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

Calculate: (a) net sales, (b) cost of goods sold, (c) gross profit, and (d) net income fr

 Calculate: (a) net sales, (b) cost of goods sold, (c) gross profit, and (d) net income from the following:

Sales$3,000Beginning Inventory$ 500

Sales Discount 50Net Purchases 1,400

Sales Returns and Ending Inventory700

   Allowances 80Operating Expenses 300

95) Calculate: (a) net sales, (b) cost of goods sold, (c) gross profit, and (d) net income from the following:

 

Sales$1,300Beginning Inventory$11

Sales Discount5Net Purchases1,050

Sales Returns and Ending Inventory16

   Allowances15Operating Expenses100

96) Katelyn Marie's Law Firm's unadjusted trial balance includes the following:

Cash$4,200

Unearned Legal Fees1,200

Legal Fees Revenue14,400

 

Using the above data, record the adjusting entry for $1,000 of the unearned legal fees earned.

Dec 07 2019 View more View Less

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