Calculate (a) net sales, (b) cost of goods sold, (c) gross profit, and (d) net income from the following:
Sales$2,200Beginning Inventory $65
Sales Discount50 Net Purchases1,320
Sales Returns and Allowances25Ending Inventory51
106) Brady Company's unadjusted trial balance includes the following:
Unearned Legal Fees600
Legal Fees Revenue7,200
The accounting department has been notified that legal services in the amount of $400 have been performed for clients who had previously paid in advance. Prepare the appropriate adjusting entry.
107) Lemieux and Company purchased merchandise costing $4,000. Calculate the cost of goods sold under the following different situations:
a. Beginning inventory $400 and no ending inventory.
b. Beginning inventory $500 and $600 ending inventory.
c. No beginning inventory and a $300 ending inventory.
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