Question no 2On January1, 2011, Asman Corporation had merchandise inventory of $90,000. At December 31,2011.The following information is available:Freight in-$4000, Purchase 500,000, Purchase discount 3000, Sales 750000, Sales Return 10000,Purchase return- 3000. Salaries expense 7000, Interest expense 2000, Freight out 1000.Ending Inventory- $50000RequiredPrepare an Income Statement.

Cost of Sales = Beginning Inventory + Net Purchases + Freight Inwards - Ending Inventory

Answered: On January1, 2011, Asman Corporation…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter11: Work Sheet And Adjusting Entries

Section: Chapter Questions

Problem 3E: Basga Company uses the periodic inventory system. Beginning inventory amounted to 241,072. A...

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Basga Company uses the periodic inventory system. Beginning inventory amounted to 241,072. A physical count reveals that the latest inventory amount is 256,339. Record the adjusting entries, using T accounts.
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