Aaron Corporation is a merchandising company. Selected account balances are listed below: Sales $250,000 Purchases 112,500...
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Aaron Corporation is a
merchandising company. Selected account balances are listed
below:
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Refer to the information provided for Aaron Corporation. Calculate net income.
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Homework Answers
Solution :
As per the information given in the question we have
Purchases = $ 112,500 ; Beginning Inventory = $ 8,000 ; Ending Inventory = $ 15,000
The formula for calculating the cost of goods sold = Beginning Inventory + Purchases - Ending Inventory
Applying the available information in the formula for cost of goods sold we have :
= $ 8,000 + $ 112,500 - $ 15,000
= $ 105,500
Thus the cost of goods sold = $ 105,500
Statement showing calculation of Net Income:
|
Sl.No. |
Particulars |
Amount |
|
1 |
Sales |
$ 250,000 |
|
2 |
Less : Cost of goods sold |
- $ 105,500 |
|
3 |
Gross Income |
$ 144,500 |
|
4 |
Less : Operating Expenses |
- $ 74,000 |
|
5 |
Less : Income Tax Expense |
- $ 5,000 |
|
6 |
Net Income |
$ 65,500 |
The Net Income is = $ 65,500
The solution is Option a. $ 65,500
Add Answer to:
Aaron Corporation is a
merchandising company. Selected account balances are listed
below:
Sales
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Purchases
112,500...
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