You have been provided with the following selected accounts for Grouper Ltd. for the year ended April 30, 2024: Inventory, May 1, 2023 $571,000 Purchases 5,922,000 Accounts receivable 798,000 9,230,000 42,000 127,000 857,000 Sales Purchase discounts Freight in Land Interest expense Interest income Accounts payable Administrative expenses Selling expenses Cash Common shares $31,000 22,000 593,000 800,000 162,000 146,000 196,000 Grouper conducted a physical inventory count on April 30, 2024. Inventory on hand at that date was determined to be $763,100.
You have been provided with the following selected accounts for Grouper Ltd. for the year ended April 30, 2024: Inventory, May 1, 2023 $571,000 Purchases 5,922,000 Accounts receivable 798,000 9,230,000 42,000 127,000 857,000 Sales Purchase discounts Freight in Land Interest expense Interest income Accounts payable Administrative expenses Selling expenses Cash Common shares $31,000 22,000 593,000 800,000 162,000 146,000 196,000 Grouper conducted a physical inventory count on April 30, 2024. Inventory on hand at that date was determined to be $763,100.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Prepare a partial multiple-step statement of income for the year ended April 30, 2024, through to gross profit.
Sales
Cost of Goods Sold
Inventory, May 1, 2023
Purchases
Less : Purchase Discounts
Net Purchases
Add: Freight In
Cost of Goods Purchased
Cost of Goods Available for Sale ✓
Less : Inventory, April 30, 2024
V
GROUPER LTD.
Statement of Income (Partial)
Year Ended April 30, 2024
LA
GA
Transcribed Image Text:You have been provided with the following selected accounts for Grouper Ltd. for the year ended April 30, 2024:
Inventory, May 1, 2023
Purchases
Accounts receivable
Sales
Purchase discounts
Freight in
Land
$571,000
5,922,000
798,000
9,230,000
Interest expense
Interest income
Accounts payable
Administrative expenses
42,000 Selling expenses
127,000
Cash
857,000
Common shares
$31,000
22,000
593,000
800,000
162,000
146,000
196,000
Grouper conducted a physical inventory count on April 30, 2024. Inventory on hand at that date was determined to be $763,100.
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