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 |
Homework Answers
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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