AMOUNT REF# ACCT TITLES DEC 31 2020 1 ACCOUNTS PAYABLE 66,500 2 ACCUMULATED DEPRECIATION - EQUIPMENT 75,800 3 ADMINISTRATIVE EXPENSES 98,800 4 CASH 16,400 5 H SY, CAPITAL 6 H SY, WITHDRAWAL 7 EQUIPMENT 258,300 45,600 187,000 8 FREIGHT-IN 9,000 9 INVENTORY, DEC 31 2019 161,000 10 INVENTORY, DEC 31 2020 159,000 11 PURCHASES 650,000 12 PURCHASES RETURNS & ALLOWANCES 4,200 13 PURCHASE DISCOUNT 4,800 14 SALARY PAYABLE 5,800 15 SALES REVENUE 985,500 16 SALES RETURNS & ALLOWANCES 14,200 17 SALES DISCOUNTS 8,300 18 SELLING EXPENSES 44,600

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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Required:

1. SHOW THE COMPUTATION OF SM-X NET SALES REVENUE. COST OF GOODS SOLD AND GROSS PROFIT FOR THE YEAR ENDED DEC 31 2020

AMOUNT
REF#
ACCT TITLES
DEC 31 2020
1 ACCOUNTS PAYABLE
66,500
2 ACCUMULATED DEPRECIATION - EQUIPMENT
75,800
3 ADMINISTRATIVE EXPENSES
98,800
4 CASH
16,400
5 H SY, CAPITAL
6 H SY, WITHDRAWAL
7 EQUIPMENT
258,300
45,600
187,000
9,000
161,000
159,000
650,000
4,200
4,800
8 FREIGHT-IN
9 INVENTORY, DEC 31 2019
10 INVENTORY, DEC 31 2020
11 PURCHASES
12 PURCHASES RETURNS & ALLOWANCES
13 PURCHASE DISCOUNT
14 SALARY PAYABLE
5,800
15 SALES REVENUE
985,500
14,200
8,300
16 SALES RETURNS & ALLOWANCES
17 SALES DISCOUNTS
18 SELLING EXPENSES
44,600
Transcribed Image Text:AMOUNT REF# ACCT TITLES DEC 31 2020 1 ACCOUNTS PAYABLE 66,500 2 ACCUMULATED DEPRECIATION - EQUIPMENT 75,800 3 ADMINISTRATIVE EXPENSES 98,800 4 CASH 16,400 5 H SY, CAPITAL 6 H SY, WITHDRAWAL 7 EQUIPMENT 258,300 45,600 187,000 9,000 161,000 159,000 650,000 4,200 4,800 8 FREIGHT-IN 9 INVENTORY, DEC 31 2019 10 INVENTORY, DEC 31 2020 11 PURCHASES 12 PURCHASES RETURNS & ALLOWANCES 13 PURCHASE DISCOUNT 14 SALARY PAYABLE 5,800 15 SALES REVENUE 985,500 14,200 8,300 16 SALES RETURNS & ALLOWANCES 17 SALES DISCOUNTS 18 SELLING EXPENSES 44,600
AMOUNT
REF#
ACCT TITLES
DEC 31 2020
4 CASH
16,400
9 INVENTORY, DEC 31 2019
161,000
10 INVENTORY, DEC 31 2020
7 EQUIPMENT
2 ACCUMULATED DEPRECIATION - EQUIPMENT
159,000
187,000
75,800
66,500
1 ACCOUNTS PAYABLE
14 SALARY PAYABLE
5,800
258,300
45,600
985,500
5 H SY, CAPITAL
6 H SY, WITHDRAWAL
15 SALES REVENUE
16 SALES RETURNS & ALLOWANCES
14,200
17 SALES DISCOUNTS
8,300
11 PURCHASES
650,000
12 PURCHASES RETURNS & ALLOoWANCES
4,200
13 PURCHASE DISCOUNT
4,800
3 ADMINISTRATIVE EXPENSES
98,800
8 FREIGHT-IN
18 SELLING EXPENSES
9,000
44,600
Transcribed Image Text:AMOUNT REF# ACCT TITLES DEC 31 2020 4 CASH 16,400 9 INVENTORY, DEC 31 2019 161,000 10 INVENTORY, DEC 31 2020 7 EQUIPMENT 2 ACCUMULATED DEPRECIATION - EQUIPMENT 159,000 187,000 75,800 66,500 1 ACCOUNTS PAYABLE 14 SALARY PAYABLE 5,800 258,300 45,600 985,500 5 H SY, CAPITAL 6 H SY, WITHDRAWAL 15 SALES REVENUE 16 SALES RETURNS & ALLOWANCES 14,200 17 SALES DISCOUNTS 8,300 11 PURCHASES 650,000 12 PURCHASES RETURNS & ALLOoWANCES 4,200 13 PURCHASE DISCOUNT 4,800 3 ADMINISTRATIVE EXPENSES 98,800 8 FREIGHT-IN 18 SELLING EXPENSES 9,000 44,600
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