1 Use the following table for the following questions (Hint Identify which accounts are in Merchandise Available for sale, and which are Net Sales, one account is neither) Merchandise Sales Purchases discounts Merchandise Inventory Jan 1 Purchases returns and allowances Sales Returns and Allowances Purchases Freight In Merchandise Inventory Jan 31 a. Merchandise available for sale b. What is the amount of net sales c. What is the Cost of Merchandise Sold d. What is the gross profit 420,000 2,500 75,000 1,300 32,000 220,000 8,000 54,000 Available For Sale Net Sales

1 Use the following table for the following questions (Hint Identify which accounts are in Merchandise Available for sale, and which are Net Sales, one account is neither) Merchandise Sales Purchases discounts Merchandise Inventory Jan 1 Purchases returns and allowances Sales Returns and Allowances Purchases Freight In Merchandise Inventory Jan 31 a. Merchandise available for sale b. What is the amount of net sales c. What is the Cost of Merchandise Sold d. What is the gross profit 420,000 2,500 75,000 1,300 32,000 220,000 8,000 54,000 Available For Sale Net Sales

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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