Homework Answers
| Multiple-step income statement for the year ended December 31, 2018:- | ||||
| TRITON DPARTMENT STORE | ||||
| Income Statement | ||||
| For the Year Ended December 31, 2018 | ||||
| Revenue | ||||
| Sales Revenue | $ 374,000 | |||
| Cost of Goods sold | ||||
| Beginning merchandise inventory | $ 37,800 | |||
| Add: | Merchandise net purchases | |||
| Merchandise purchases | $ 295,000 | |||
| Add: Freight in | $ 300 | |||
| Less: Puchases returns and allowances | $ 109,000 | |||
| Less: Purchase Discounts | $ 6,400 | |||
| Merchandise net purchases | $ 179,900 | |||
| Goods available for sale | $ 217,700 | |||
| Less: | Ending merchandise inventory | $ 36,300 | ||
| Cost of Goods sold | $ 181,400 | |||
| Gross Profit (Loss) | $ 192,600 | |||
| Operating Expenses | ||||
| Selling Expense | $ 41,700 | |||
| Administrative Expense | $ 26,600 | |||
| Total Operating Expenses | $ 68,300 | |||
| Income from Operations | $ 124,300 | |||
| Other Expenses and losses | ||||
| Interest Expense | $ 3,700 | |||
| Income before Taxes | $ 120,600 | |||
| Closing Journal entries | ||||
| Date | Particulars | Debit | Credit | |
| Dec 31 | ||||
| 1 | Merchandise Inventory (ending) | $36,300 | ||
| Cost of Goods sold | $181,400 | |||
| Merchandise Inventory (beginning) | $37,800 | |||
| Puchases Account | $179,900 | |||
| (To record inventory and cost of goods sold) | ||||
| 2 | Sales Revenue | $374,000 | ||
| Income Summary | $374,000 | |||
| (To close revenue account) | ||||
| 3 | Income Summary | $253,400 | ||
| Cost of Goods sold | $181,400 | |||
| Selling Expense | $41,700 | |||
| Administrative expense | $26,600 | |||
| Interest Expense | $3,700 | |||
| (To close expense accounts) | ||||
| 4 | Income Summary (374000-253400) | $120,600 | ||
| Retained Earnings | $120,600 | |||
| (To close income summary) | ||||
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