Business, 29.08.2019 02:30, blondielocks2002

Account
debit
debit
credit
credit
merchandise inventory, 7/1/15
32,000
sales
380,000
sales returns
12,000
purchases
240,000
purchase discounts
6,000
purchase returns
1
exercise 8-3 determining cost of goods sold; periodic inventory system [lo8-1]
askew company uses a periodic inventory system. the june 30, 2016, year-end trial balance for the company contained the following information:
account
debit
debit
credit
credit
merchandise inventory, 7/1/15
32,000
sales
380,000
sales returns
12,000
purchases
240,000
purchase discounts
6,000
purchase returns
10,000
freight-in
17,000
in addition, you determine that the june 30, 2016, inventory balance is $40,000.
required:
1.
calculate the cost of goods sold for the askew company for the year ending june 30, 2016.
2.
prepare the year-end adjusting entry to record cost of goods sold. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)

Answers: 1

Show answers

Other questions on the subject: Business

Business, 21.06.2019 14:40, LilBrookilyn2701

Which website did you use to find the image you used in your career presentation? complete sentences are not necessary.

Answers: 1

continue

Business, 22.06.2019 11:30, pettygirl13

Florence invested in a factory requiring. federally-mandated reductions in carbon emissions. how will this impact florence as the factory's owner? a. her factory will be worth less once the upgrades are complete. b. her factory will likely be bought by the epa. c. florence will have to invest a large amount of capital to update the factory for little financial gain. d. florence will have to invest a large amount of capital to update the factory for a large financial gain.

Answers: 1

continue

Business, 22.06.2019 14:30, Hannahdavy5434

Stella company sells only two products, product a and product b. product a product b total selling price $50 $30 variable cost per unit $20 $10 total fixed costs $2,110,000 stella sells two units of product a for each unit it sells of product b. stella faces a tax rate of 40%. stella desires a net afterminustax income of $54,000. the breakeven point in units would be

Answers: 3

continue

Business, 22.06.2019 20:40, ninjaben

On january 1, 2017, pharoah company issued 10-year, $2,020,000 face value, 6% bonds, at par. each $1,000 bond is convertible into 16 shares of pharoah common stock. pharoah’s net income in 2017 was $317,000, and its tax rate was 40%. the company had 97,000 shares of common stock outstanding throughout 2017. none of the bonds were converted in 2017. (a) compute diluted earnings per share for 2017. (round answer to 2 decimal places, e. g. $2.55.) diluted earnings per share

Answers: 3

continue

Do you know the correct answer?

Account
debit
debit
credit
credit
merchandise inventory, 7/1/15
...