The following amounts are on the John's Clothing worksheet for the month ended March 31Required: Calculate the following:1) Net sales2 Net cost of purchases3) Cost of goods available for sale4) Cost of goods sold5) Gross profitAccountIncome SummarySalesSales Returns and AllowancesSales DiscountsPurchasesPurchases DiscountPurchases Returns and AllowancesFreight-InBlank # 1Blank # 2Blank # 3Blank # 4Blank # 5Income StatementDebit1142212NA2A/A4Credit13502

Net sales refers to the sum amount of gross sales less or deduct its discounts, returns as well as…

The following amounts are on the John's Clothing worksheet for the month ended March 31 Required: Calculate the following: 1) Net sales 2 Net cost of purchases 3) Cost of goods available for sale 4) Cost of goods sold 5) Gross profit Account Income Summary Income Statement Debit 11 Credit 13

The following amounts are on the John's Clothing worksheet for the month ended March 31 Required: Calculate the following: 1) Net sales 2 Net cost of purchases 3) Cost of goods available for sale 4) Cost of goods sold 5) Gross profit Account Income Summary Income Statement Debit 11 Credit 13

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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Question

The following amounts are on the John's Clothing worksheet for the month ended March 31
Required: Calculate the following:
1) Net sales
2 Net cost of purchases
3) Cost of goods available for sale
4) Cost of goods sold
5) Gross profit
Account
Income Summary
Sales
Sales Returns and Allowances
Sales Discounts
Purchases
Purchases Discount
Purchases Returns and Allowances
Freight-In
Blank # 1
Blank # 2
Blank # 3
Blank # 4
Blank # 5
Income Statement
Debit
11
4
2
2
12
N
A
2
A/
A
4
Credit
13
50
2

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