Home / Questions / Calculate (a) net sales, (b) cost of goods sold, (c) gross profit, and (d) net income from
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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