The following accounts and balances are taken from the year-end adjusted trial balance ofthe Vintage Shop, a single proprietorship. Use the information in these columns to com-plete the requirements.Exercise 5-8Multiple-step incomestatement and othercalculations(LO 3)DebitCreditMerchandise inventory$ 28,000Sales$425,000Sales returns and allowances16,5004,000Sales discountsPurchases240,000Purchases returns and allowances18,0002,000Purchases discountsTransportation-in .Selling expensesGeneral and administrative expenses.6,00035,00095,000The count of the ending inventory shows that its cost is $37,000.Requireda. Calculate the company's net sales for the year.b. Calculate the company's cost of goods purchased for the year.c. Calculate the company's cost of goods sold for the year.d. Prepare a multiple-step income statement for the year that lists net sales, cost ofgoods sold, gross profit, the operating expenses, and net income.

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. Debit Credit $ 28,000 Merchandise inventory Sales Sales returns and allowances Sales discounts $425,000 16,500 4,000 240,000 Purchases..... Purchases returns and allowances Purchases discounts 18,000 2,000 Transportation-in Selling expenses General and administrative expenses 6,000 35,000 95,000 The count of the ending inventory shows that its cost is $37,000. Required Calculate the company's net sales for the year. a. b. Calculate the company's cost of goods purchased for the year. C. Calculate the company's cost of goods sold for the vear.

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. Debit Credit $ 28,000 Merchandise inventory Sales Sales returns and allowances Sales discounts $425,000 16,500 4,000 240,000 Purchases..... Purchases returns and allowances Purchases discounts 18,000 2,000 Transportation-in Selling expenses General and administrative expenses 6,000 35,000 95,000 The count of the ending inventory shows that its cost is $37,000. Required Calculate the company's net sales for the year. a. b. Calculate the company's cost of goods purchased for the year. C. Calculate the company's cost of goods sold for the vear.

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

22nd Edition

ISBN:9781305666160

Author:James A. Heintz, Robert W. Parry

Publisher:James A. Heintz, Robert W. Parry

Chapter14: Adjustments And The Work Sheet For A Merchandising Business

Section: Chapter Questions

Problem 4SEB: WORK SHEET EXTENSIONS FOR MERCHANDISE INVENTORY ADJUSTMENTS: PERIODIC INVENTORY SYSTEM The following...

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