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CAB https://asa.blackboard.com/webapps/assessment/take/launch.jsp?course assessment id-10232 1&ccourse; id- 10482 QUESTION 22 On a work sheet, the amount entered in the Credit colum of the Balance Shect to balance the debits and credit is $5,000 Thas represenats ? a, a net income of $56,000. b accumulated depreciation and other expenses. O c. an error of $28,000 in balancing the accounts d, a net loss of$56,000. QUESTION 23 Prepare the cost of goods sold section of the income statement for L. I. Grill from the information given below: Merchandise Inventory, January 1, 20- Merchandise Inventory, December 31, 20 Purchases Purchases Returns and Allowances Purchases Discounts Freight-In For the toolbar, press ALT+F10 (PC) or ALT+FN+F 10 (Mac) $57,700 48.300 98,000 6.100 8,175 1,100 T -T?T Arial ' .. Font size, T. i-. I-.?/is 1,10U0U Add treight-in Cost of goods purchased Goods available for sale Less merch. inv., ending 96,000.00 154,600 48,300.00

Explanation / Answer

Q22) option a) a net income of $56,000 Q23) Merchandise inventory,Jan 1 57,700 Add:net purchases purchases 98,000 Add:Freight in 1,100 less:purchase returns & allowances 6,100 less:purchase discounts 8,175 cost of goods purchased 84,825 cost of goos available for sale 142,525 less:Merchandise inventory,dec 31 48,300 cost of goods sold 94,225

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