Determine the beginning inventory of a business having:
Beginning Capital balance of $11,000
No additional investments or withdrawals
Net sales of $43,500
Net purchases $26,000
Ending inventory of $4,250
Ending Capital balance of $10,000
Operating expenses of $16,500
87) The following amounts are on the Mungh Company worksheet for the month ended September 30, 2014.
Required: Calculate the following:
(c)Net cost of purchases
(d)Goods available for sale
(e)Cost of goods sold
ACCOUNT Debit Credit
Sales Returns and Allowances2
Purchases Returns and Allowanses2
88) The following accounts are on the Balance Sheet section of Appleton Company worksheet for the month ended July 31, 2013. Required: Prepare a classified balance sheet.
ACCOUNT Debit Credit
Accum. Amort., Store Equip.3
Appleton, Capital 4
Additional information Withdrawals for the period are $2, and Net Income is $6.
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