The image contains a table used for determining merchandise amounts in a periodic inventory system. It provides income statement data for three years: 2019, 2020, and 2021. Some values are missing and marked with question marks. Below is the transcribed data:**Table: Determining Merchandise Amounts (Periodic)**| | 2019 | 2020 | 2021 ||--------------------|----------|----------|----------|| Sales revenue | $290,000 | ? | $410,000 || Sales returns and allowances | 11,000 | 13,000 | ? || Net sales | ? | 347,000 | ? || Beginning inventory| 20,000 | 32,000 | ? || Ending inventory | ? | ? | ? || Purchases | ? | 260,000 | 298,000 || Purchase returns and allowances | 5,000 | 8,000 | 10,000 || Freight-in | 8,000 | 9,000 | 12,000 || Cost of goods sold | 233,000 | ? | 293,000 || Gross profit on sales | 46,000 | 91,000 | 97,000 |**Explanation:**This table is designed to help determine various merchandise-related values by filling in the missing amounts. Key components such as sales revenue, sales returns, net sales, inventory values, and cost of goods sold are used to calculate other financial figures like gross profit. Understanding and completing this table assists in learning how to structure and evaluate periodic financial statements.

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Description: The image contains a table used for determining merchandise amounts in a periodic inventory system. It provides income statement data for three years: 2019, 2020, and 2021. Some values are missing and marked with question marks. Below is the transcr

Periodic inventory system: It involves the physical count of inventory at specific interval of time.

Business

Accounting

O (Determining Merchandise Amounts-Periodic) Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing. 2019 $290,000 2020 2021 Sales revenue $410,000 11,000 ? Sales returns and allowances 13,000 Net sales 347,000 Beginning inventory Ending inventory Purchases 20,000 32,000 260,000 298.000 Purchase returns and allowances 5.000 8,000 10,000 Freight-in Cost of goods sold Gross profit on sales 8,000 9,000 12,000 233.000 46,000 293.000 97,000 91,000

O (Determining Merchandise Amounts-Periodic) Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing. 2019 $290,000 2020 2021 Sales revenue $410,000 11,000 ? Sales returns and allowances 13,000 Net sales 347,000 Beginning inventory Ending inventory Purchases 20,000 32,000 260,000 298.000 Purchase returns and allowances 5.000 8,000 10,000 Freight-in Cost of goods sold Gross profit on sales 8,000 9,000 12,000 233.000 46,000 293.000 97,000 91,000

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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solve The Arc 95-9876556 Income Statement For the Year Ended December 31, 2021 Revenue: Gross Sales $144,000.00 Less: Sales Returns and Allowances - Net Sales $144,000.00 Cost of Goods Sold: Beginning Inventory $10,500.00 Add: Purchases 62,200.00 $72,700.00 Less: Ending Inventory 10,100.00 Cost of Goods Sold 62,600.00 Gross Profit (Loss) $81,400.00 Expenses: Dues and Subscriptions - Estimated Federal Tax Payments 4,000.00 Estimated State Tax Payments 3,900.00 Insurance 3,950.00 Meals and Entertainment 1,500.00 Miscellaneous - Payroll Taxes 3,800.00 Professional Fees 1,700.00 Rent 8,400.00 Travel 1,250.00 Utilities 1,300.00 Vehicle Expenses - Wages 25,000.00 Total Expenses 54,800.00 Net Operating Income $26,600.00 How to calculate capital gain step by step answer
Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing. Sales revenue Sales returns and allowances Net sales Beginning inventory Ending inventory 2024 $288,820 $ 11,060 2025 13,430 348,998 19,210 33,650 2026 $410,020 Purchases 261,470 298,835 Purchase returns and allowances 5,040 7,800 10,240 Freight-in 8,110 8,410 12,600 Cost of goods sold 235,200 293,080 Gross profit on sales 42,560 95,570 96,640 eTextbook and Media
Required information Skip to question [The following information applies to the questions displayed below.]Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2021, the records indicate the following data: ($ in 000s) Cost Retail Beginning inventory $ 78 $ 123 Purchases 669 1,004 Freight-in on purchases 28 Purchase returns 1 2 Net markups 4 Net markdowns 8 Net sales 914 Required:1. Use the retail method to approximate cost of ending inventory valued under Average cost method. (Enter your answer in thousands including 2 decimal places, i.e. 12,550 would be 12.55.) 2. Use the retail method to approximate cost of ending inventory valued under Conventional method. (Enter your answer in thousands including 2 decimal places, i.e. 12,550 would be 12.55)
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