Patterson Company had the following account balances at the end
of the year:
Additional Resources
Beginning...
Patterson Company had the following account balances at the end
of the year:
Additional Resources
Beginning Inventory
$37,000
Purchases Returns and
Allowances
$4000
Ending Inventory
42,600
Purchases
72800
Freight-In
3,400
Sales Discounts
5800
General and Administrative
Expenses
15,400
Sales Returns and
Allowances
5900
Interest Revenue
1,840
Sales
197400
Interest Expense
1,630
Selling Expenses
19800
Purchase Discounts
3,600
Required:
Compute the following:
Cost of goods sold
Net income, given that income from operations is $87,500.
Evans Company had the following account balances at the end of
the year:
Additional Resources
Beginning...
Evans Company had the following account balances at the end of
the year:
Additional Resources
Beginning Inventory
$41,600
Purchases Returns and
Allowances
$5200
Ending Inventory
37,800
Purchases
78700
Freight-In
3,700
Sales Discounts
8400
General and Administrative
Expenses
25,000
Sales Returns and
Allowances
8300
Interest Revenue
2,230
Sales
182300
Interest Expense
1,250
Selling Expenses
20300
Purchase Discounts
5,300
Required:
Compute the following:
Cost of goods purchased
Net income, given that income from operations is $44,600.
Exercise 5-07 a-b
Sheffield Company had the following account balances at
year-end: Cost of Goods Sold...
Exercise 5-07 a-b
Sheffield Company had the following account balances at
year-end: Cost of Goods Sold $61,330; Inventory $16,750; Operating
Expenses $30,320; Sales Revenue $123,150; Sales Discounts $1,280;
and Sales Returns and Allowances $2,070. A physical count of
inventory determines that merchandise inventory on hand is
$12,640.
Prepare the adjusting entry necessary as a result of the
physical count. (Credit account titles are
automatically indented when amount is entered. Do not indent
manually.)
Account Titles and Explanation
Debit
Credit
Prepare...
Alpha Company provided the following data concerning its
income statement: sales, $860,000; purchases, $410,000; beginning
inventory,...
Alpha Company provided the following data concerning its
income statement: sales, $860,000; purchases, $410,000; beginning
inventory, $235,000; ending inventory, $282,000; operating
expenses, $111,000; freight-in, $5,000; sales discounts, $21,000;
purchases discounts, $15,000; sales returns & allowances,
$113,000; and purchases returns & allowances, $32,000. The data
are complete and provide the basis for preparation of an income
statement. How much is net income?
Alpha Company provided the following data
concerning its income statement: sales, $955,000; purchases,
$407,000; beginning inventory,...
Alpha Company provided the following data
concerning its income statement: sales, $955,000; purchases,
$407,000; beginning inventory, $215,000; ending inventory,
$277,000; operating expenses, $108,000; freight-in, $5,000; sales
discounts, $19,000; purchases discounts, $15,000; sales returns
& allowances, $86,000; and purchases returns & allowances,
$38,000. The data are complete and provide the basis for
preparation of an income statement. How much is net income?
Alpha Company provided the following data concerning its income
statement: sales, $925,000; purchases, $365,000; beginning
inventory,...
Alpha Company provided the following data concerning its income
statement: sales, $925,000; purchases, $365,000; beginning
inventory, $270,000; ending inventory, $297,000; operating
expenses, $117,000; freight-in, $5,000; sales discounts, $15,000;
purchases discounts, $15,000; sales returns & allowances,
$137,000; and purchases returns & allowances, $32,000. The data
are complete and provide the basis for preparation of an income
statement. How much is net income?
Alpha Company provided the following data concerning its income
statement: sales, $1,010,000; purchases, $389,000; beginning
inventory,...
Alpha Company provided the following data concerning its income
statement: sales, $1,010,000; purchases, $389,000; beginning
inventory, $200,000; ending inventory, $272,000; operating
expenses, $117,000; freight-in, $5,000; sales discounts, $21,000;
purchases discounts, $15,000; sales returns & allowances,
$92,000; and purchases returns & allowances, $47,000. The data
are complete and provide the basis for preparation of an income
statement. How much is net income?
Alpha Company provided the following data concerning its
income statement: sales, $1,000,000; purchases, $497,000; beginning
inventory,...
Alpha Company provided the following data concerning its
income statement: sales, $1,000,000; purchases, $497,000; beginning
inventory, $225,000; ending inventory, $257,000; operating
expenses, $90,000; freight-in, $5,000; sales discounts, $15,000;
purchases discounts, $15,000; sales returns & allowances,
$86,000; and purchases returns & allowances, $41,000. The data
are complete and provide the basis for preparation of an income
statement. How much is net income?
Alpha Company provided the following data concerning its income
statement: sales, $945,000; purchases, $359,000; beginning
inventory,...
Alpha Company provided the following data concerning its income
statement: sales, $945,000; purchases, $359,000; beginning
inventory, $205,000; ending inventory, $262,000; operating
expenses, $105,000; freight-in, $5,000; sales discounts, $17,000;
purchases discounts, $15,000; sales returns & allowances,
$80,000; and purchases returns & allowances, $47,000. The data
are complete and provide the basis for preparation of an income
statement. How much is net income?
A company using the periodic inventory system has the following
account balances: Merchandise Inventory at the...
A company using the periodic inventory system has the following
account balances: Merchandise Inventory at the beginning of the
year, $3,600; Transportation-In, $650; Purchases, $10,700; Purchase
Returns and Allowances, $1,950; Purchase Discounts, $330. The cost
of goods purchased is equal to
a.$9,070.
b.$8,420.
c.$17,230.
d.$12,670.