Question
On the basis of the accounts provided below, calculate a. Net sales b. Cost of goods...
On the basis of the accounts provided below, calculate
a. Net sales b. Cost of goods sold (after adjustment) c. Gross profit d. Net income
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|
a. |
Net sales |
|
|
b. |
Cost of goods sold (after adjustment) |
|
|
c. |
Gross profit |
|
|
d. |
Net income |
|
Accounts Payable |
$5,600 |
|
Operating Expenses |
1,900 |
|
Buckeye Co., Capital |
18,800 |
|
Cost of Goods Sold |
4,500 |
|
Ending Inventory, December 31, 2019 |
1,050 |
|
Sales |
10,170 |
|
Accounts Receivable |
1,439 |
|
Cash |
850 |
|
Sales Returns and Allowances |
320 |
|
Physical Count of Inventory December 31, 2019 |
1,000 |
|
Sales Discounts |
414 |
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Answer #1
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