Question

Accounting records for High Life Corporation yield the following data for the year ended June 30, 2018 (assume sales returns are non-existent) BH (Click the icon to view the accounting records.) Read the requirements * Data Table Requirement 2. Report ending inventory, sales, cost of good $ leave the box empty, do not salad a label or ant 9.000 57.000 Report the appropriate account(s) on the balance sheet. Inventory, June 30, 2017........... Purchases of inventory (on account)...... Sales of inventory - 80% on account: 20% for cash (cost $50,000)... Inventory at FIFO, June 30, 2018...... 109,000 16.000 Balance Sheet: Current assets: Sales revenue Print Done

report ending inventort , sales , cost of goods sold and gross profit on the appropriate finacial starement

report the appropriate accoints on balance sheet

Answer 1

Credit $ Debit 57,000 $ 57,000 General Journal Inventory Accounts Payable Cash ($109,000 * 20%) Accounts Receivable ($109,000 * 80%) Sales Revenue Cost of Goods Sold Inventory $ 21,800 87,200 $ 109,000 $ 50,000 $ 50,000 $ Income Statement: Sales Cost of goods sold Gross profit 109,000 50,000 59,000 $ Balance Sheet: Current assets: Cash Inventory Current liabilities: Accounts payable 21,800 16,000 57,000