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McNeil Merchandising Company Accumulated depreciation Beginning inventory Ending inventory Expenses Net purchases Net sales Krug Service Company Expenses Revenues Cash Prepaid rent Accounts payable Equipment $ 9,900 25,000 750 560 200 2,200 $ 700 10,500 6,300 2,000 12,700 20,500 a. Compute the goods available for sale, the cost of goods sold and gross profit for the merchandiser. Hint Not be necessary. b. Compute net income for each company. a. Goods available for sale a. Cost of goods sold a. Gross profit b. Net income for Krug Service Company - b. Net income for McNeil Merchandising Company $ 20,500 $ 15,100

McNeil Merchandising Company Accumulated depreciation Beginning inventory Ending inventory Expenses Net purchases Net sales Krug Service Company Expenses Revenues Cash Prepaid rent Accounts payable Equipment $ 9,900 25,000 750 560 200 2,200 $ 700 10,500 6,300 2,000 12,700 20,500 a. Compute the goods available for sale, the cost of goods sold and gross profit for the merchandiser. Hint Not be necessary. b. Compute net income for each company. a. Goods available for sale a. Cost of goods sold a. Gross profit b. Net income for Krug Service Company - b. Net income for McNeil Merchandising Company $ 20,500 $ 15,100

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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McNeil Merchandising Company Accumulated depreciation Beginning inventory Ending inventory Expenses Net purchases Net sales Krug Service Company Expenses Revenues Cash Prepaid rent Accounts payable Equipment $ 9,900 25,000 750 560 200 2,200 $ 700 10,500 6,300 2,000 12,700 20,500 a. Compute the goods available for sale, the cost of goods sold and gross profit for the merchandiser. Hint Not all information may be necessary. b. Compute net income for each company. a. Goods available for sale a. Cost of goods sold a. Gross profit b. Net income for Krug Service Company b. Net income for McNeil Merchandising Company $ 20,500 $ 15,100
Transcribed Image Text:McNeil Merchandising Company Accumulated depreciation Beginning inventory Ending inventory Expenses Net purchases Net sales Krug Service Company Expenses Revenues Cash Prepaid rent Accounts payable Equipment $ 9,900 25,000 750 560 200 2,200 $ 700 10,500 6,300 2,000 12,700 20,500 a. Compute the goods available for sale, the cost of goods sold and gross profit for the merchandiser. Hint Not all information may be necessary. b. Compute net income for each company. a. Goods available for sale a. Cost of goods sold a. Gross profit b. Net income for Krug Service Company b. Net income for McNeil Merchandising Company $ 20,500 $ 15,100
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