Requirement 2. Report ending inventory, sales, cost of goods sold, and gross profit on the appropriate...

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Requirement 2. Report ending inventory, sales, cost of goods sold, and gross profit on the appropriate financial statement. ( ........ Inventory, June 30, 2017. .......... Purchases of inventory (on account) ...... Sales of inventory – 77% on account;

business accounting

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Answer 1

Answer #1

Cost of goods sold = $57,000

Sales = $74,000

Gross profit = Sales - Cost of goods sold

= 74,000-57,000

= $17,000

Income Statement
Sales	74,000
Cost of goods sold	57,000
Gross profit	17,000

Balance Sheet
Current assets:
Accounts receivable	56,980
Inventory	3,000
Total current liabilities	59,980

Accounts receivable = 77% of sales

= 74,000 x 77%

= $56,980

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Answer 2

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