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,

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.

Dec 06 2019 Read more Less More

Answer (UnSolved)

question Subscribe To Get Solution

Recent Questions

Chat Now

Welcome to Live Chat

Welcome to MyCourseHelp Services, World's leading Academic solutions provider with Millions of Happy Students.

Please fill in the form