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Accounting
2017 2018 Merchandise Inventory, Beginning (1) (3) Merchandise Inventory, End 186,000 Purchases 224,000 (5) Purchase Returns and Allowances 6,000 26,000 Purchase Discounts 3,600 12,000 Freight-in 10,000 22,000 Goods Available for Sale 550,000 1,174,000 Cost of Sales (2) 920,000

2017 2018 Merchandise Inventory, Beginning (1) (3) Merchandise Inventory, End 186,000 Purchases 224,000 (5) Purchase Returns and Allowances 6,000 26,000 Purchase Discounts 3,600 12,000 Freight-in 10,000 22,000 Goods Available for Sale 550,000 1,174,000 Cost of Sales (2) 920,000

FINANCIAL ACCOUNTING
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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1. The following are taken from the income statement of Joy Traders. Supply the missing figures. Show computations 2017 2018 Merchandise Inventory, Beginning (1) (3) Merchandise Inventory, End 186,000 (4) Purchases 224,000 (5) Purchase Returns and Allowances 6,000 26,000 Purchase Discounts 3,600 12,000 Freight-in 10,000 22,000 Goods Available for Sale 550,000 1,174,000 Cost of Sales (2) 920,000 2. Classify the following expenses if it is Selling and Distribution, Administrative, Finance expense or Other expenses Selling and Distribution Administrative Finance expense other expenses - Office salaries - Discount on sale - Interest expense - Rent Expense - Office Utilities - Fuel - Depreciation – Delivery Vehicle - Bad debts - Tax expense - Sales Salaries - Loss on sale of equipment
Transcribed Image Text:1. The following are taken from the income statement of Joy Traders. Supply the missing figures. Show computations 2017 2018 Merchandise Inventory, Beginning (1) (3) Merchandise Inventory, End 186,000 (4) Purchases 224,000 (5) Purchase Returns and Allowances 6,000 26,000 Purchase Discounts 3,600 12,000 Freight-in 10,000 22,000 Goods Available for Sale 550,000 1,174,000 Cost of Sales (2) 920,000 2. Classify the following expenses if it is Selling and Distribution, Administrative, Finance expense or Other expenses Selling and Distribution Administrative Finance expense other expenses - Office salaries - Discount on sale - Interest expense - Rent Expense - Office Utilities - Fuel - Depreciation – Delivery Vehicle - Bad debts - Tax expense - Sales Salaries - Loss on sale of equipment
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