Assume that Blossom Company uses a periodic inventory system and has these account balances: Purchases $427,400; Purchase Returns and Allowances $10,300; Purchase Discounts $8,000; and Freight-in $18,000. Blossom Company has beginning inventory of $61,300, ending inventory of $91,600, and net sales of $642,400. Determine the amounts to be reported for cost of goods sold and gross profit.

Which of the following is not a characteristic of a weak economy? a. a low employment rateb. a high inflation ratec. a decreased gdpd. a high unemployment rate

To : of $25 up to 35 2 35 up to 45 5 45 up to 55 7 55 up to 65 20 65 up to 75 16 is$25 up to $35 ?

Tri fecta, a partnership, had revenues of $369,000 in its first year of operations. the partnership has not collected on $45,000 of its sales and still owes $39,500 on $155,000 of merchandise it purchased. there was no inventory on hand at the end of the year. the partnership paid $27,000 in salaries. the partners invested $48,000 in the business and $23,000 was borrowed on a five-year note. the partnership paid $2,070 in interest that was the amount owed for the year and paid $9,500 for a two-year insurance policy on the first day of business. compute net income for the first year for tri fecta.