Chapter 9 - Merchandising Business:End of Period Adjustments and Completion of the Accounting CycleE9-8SalesGross ProfitBeginningInventoryNet PurchasesCost of goods soldSales ret & allowEnding inventoryNet salesE9-91Required: Solve for the missing items in the partial income statementsgiven below:3Sales2 126,0003562009100,0005,0006,00080,000 70,00080,00090,00070,0006,000Sales Netreturns2010120,00065,000117,000264,8002011150,00044,000Required: Determine the missing amounts.120,00085,000144,0002012160,00039,00085,000100,000BegNet EndingSales Inventory Purchases Inventory80,00024,000 130,000150,00048,000 145,000 46,50038,0002013167,000 62,800 186,20018,00075,000165,000135,000GrossCost ofGoods ProfitSold(Loss)18,000||

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Description: Chapter 9 - Merchandising Business:End of Period Adjustments and Completion of the Accounting CycleE9-8SalesGross ProfitBeginningInventoryNet PurchasesCost of goods soldSales ret & allowEnding inventoryNet salesE9-91Required: Solve for the missing i

The missing figures which are required to be computed have to be ascertained as per the accounting…

Business

Accounting

E9-8 Sales Gross Profit Beginning Inventory Net Purchases Cost of goods sold Sales ret & allow Ending inventory Net sales Required: Solve for the missing items in the partial income statements given below: E9-9 I Sales 2 126,000 Sales returns 5,000 2009 100,000 6,000 80,000 90,000 70,000 6,000 2010 120,000 70,000 264,800 80,000 65,000 Required: Determine the missing amounts. 2011 150,000 44,000 120,000 85,000 117,000 144,000 2012 160,000 39,000 85,000 100,000 150,000 Net Beg Net Ending Sales Inventory Purchases Inventory Sold 80,000 24,000 130,000 48,000 145,000 46,500 38,000 2013 Cost of Gross Goods Profit (Loss) 167,000 62,800 186,200 18,000 75,000 165,000 135,000 18,000

E9-8 Sales Gross Profit Beginning Inventory Net Purchases Cost of goods sold Sales ret & allow Ending inventory Net sales Required: Solve for the missing items in the partial income statements given below: E9-9 I Sales 2 126,000 Sales returns 5,000 2009 100,000 6,000 80,000 90,000 70,000 6,000 2010 120,000 70,000 264,800 80,000 65,000 Required: Determine the missing amounts. 2011 150,000 44,000 120,000 85,000 117,000 144,000 2012 160,000 39,000 85,000 100,000 150,000 Net Beg Net Ending Sales Inventory Purchases Inventory Sold 80,000 24,000 130,000 48,000 145,000 46,500 38,000 2013 Cost of Gross Goods Profit (Loss) 167,000 62,800 186,200 18,000 75,000 165,000 135,000 18,000

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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