AB Ltd. presents the following selected accounts, all balances are after adjusting journal entries. All accounts have normal balances (accounts which are normally debits have debit balances here and visa-versa). Prepare a multi-step income statement. Advertising Expense Advetising Payable Interest Expense Interest Payable Inventory at beginning of the period Inventory at the end of the period Equipment - Accumulated Depreciation Equipment - Depreciation Expense Purchases Purchases Discounts Purchases Returns and Allowance Salary and Wages Expense Salary and Wages Payable Sales Sales Discounts 1,300 1,520 350 1,050 15,100 10,200 800 100 4,540 550 70 7,100 530 25,304 880 1,230 400 300 4,540 Sales Returns and Allowances Transportation In Transportation Out Utilities Expense Required 1: AB's Net Sales for the period must have been: $ Required 2: AB's Cost of Goods Available for Sale for the period must have been: $ Required 3: AB's Cost of Goods Sold for the period must have been: $ Required 4: AB's Gross Profit on Sales in dollars for the period must have been: $1 Required 5: AB's total Operating Expenses (not including COGS) for the period must have been: $
AB Ltd. presents the following selected accounts, all balances are after adjusting journal entries. All accounts have normal balances (accounts which are normally debits have debit balances here and visa-versa). Prepare a multi-step income statement. Advertising Expense Advetising Payable Interest Expense Interest Payable Inventory at beginning of the period Inventory at the end of the period Equipment - Accumulated Depreciation Equipment - Depreciation Expense Purchases Purchases Discounts Purchases Returns and Allowance Salary and Wages Expense Salary and Wages Payable Sales Sales Discounts 1,300 1,520 350 1,050 15,100 10,200 800 100 4,540 550 70 7,100 530 25,304 880 1,230 400 300 4,540 Sales Returns and Allowances Transportation In Transportation Out Utilities Expense Required 1: AB's Net Sales for the period must have been: $ Required 2: AB's Cost of Goods Available for Sale for the period must have been: $ Required 3: AB's Cost of Goods Sold for the period must have been: $ Required 4: AB's Gross Profit on Sales in dollars for the period must have been: $1 Required 5: AB's total Operating Expenses (not including COGS) for the period must have been: $
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter16: Accounting For Accounts Receivable
Section: Chapter Questions
Problem 8SPB: UNCOLLECTIBLE ACCOUNTSALLOWANCE METHOD Lewis Warehouse used the allowance method to record the...
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