Chapter 5 QuizUsing the following information for a periodic inventory system, what is the amount of net income?Purchases$32,000Selling expense$9602.Inventory, September 15,700Inventory, September 306,3703.Administrative expense910Sales63,000Rent revenue1,200Interest expense1,0404.Oa. $28,3105.Ob. $29,510Oc. $29,3506.Od. $29,9607.8.9.10.11.12.13.V

Net Income- Net income term refers to the amount an entity or company makes later than deducting…

Chapter 5 Quiz Using the following information for a periodic inventory system, what is the amount of net income? Purchases $32,000 Selling expense $960 Inventory, September 1 5,700 Inventory, September 30 6,370 Administrative expense 910 Sales 63,000 Rent revenue 1,200 Interest expense 1,040 Oa. $28,310 Ob. $29,510 Oc. $29,350 Od. $29,960 6.

Chapter 5 Quiz Using the following information for a periodic inventory system, what is the amount of net income? Purchases $32,000 Selling expense $960 Inventory, September 1 5,700 Inventory, September 30 6,370 Administrative expense 910 Sales 63,000 Rent revenue 1,200 Interest expense 1,040 Oa. $28,310 Ob. $29,510 Oc. $29,350 Od. $29,960 6.

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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Question 14 Reykjavik Company uses a perpetual inventory system and records their purchases at net amounts. November 1-Purchased merchandise from Selfoss Company for $800 with the terms of 2/10, n/30. November 2-Returned $200 of the merchandise to the Selfoss Company. November 4-Purchased merchandise from the Vik Company for $900 with the terms of 3/10, n/30. November 6-Paid the amount owed to the Selfoss Company November 8-Returned $100 of merchandise purchased from Vik Company. November 12-Sold all of the merchandise on hand from the Selfoss Company for $1,060. November 16-Paid the amount owed to Vik Company in full. Required: Prepare the journal entries required for the above events. Date Account Title Page 8 of 11 Debit Credit
Using the following information, what is the cost of goods sold? Purchases $32,282 Selling expense $955 Inventory, September 1 7,698 Inventory, September 30 2,640 Administrative expense 525 Sales 52,858 Rent revenue 1,044 Interest expense 893 a.$893 b.$31,176 c.$37,340 d.$14,993
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Assume the perpetual inventory system is used. Sales $642,363 Merchandise Inventory 582,620 Sales Discounts 58,010 Interest Expense 3,777 Sales Returns and Allowances 90,232 Interest Revenue 10,268 Cost of Goods Sold 225,598 Rent Expense 15,090 Depreciation Expense-Office Equipment 3,400 Insurance Expense 2,450 Advertising Expense 12,870 Accounts Receivable 101,440 Office Supplies Expense 1,600 Rent Revenue 23,680 Sales Salaries Expense 30,410 Accounts Payable 138,404 Common Stock 59,419 Marketing Expense 33,000 A. Use the data provided to compute net sales for 2019.
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