The following are selected account balances for Streamline Services: Selling Expenses $500 Interest Expense 42 Purchases...
The following are selected account balances for Streamline
Services:
| Selling Expenses |
$500 |
| Interest Expense |
42 |
| Purchases |
2,300 |
| Sales |
7,900 |
| Accounts Payable |
90 |
| Ending Inventory | ? |
| Prepaid Insurance |
84 |
| Net Sales |
7,430 |
| Purchase Discounts |
158 |
| Beginning Inventory |
300 |
| Sales Returns and Allowances | ? |
| Purchase Returns and Allowances |
180 |
| Cost of Goods Sold |
1,500 |
| Sales Discounts |
260 |
Required:
Prepare a partial income statement through gross profit on sales.
Do not prepare the heading.
Homework Answers
Partial income statement
| Revenue | ||
| Sales revenue | 7900 | |
| Less; Sales return and allowance | -210 | |
| Less; Sales discount | -260 | |
| Net Sales | 7430 | |
| Cost of goods sold | ||
| Beginning inventory | 300 | |
| Net purchase (2300-158-180) | 1962 | |
| Cost of goods available for sale | 2262 | |
| Less: Ending inventory | -762 | |
| Cost of goods sold | 1500 | |
| Gross profit | 5930 |
Add Answer to:
The following are selected account balances for Streamline
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Interest Expense
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Purchases...
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