Fill last 4th only Cost ofGrossSalesGoodsSoldNetEndingProfitBegInventory Purchases InventoryNetSalesreturnsSales(Loss)15,00080,00024,000130,00038,0002 126,0006,00048,000145,00046,5003.7,200 264,800167,00062,800 186,2004 345,0008,600114,000141,000 179,000

Formula: Net sales = Sales - Sale returns

Cost of Goods Sold Gross Sales Net Sales Beg Inventory Purchases Inventory Ending Profit Net Sales returns (Loss) 1 5,000 80,000 24,000 130,000 38,000 2 126,000 6,000 48,000 145,000 46,500 3. 7,200 264,800 167,000 62,800 186,200 4 345,000 8,600 114,000 141,000 179,000

Cost of Goods Sold Gross Sales Net Sales Beg Inventory Purchases Inventory Ending Profit Net Sales returns (Loss) 1 5,000 80,000 24,000 130,000 38,000 2 126,000 6,000 48,000 145,000 46,500 3. 7,200 264,800 167,000 62,800 186,200 4 345,000 8,600 114,000 141,000 179,000

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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Concept explainers

Present Value

Present value (PV) is defined as the current or present value of all future sums of cash flow or money at a specified rate of return. This rate of return is known as the discounted rate, which is essentially the interest rate, discounted over some time. The expected cash flows are discounted at a discount rate to compute the present value. The higher the discount rate, the higher the future value (FV), but the lower the present value.

Question

Fill last 4th only

Cost of
Gross
Sales
Goods
Sold
Net
Ending
Profit
Beg
Inventory Purchases Inventory
Net
Sales
returns
Sales
(Loss)
1
5,000
80,000
24,000
130,000
38,000
2 126,000
6,000
48,000
145,000
46,500
3.
7,200 264,800
167,000
62,800 186,200
4 345,000
8,600
114,000
141,000 179,000

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