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Waterway Company had the following account balances at year-end: Cost of Goods Sold TRY65,030; Inventory TRY15,490; Operating Expenses TRY32,400; Sales Revenue TRY126,170; Sales Discounts TRY1,450;
Waterway Company had the following account balances at year-end: Cost of Goods Sold TRY65,030; Inventory TRY15,490; Operating Expenses TRY32,400; Sales Revenue TRY126,170; Sales Discounts TRY1,450; and Sales Returns and Allowances TRY2,020. A physical count of inventory determines that merchandise inventory on hand is TRY12,990.
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