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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 1,300 1,520 350 1,050 15,100 10,200 800 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: $ 23194 100 4,540 550 70 7,100 530 25,304 880 1,230 400 300 4,540 Required 2: AB's Cost of Goods Available for Sale for the period must have been: $ 19020 Required 3: AB's Cost of Goods Sold for the period must have been: $ 8820 Required 4: AB's Gross Profit on Sales in dollars for the period must have been: $ 14374 Required 5: AB's total Operating Expenses (not including COGS) for the period must have been: $ 13240 Required 6: AB's Net Income (loss) in dollars for the period must have been: $ 784

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 1,300 1,520 350 1,050 15,100 10,200 800 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: $ 23194 100 4,540 550 70 7,100 530 25,304 880 1,230 400 300 4,540 Required 2: AB's Cost of Goods Available for Sale for the period must have been: $ 19020 Required 3: AB's Cost of Goods Sold for the period must have been: $ 8820 Required 4: AB's Gross Profit on Sales in dollars for the period must have been: $ 14374 Required 5: AB's total Operating Expenses (not including COGS) for the period must have been: $ 13240 Required 6: AB's Net Income (loss) in dollars for the period must have been: $ 784

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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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 1,300 1,520 350 1,050 15,100 10,200 800 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: $ 23194 Required 2: AB's Cost of Goods Available for Sale for the period must have been: $ 19020 Required 3: AB's Cost of Goods Sold for the period must have been: $ 8820 Ⓡ Required 4: AB's Gross Profit on Sales in dollars for the period must have been: $14374 Ⓡ Required 5: AB's total Operating Expenses (not including COGS) for the period must have been: $ 13240 ✔ Required 6: AB's Net Income (loss) in dollars for the period must have been: $ 784 x 100 4,540 550 70 7,100 530 25,304 880 1,230 400 300 4,540 x
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 Inventory at beginning of the period Inventory at the end of the period 1,300 1,520 350 1,050 15,100 10,200 800 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: $ 23194 Required 2: AB's Cost of Goods Available for Sale for the period must have been: $ 19020 Required 3: AB's Cost of Goods Sold for the period must have been: $ 8820 Ⓡ Required 4: AB's Gross Profit on Sales in dollars for the period must have been: $14374 Ⓡ Required 5: AB's total Operating Expenses (not including COGS) for the period must have been: $ 13240 ✔ Required 6: AB's Net Income (loss) in dollars for the period must have been: $ 784 x 100 4,540 550 70 7,100 530 25,304 880 1,230 400 300 4,540 x
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