Question

Practice Question 1 Determine each of the following numbers in the following situations- S158,000 592,000 4,000 3,000 6.000 Purchases Purchase Discounts Purchase Returns and allowances Transportation in Beginning Inventory Cost of goods purchased Ending Inventory Cost of goods sold $ 120,000 2.600 4,400 16.000 34,000 14.000 ? 5.000 2 89.400 4,400 156.000 30.000 2 136.520 Practice Question 2 Fill in the blanks. Identify any losses by putting the amount in brackets. Company A Company B Sales $ 110,000 S 178.000 590.000 S Merchandise inventory (beginning) 8.700 27.100 3875 6,000 ? 22.000 9.875 Merchandise inventory (ending) Gross profit from sales ? ? 39.545 19.775 Profit (Loss) 1,700 18.400 6,275 Income Statement Formats Income statements may be formatted in a variety of ways. Typical formats are: Multiple-Step Classified, Multiple-Step Single-Step

Answer 1

Question 1.

A B С. 92000 158000 120owo Purchases Panchase Discounts Purchare Return & allowanc uooo 10000 2600 3000 Gooo uuoo Transportation - In 4400 luooo I Govo Soos 40400 34000 89 4oo IS 6000 129000 Beginning Muentury Cost of Goods punchese Ending Muentory Cost of goods sold प400 30vuo 2648o 90000 166400 136520

A. Cost of Coals Purchared a Puchan - Discount - Return + Transported 8quou = 92000 Yoou 3ooo + Transpal Transportation =-92000 + how + 30w + 89400 4400 Cost of Goods sold z Opening Inventy + Cost of luchese - Endling Innenty z Sooo +8quoo 4400 ပပပပ

B В Cost g Goods Purchased a kuchese - Discount - Return + Transportaran 156ooo 158000 • Discount how tlhou Penchase Discount = 15 dow Good tluoou - 156000 lovou z Cost of Coals Sold Beginning + Cost og Goods Inventory Puucheseel Endling Inventory 166400 z Buooo • Begining + 156000 Inventry 40400 Beginning Anventory

Cost of Carls Purchased - Ruchose - Descuent - Return + Toonspection = 120000 2600 4400 + 1 Good 129000 Cost of Goods sold Beginning it + Cost of Goals Inventory Purchased Ending Inventing Ending Inuentary 2 26480