Homework Answers
Income statement
For the year ended August 31,2022
| Beginning inventory | 23300 | |
| Purchase | 186300 | |
| Less: Purchase return and allowance | -7010 | |
| Net purchase | 179290 | |
| Add: Freight in | 7890 | |
| Cost of purchase | 187180 | |
| Cost of goods available for sale | 210480 | |
| Less: Ending inventory | -22000 | |
| Cost of goods sold | 188480 | |
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The trial balance of Skysong, Inc. at the end of s caleAugust 31.2022. Includes the 32.100and...
The trial balance of Skysong, Inc. at the end of its fiscal year, August 31, 2022,...
The trial balance of Skysong, Inc. at the end of its fiscal year, August 31, 2022, includes these accounts: Beginning Inventory $23,300; Purchases $186,330; Sales Revenue $192,400; Freight-in $7,990; Sales Returns and Allowances $5,370; Freight-Out $3,100; and Purchase Returns and Allowances $7,010. The ending inventory is $22,000. Prepare a cost of goods sold section (periodic system) for the year ending August 31, 2022. Skysong, Inc. Income Statement August 31, 2022 Inventory, September 1, 2021 VI Less Net Purchases Cost of...
The trial balance of Monty Corp. at the end of its fiscal year, August 31, 2022,...
The trial balance of Monty Corp. at the end of its fiscal year, August 31, 2022, includes these accounts: Beginning Inventory $23,090; Purchases $220,970; Sales Revenue $189,200; Freight-In $9,140; Sales Returns and Allowances $4,630; Freight-Out $1,230; and Purchase Returns and Allowances $7,820. The ending inventory is $21,600. Prepare a cost of goods sold section (periodic system) for the year ending August 31, 2022. Monty Corp. Income Statement 5
Question 9 The trial balance of Cullumber Company at the end of its fiscal year, August...
Question 9 The trial balance of Cullumber Company at the end of its fiscal year, August 31, 2017, includes these accounts: Beginning Inventory $18,930; Purchases $230,920; Sales Revenue $205,600; Freight-In $8,490; Sales Returns and Allowances $4,650; Freight-Out $2,100; and Purchase Returns and Allowances $5,030. The ending inventory is $20,700. Prepare a cost of goods sold section (periodic system) for the year ending August 31, 2017. CULLUMBER COMPANY Income Statement We were unable to transcribe this image
Exercise 5-12 The trial balance of Ivanhoe Company at the end of its fiscal year, August...
Exercise 5-12 The trial balance of Ivanhoe Company at the end of its fiscal year, August 31, 2017, includes these accounts: Beginning Inventory $24,450; Purchases $194,940; Sales Revenue $195,900; Freight-In $9,740; Sales Returns and Allowances $4,620; Freight-Out $1,690; and Purchase Returns and Allowances $5,810. The ending inventory is $20,500. Prepare a cost of goods sold section (periodic system) for the year ending August 31, 2017. IVANHOE COMPANY Income Statement Click if you would like to Show Work for this question:...
The following is the trial balance of Skysong Corporation at December 31, 2020. SKYSONG CORPORATION TRIAL...
The following is the trial balance of Skysong Corporation at
December 31, 2020.
SKYSONG CORPORATION
TRIAL BALANCE
DECEMBER 31, 2020
Debits
Credits
Purchase Discounts
$13,000
Cash
$246,610
Accounts Receivable
136,500
Rent Revenue
23,400
Retained Earnings
208,000
Salaries and Wages Payable
23,400
Sales Revenue
1,430,000
Notes Receivable
143,000
Accounts Payable
63,700
Accumulated Depreciation—Equipment
36,400
Sales Discounts
18,850
Sales Returns and Allowances
22,750
Notes Payable
91,000
Selling Expenses
301,600
Administrative Expenses
128,700
Common Stock
390,000
Income Tax Expense
70,070
Cash Dividends
58,500...
The adjusted trial balance of Skysong, Inc. at December 31, 2020, includes the following accounts: Common...
The adjusted trial balance of Skysong, Inc. at December 31, 2020, includes the following accounts: Common Stock $17,600, Dividends $7,700, Service Revenue $37,400, Salaries and Wages Expense $15,600, Insurance Expense $1.200, Rent Expense $4,000, Supplies Expense $2,400, and Depreciation Expense $1,600. Prepare an income statement for the year. Skysong, Inc. Income Statement $
Question 2 --/1 View Policies Current Attempt in Progress The trial balance of Swifty Corporation at...
Question 2 --/1 View Policies Current Attempt in Progress The trial balance of Swifty Corporation at the end of its fiscal year, August 31, 2022, includes these accounts: Beginning Inventory $18,650; Purchases $227,110; Sales Revenue $208,200; Freight-In $9,560; Sales Returns and Allowances $3,440; Freight-Out $1,810; and Purchase Returns and Allowances $8,000. The ending inventory is $23,400. Prepare a cost of goods sold section (periodic system) for the year ending August 31, 2022.
Exercise 5-13 The trial balance of Skysong, Inc. at the end of its fiscal year, August...
Exercise 5-13
The trial balance of Skysong, Inc. at the end of its fiscal
year, August 31, 2022, includes these accounts: Beginning Inventory
$23,300; Purchases $186,330; Sales Revenue $192,400; Freight-In
$7,890; Sales Returns and Allowances $5,370; Freight-Out $3,100;
and Purchase Returns and Allowances $7,010. The ending inventory is
$22,000.
Prepare a cost of goods sold section (periodic system) for the year
ending August 31, 2022.
