- plete the requirements. Merchandise inventory Sales Sales returns and allowances Sales discounts Purchases Purchases returns and allowances Purchases discounts. Debit $ 28,000 16,500 4,000 240,000 Transportation-in... Selling expenses General and administrative expenses. The count of the ending inventory shows that its cost is $37,000. Required a. Calculate the company's net sales for the year. b. Calculate the company's cost of goods purchased for the year. 6,000 35,000 95,000 Credit $425,000 c. Calculate the company's cost of goods sold for the year. C. d. 18,000 2,000 Prepare a multiple-step income statement for the year that lists net sales, cost of goods sold, gross profit, the operating expenses, and net income.
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