Home / Questions / Determine the beginning inventory of a business having: Beginning Capital balance of $11,
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:
(a)Net sales
(b)Net purchases
(c)Net cost of purchases
(d)Goods available for sale
(e)Cost of goods sold
(f)Gross profit
INCOME STATEMENT
ACCOUNT Debit Credit
Sales32
Sales Returns and Allowances2
Sales Discounts1
Income Summary911
Purchases20
Purchases Discount1
Purchases Returns and Allowanses2
Freight-In 1
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.
BALANCE SHEET
ACCOUNT Debit Credit
Cash3
Accounts Receivable5
Merchandise Inventory7
Store Equipment15
Accum. Amort., Store Equip.3
Accounts Payable7
Mortgage Payable12
Appleton, Capital 4
Additional information Withdrawals for the period are $2, and Net Income is $6.
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