SANDHILL COMPANY

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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SANDHILL COMPANY
Income Statement
111
Transcribed Image Text:SANDHILL COMPANY Income Statement 111
The following selected information is for Sandhill Company for the year ended January 31, 2024:
Delivery expense
Freight in
Insurance expense
Interest expense
Merchandise inventory, beginning
Merchandise inventory, ending
O. G. Taylor, capital
O. G. Taylor, drawings
Purchases
$7,500
6,800
12,600
6,800
61,400
43,000
105,000
42,000
213,000
Purchase discounts
Purchase returns and allowances
Rent expense
Salaries expense
Salaries payable
Sales
Sales discounts
Sales returns and allowances
Unearned revenue
$12,100
16,500
20,500
60,800
2,500
324,000
14,200
20,400
4,500
Transcribed Image Text:The following selected information is for Sandhill Company for the year ended January 31, 2024: Delivery expense Freight in Insurance expense Interest expense Merchandise inventory, beginning Merchandise inventory, ending O. G. Taylor, capital O. G. Taylor, drawings Purchases $7,500 6,800 12,600 6,800 61,400 43,000 105,000 42,000 213,000 Purchase discounts Purchase returns and allowances Rent expense Salaries expense Salaries payable Sales Sales discounts Sales returns and allowances Unearned revenue $12,100 16,500 20,500 60,800 2,500 324,000 14,200 20,400 4,500
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