Question

Beginning inventory6200_purchases20500_salaries1800_Ceneral eXpenses550_sundry250_Debit interest450_Netsales25000_purchases returns340_purchases discount160_Rent received810 coupons560_credit interest380.    The inco me statemen t

Answer 1

for the period would look like this:
Net Sales: $25,000
Less: Cost of Goods Sold?
Beginning Inventory: $6,200
Purchases: $20,500
Purchases Returns: -$340
Purchases Discount: -$160
Ending Inventory: ?
Total Cost of Goods Sold: ?
Gross Profit: $25,000 - Total Cost of Goods Sold
Operating Expenses:
Salaries: $1,800
General Expenses: $550
Sundry Expenses: $250
Rent Received: $810
Coupons: $560
Credit Interest: $380
Total Operating Expenses: $1,800 + $550 + $250 + $810 + $560 + $380
Net Income: Gross Profit - Total Operating Expenses