2. Answer the questions using the information below. The fiscal period begins on May 1, 2021. 178,600 Capital Drawings Freight In Freight Out Inventory (May 1, 2021) Purchases Purchase Returns and Allowance Inventory (April 30, 2022) 28,000 8,110 3,920 76,912 415,000 7,200 88,399 918,000 18,000 Sales Sales Return and Allowances a) What is the Net Sale formula and answer? b) What is Cost of Goods Available for Sale formula and answer? c) What is Gross Profit formula and answer?
2. Answer the questions using the information below. The fiscal period begins on May 1, 2021. 178,600 Capital Drawings Freight In Freight Out Inventory (May 1, 2021) Purchases Purchase Returns and Allowance Inventory (April 30, 2022) 28,000 8,110 3,920 76,912 415,000 7,200 88,399 918,000 18,000 Sales Sales Return and Allowances a) What is the Net Sale formula and answer? b) What is Cost of Goods Available for Sale formula and answer? c) What is Gross Profit formula and answer?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter18: Accounting For Income Taxes
Section: Chapter Questions
Problem 18E
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Please do not give solution in image format thanku
![2. Answer the questions using the information below. The fiscal period begins on May 1, 2021.
Capital
Drawings
Freight In
Freight Out
Inventory (May 1, 2021),
Purchases
Purchase Returns and Allowance
Inventory (April 30, 2022)
Sales
Sales Return and Allowances
28,000
8,110
3,920
76,912
415,000
7,200
88,399
918,000
18,000
a) What is the Net Sale formula and answer?
b) What is Cost of Goods Available for Sale formula and answer?
c) What is Gross Profit formula and answer?
178,600.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F717ad7aa-6db6-4680-8ef2-b7afe96da5d8%2Fc0b71f84-e89b-4fea-89c3-7b75589af733%2Fbdppdl_processed.jpeg&w=3840&q=75)
Transcribed Image Text:2. Answer the questions using the information below. The fiscal period begins on May 1, 2021.
Capital
Drawings
Freight In
Freight Out
Inventory (May 1, 2021),
Purchases
Purchase Returns and Allowance
Inventory (April 30, 2022)
Sales
Sales Return and Allowances
28,000
8,110
3,920
76,912
415,000
7,200
88,399
918,000
18,000
a) What is the Net Sale formula and answer?
b) What is Cost of Goods Available for Sale formula and answer?
c) What is Gross Profit formula and answer?
178,600.
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