Mgmt_200_Spring_2008_solutions_2-18-08(2,18)

Mgmt_200_Spring_2008_solutions_2-18-08(2,18) - Management...

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Management 200 – Introductory Financial Accounting– Spring 2008 Krannert School of Management - Purdue University Solutions to class assignment for February 18, 2008 E6–2. Sales revenue ($1,000 + $5,000 +$3,000). ........................................... $9,000 Less: Sales returns and allowances ($1,000 from T). .......................... 1,000 Less: Sales discounts ($5,000 collected from S x 3%). ...................... 150 Less: Credit card discounts ($1,000 from R x 2%). ........................... 20 Net sales. ............................................................................................... $7,830 E6–7. 1 SLATE, INCORPORATED Income Statement For the Year Ended December 31, 2007 Amount Percentage Gross sales ($220,000 + $32,000). ............................ $252,000 Less sales returns and allowances. ............................. 7,000 Net sales revenue. ...................................................... 245,000 100% Cost of goods sold. ..................................................... 147,000
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This note was uploaded on 11/22/2009 for the course MGMT 200 taught by Professor Greigg during the Spring '08 term at Purdue.

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Mgmt_200_Spring_2008_solutions_2-18-08(2,18) - Management...

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