Piccola - purchased. 3) The trial balance of J. Harlow...

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1) Piccola provides the following information for the month ended October 31,2006: Sales on credit $280,000, cash sales $100,000 sales discounts $13,000, sales returns and allowances $21,000. Prepare the sales revenues section of the income statement based on this information. 2) Assume that E.Guard Compay uses a periodic inventory system and has these account balances: PUrchases $400,000; Purchase returns and allowances $11,000; Purchase Discounts $8,000; and Freight-in $16,000. Determine net urchases and cost of goods
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Unformatted text preview: purchased. 3) The trial balance of J. Harlow Company at the end of its fiscal year, August 31,2006, includes these accounts: Merchandise Inventory $17,200; Purchases $144,000; Sales $190,000; Freight-in $4,000; Sales Returns and Allowances $3,000; Freight-out $1,000; and Purchase Returns and Allowances $2,000. The ending merchandise inventory is $25,000. Prepare a cost of goods sold section for the year ending August 31 (periodic inventory...
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