Shifflett ACCT 1020 Principles of Accounting I\' Summer 2018 Meredith Mickel 8/4
ID: 2438661 • Letter: S
Question
Shifflett ACCT 1020 Principles of Accounting I' Summer 2018 Meredith Mickel 8/4/18 6:33 PM Homework: Chapter 16 Assignment Score: 0 of 2 pts 2 of 14 (14 Hw Score: 65.64%, 40.04 of 61 pt S16-7 (similar to) the and ?(click the icon to view the income statements.) White Net Sales Revenue 100,000 Cost of Beginning Merchandise Inventory 51,000 Purchases and Freight In Cost of Goods Available for Sale (2.400) 58,000 42,000 Merchandise Inventory Cost of Goods Sold Gross Profit 14,000 Clear All 1vemainingExplanation / Answer
Income Statement
White Corp
Jones Inc
$
$
Net Sales revenue
A
100,000
201,600
Cost of goods sold:
Beginning Merchandise inventory
B
9,400
32,000
Purchases and freight in
C
51,000
56,000
Cost of goods available for sale
D=B+C
60,400
88,000
Ending merchandise inventory
E
(2,400)
(2,400)
Cost of goods sold
F=D+E
58,000
85,600
Gross Profit
G=A-F
42,000
116,000
Selling and Administrative expenses
H
28,000
85,000
Operating Income
I=G-H
14,000
31,000
Cost of goods sold= Cost of goods available for sale- Ending merchandise inventory
Since Ending merchandise inventory is given as negative value, Cost of goods sold computation is denoted as F=D+E
White Corp
Jones Inc
$
$
Net Sales revenue
A
100,000
201,600
Cost of goods sold:
Beginning Merchandise inventory
B
9,400
32,000
Purchases and freight in
C
51,000
56,000
Cost of goods available for sale
D=B+C
60,400
88,000
Ending merchandise inventory
E
(2,400)
(2,400)
Cost of goods sold
F=D+E
58,000
85,600
Gross Profit
G=A-F
42,000
116,000
Selling and Administrative expenses
H
28,000
85,000
Operating Income
I=G-H
14,000
31,000
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.