Question
The following are the transactions of CARI, INC during 2022: The company follows a periodic inventory system 04.01.2022 Purchases merchandise, in cash SR 100,000.00 01.03.2022
| The following are the transactions of CARI, INC during 2022: | ||
| The company follows a periodic inventory system |
| |
| 04.01.2022 | Purchases merchandise, in cash | SR 100,000.00 |
| 01.03.2022 | Sales merchandise, on credit | SR 180,000.00 |
| 06.03.2022 | Customer takes discount and pays | SR 162,000.00 |
| 15.10.2022 | Pays downtow's shop rent | SR 4,000.00 |
| 30.12.2022 | Purchases a machinery, in cash | SR 35,000.00 |
| 31.12.2022 | Closes beginning inventory | SR 30,000.00 |
| 31.12.2022 | Records the ending inventory | SR 12,000.00 |
| 31.12.2022 | Revenues & expenses balanced off | TBD |
Record the transactions, prepare the trial balance and show the following financial statements:
Balance sheet (Statement of Financial Position) as of 31.12.2022
Profit & Loss account (Income Statement) for 2022
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Accounting Information Systems
Authors: George H. Bodnar, William S. Hopwood
8th Edition
0130861774, 9780130861771
