Lab 7 March 13 08-1

Lab 7 March 13 08-1 - 10 sold land IA 11,200 (10,000) 1,200...

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Lab 7 Cash Inventory Land = Retained Earnings Event Amount Account Balances 50,000 6,000 10,000 - 36,000 30,000 1 Merch on Acc 32,000 32,000 2 Paid shipping-in OA (1,200) 1,200 3 Returned merch (1,000) (1,000) 4 discount (620) (620) 5 paid a/p OA (30,380) (30,380) 6 sales rev Oa 42,000 42,000 Sales Rev 7 costs of goods sold (30,000) (30,000) Cost of goods 8 paid shipping out OA (1,900) (1,900) shipping out 9 paid sell exp OA (8,000) (8,000) selling exp
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Unformatted text preview: 10 sold land IA 11,200 (10,000) 1,200 gain on sale 61,720 7,580 - - - 36,000 33,300 Income Statement Net sales 42,000 100% Cost of goods sold (3,000) 71.4% Gross margin 12,000 28.6% Less: Operating Expenses Selling Exp (8,000) 19.0% Trasnporation out (1,900) 4.5% Operating Income 2,100 5.0% Nonoperating itiems Gain on land sale 1,200 2.9% Net income 3,300 7.9% Cash Flow Accounts Payable Com. Stock...
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