Question

The following information was taken from the accounting records of Bryan’s Auto Part for the month...

The following information was taken from the accounting records of Bryan’s Auto Part for the month of March, 20--:

Sales                                                                                                   $450,000

Sales Returns and Allowances                                                                     2,410

Sales Discounts                                                                                                 960

Purchases                                                                                                     185,000

Purchases Returns and Allowances                                                             8,540

Purchases Discounts                                                                                      6,560

Freight-In                                                                                                        2,225

Merchandise Inventory, March 1                                                               48,000

Merchandise Inventory, March 31                                                             28,000

Complete a partial income statement for the month of March, showing gross profit.

Sales

   Sales returns and allowances

   Sales discounts

Net sales

Cost of goods sold:

    Merchandise inventory, March 1

   Purchases

      Purchases returns and allowances

      Purchases discounts

   Net purchases

   Freight-in

   Cost of goods purchased

   Goods available for sale

   Merchandise inventory, March 31

    Cost of goods sold

Gross profit

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Answer #1

Income statement of Brayan's auto for the month March

Particulars Amount

Sales 450000

Discount 960

Goods available for sales 449040

less:Sales return and allowance  2410

Net sales

446630

Cost of goods sold:

189900

    Merchandise inventory, March 1

48000

   Purchases 185000

Less:    Purchases discountsost    6,560

Cost of goods purchased 178440

Less: Purchases returns and allowances 8540

Net Purchased

169900

Less: Merchandise inventory, March 31

28000

      Freight-in

2225

Gross profit

254505
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