FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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QS 4-3 (Algo) Merchandise accounts and computations LO C1
Use the following information (in random order) from a merchandising company and from a service company.
McNeil Merchandising Company
Accumulated depreciation
Beginning inventory.
Ending inventory
Expenses
Net purchases
Net sales
Krug Service Company
Expenses
Revenues
Cash
Prepaid rent
Accounts payable
Equipment
$8,700
27,000
a. Goods available for sale
a. Cost of goods sold
a. Gross profit
700
680
200
2,500
$708
11,500
6,900
2,100
14,300
22,500.
a. Compute the goods available for sale, the cost of goods sold and gross profit for the merchandiser. Hint Not all information may be
necessary.
b. Compute net income for each company.
b. Net income for Krug Service Company
b. Net income for McNeil Merchandising Company
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Transcribed Image Text:QS 4-3 (Algo) Merchandise accounts and computations LO C1 Use the following information (in random order) from a merchandising company and from a service company. McNeil Merchandising Company Accumulated depreciation Beginning inventory. Ending inventory Expenses Net purchases Net sales Krug Service Company Expenses Revenues Cash Prepaid rent Accounts payable Equipment $8,700 27,000 a. Goods available for sale a. Cost of goods sold a. Gross profit 700 680 200 2,500 $708 11,500 6,900 2,100 14,300 22,500. a. Compute the goods available for sale, the cost of goods sold and gross profit for the merchandiser. Hint Not all information may be necessary. b. Compute net income for each company. b. Net income for Krug Service Company b. Net income for McNeil Merchandising Company
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