Faust Company uses the perpetual inventory system. Faust sold goods that cost $6,400 for $10,800. The...
Faust Company uses the perpetual inventory system. Faust sold goods that cost $6,400 for $10,800. The sale was made on account. What is the net effect of the sale on the company’s financial statements?
Homework Answers
Account receivable increase by $10,800
Merchandise inventory reduced by $6,400
Net increase in assets = $10,800 - $6,400 = $4,400
The profit from sale = $10,800 - $6,400 = $4,400
Retained earnings increase by $4,400
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Faust Company uses the perpetual inventory system. Faust sold
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