Skysong, Inc.
Income Statement
choose the accounting period
August 31, 2022For the Month Ended August...
The adjusted trial balance of Windsor, Inc. shows these data pertaining to sales at the end...
The adjusted trial balance of Windsor, Inc. shows these data pertaining to sales at the end of its fiscal year, October 31, 2022: Sales Revenue $908,100; Freight-Out $13,400; Sales Returns and Allowances $19,800; and Sales Discounts $14,500. Prepare the sales section of the income statement. Windsor, Inc. Income Statement (Partial) $ $
The adjusted trial balance of Tamarisk, Inc. shows these data pertaining to sales at the end...
The adjusted trial balance of Tamarisk, Inc. shows these data pertaining to sales at the end of its fiscal year, October 31, 2022: Sales Revenue $904,700; Freight-Out $12,500; Sales Returns and Allowances $20,900; and Sales Discounts $14,700. Prepare the sales section of the income statement. Tamarisk, Inc. Income Statement (Partial)
The trial balance of Skysong, Inc. at the end of its fiscal year, August 31, 2022, includes these accounts: Beginning Inventory $23,300; Purchases $186,330; Sales Revenue $192,400; Freight-in $7,990; Sales Returns and Allowances $5,370; Freight-Out $3,100; and Purchase Returns and Allowances $7,010. The ending inventory is $22,000. Prepare a cost of goods sold section (periodic system) for the year ending August 31, 2022. Skysong, Inc. Income Statement August 31, 2022 Inventory, September 1, 2021 VI Less Net Purchases Cost of...
The trial balance of Monty Corp. at the end of its fiscal year, August 31, 2022, includes these accounts: Beginning Inventory $23,090; Purchases $220,970; Sales Revenue $189,200; Freight-In $9,140; Sales Returns and Allowances $4,630; Freight-Out $1,230; and Purchase Returns and Allowances $7,820. The ending inventory is $21,600. Prepare a cost of goods sold section (periodic system) for the year ending August 31, 2022. Monty Corp. Income Statement 5
Question 9 The trial balance of Cullumber Company at the end of its fiscal year, August 31, 2017, includes these accounts: Beginning Inventory $18,930; Purchases $230,920; Sales Revenue $205,600; Freight-In $8,490; Sales Returns and Allowances $4,650; Freight-Out $2,100; and Purchase Returns and Allowances $5,030. The ending inventory is $20,700. Prepare a cost of goods sold section (periodic system) for the year ending August 31, 2017. CULLUMBER COMPANY Income Statement We were unable to transcribe this image
Exercise 5-12 The trial balance of Ivanhoe Company at the end of its fiscal year, August 31, 2017, includes these accounts: Beginning Inventory $24,450; Purchases $194,940; Sales Revenue $195,900; Freight-In $9,740; Sales Returns and Allowances $4,620; Freight-Out $1,690; and Purchase Returns and Allowances $5,810. The ending inventory is $20,500. Prepare a cost of goods sold section (periodic system) for the year ending August 31, 2017. IVANHOE COMPANY Income Statement Click if you would like to Show Work for this question:...
The following is the trial balance of Skysong Corporation at
December 31, 2020.
SKYSONG CORPORATION
TRIAL BALANCE
DECEMBER 31, 2020
Debits
Credits
Purchase Discounts
$13,000
Cash
$246,610
Accounts Receivable
136,500
Rent Revenue
23,400
Retained Earnings
208,000
Salaries and Wages Payable
23,400
Sales Revenue
1,430,000
Notes Receivable
143,000
Accounts Payable
63,700
Accumulated Depreciation—Equipment
36,400
Sales Discounts
18,850
Sales Returns and Allowances
22,750
Notes Payable
91,000
Selling Expenses
301,600
Administrative Expenses
128,700
Common Stock
390,000
Income Tax Expense
70,070
Cash Dividends
58,500...
The adjusted trial balance of Skysong, Inc. at December 31, 2020, includes the following accounts: Common Stock $17,600, Dividends $7,700, Service Revenue $37,400, Salaries and Wages Expense $15,600, Insurance Expense $1.200, Rent Expense $4,000, Supplies Expense $2,400, and Depreciation Expense $1,600. Prepare an income statement for the year. Skysong, Inc. Income Statement $
Exercise 5-13
The trial balance of Skysong, Inc. at the end of its fiscal
year, August 31, 2022, includes these accounts: Beginning Inventory
$23,300; Purchases $186,330; Sales Revenue $192,400; Freight-In
$7,890; Sales Returns and Allowances $5,370; Freight-Out $3,100;
and Purchase Returns and Allowances $7,010. The ending inventory is
$22,000.
Prepare a cost of goods sold section (periodic system) for the year
ending August 31, 2022.
Skysong, Inc.
Income Statement
choose the accounting period
August 31, 2022For the Month Ended August...
The adjusted trial balance of Windsor, Inc. shows these data pertaining to sales at the end of its fiscal year, October 31, 2022: Sales Revenue $908,100; Freight-Out $13,400; Sales Returns and Allowances $19,800; and Sales Discounts $14,500. Prepare the sales section of the income statement. Windsor, Inc. Income Statement (Partial) $ $
The adjusted trial balance of Tamarisk, Inc. shows these data pertaining to sales at the end of its fiscal year, October 31, 2022: Sales Revenue $904,700; Freight-Out $12,500; Sales Returns and Allowances $20,900; and Sales Discounts $14,700. Prepare the sales section of the income statement. Tamarisk, Inc. Income Statement (Partial)
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