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: $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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
1,300
1,520
350
1,050
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
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: $
Required 5: AB's total Operating Expenses (not including COGS) for the period must have been: $
Required 6: AB's Net Income (loss) in dollars for the period must have been: $
15,100
10,200
800
100
4,540
550
70
7,100
530
25,304
880
1,230
400
300
4,540
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