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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