Sales P 475,000 Sales Returns and Allowances Purchases 5,000 220,000 Purchase Returns and Allowance 3,000 Advertising Sales Salaries Commission Expense Miscellaneous Selling Expense ent Expense Dffice Supplies ight and Water nsurance Expense axes and Licenses terest Expense ad Debts Expense erchandise Inventory, Jan 1, 20X1 epreciation Expense- Furn. & Equip. erchandise Inventory, Dec. 31, 20X1 in the blanks. 10,000 30,000 15,000 3,000 15,000 20,000 2,000 1,000 5,000 4,000 20,000 57,000 10,000 60,000 Net Sales 5. Seling and Administrative Expenses
Sales P 475,000 Sales Returns and Allowances Purchases 5,000 220,000 Purchase Returns and Allowance 3,000 Advertising Sales Salaries Commission Expense Miscellaneous Selling Expense ent Expense Dffice Supplies ight and Water nsurance Expense axes and Licenses terest Expense ad Debts Expense erchandise Inventory, Jan 1, 20X1 epreciation Expense- Furn. & Equip. erchandise Inventory, Dec. 31, 20X1 in the blanks. 10,000 30,000 15,000 3,000 15,000 20,000 2,000 1,000 5,000 4,000 20,000 57,000 10,000 60,000 Net Sales 5. Seling and Administrative Expenses
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
answers for 4 (gross profit) 5 (selling and administrative expenses) and 6 (net income) please thank you
Transcribed Image Text:Income Statement Accounts December 31, 20X1
Dr
Cr
P 475,000
Sales
Sales Returns and Allowances
Purchases
5.000
220,000
P
Purchase Returns and Allowance
3,000
Advertising
Sales Salaries
Commission Expense
Miscellaneous Selling Expense
Rent Expense
Office Supplies
Light and Water
Insurance Expense
Taxes and Licenses
Interest Expense
Bad Debts Expense
Merchandise Inventory, Jan 1, 20X1
Depreciation Expense - Furn. & Equip.
Merchandise Inventory, Dec. 31, 20X1
Fill in the blanks.
10,000
30,000
15,000
3,000
15,000
20,000
2,000
1,000
5,000
4,000
20,000
57,000
10,000
60,000
5. Seling and Administrative Expenses
1. Net Sales
2. Net Purchases
3. Cost of Goods Sold
6. Net Income
4. Gross Profit
7. Reporting Period
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