HW46sol - Sales $240,000 136,000 Gross profit 104,000...

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Problem 46 Part A Trans Assets Liabilities OE Revenue Expenses # Cash Inventory Accts. Payable Sales CGS Selling Exp. Gen. Adm BB 22,800 1 98,000 98,000 2 35,000 35,000 3 95,060 2,940 * 98,000 4 700 700 5 214,000 136,000 240,000 136,000 6 22,000 18,000 22,000 7 15,100 17,560 - 240,000 136,000 18,000 22,000 *Transaction 3: Note that taxes cannot be determined until the income statement $98,000 x 3% discount = $2,940 is prepared. See below. Part B CartonLtd. Income Statement Month Ending Jan. 31, 2012
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Unformatted text preview: Sales $240,000 136,000 Gross profit 104,000 Operating expenses: Selling expenses ### $18,000 Gen.admin. expense 22,000 Total operating expenses 40,000 Income before taxes 64,000 Income taxes expense 21,760 Net income $42,240 Part C There are two product costs: Cost of goods sold and inventory. Both amounts are found as account balances above. Income statement: Balance sheet: Sales Current assets: Cost of goods sold $136,000 Inventory $17,560 Cost of goods sold m. Exp....
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