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ACC 225 WEEK 6 ASSIGNMENT - ESTIMATING INVENTORY AND PREPARING MULTIPLE-STEP AND SINGLE-STEP INCOME

ACC 225 WEEK 6 ASSIGNMENT - ESTIMATING INVENTORY AND PREPARING MULTIPLE-STEP AND SINGLE-STEP INCOME

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1) BIZKID COMPANY Sales $212,000 Less: Sales Discounts ($3,250) Less: Sales Returns & Allowances ($14,000) Net Sales $194,750 2) Invoice Cost of Merchandise Purchased $91,000 Less: Purchase Discounts Received ($1,900) Less: Purchase Returns & Allowances ($4,400) Cost of Transportation-in $3,900 Total Cost of Merchandise Purchased $88,600 3) BIZKID COMPANY Income Statement For the Year Ended August 31, 2005 Sales $212,000 Less: Sales Discounts $3,250 Less: Sales Returns & Allowances $14,000 $17,250 Net Sales $194,750 Cost of Goods Sold $82,600 Gross Profit $112,150 Expenses: Selling Expenses: Sales Salaries Expense $29,000 Rent Expense - Selling Space $10,000 Store Supplies Expense $2,500 Advertising Expense $18,000 $59,500 General & Adminstrative Expenses: Office Salaries Expense $26,500 Rent Expense - Office Space $2,600 Office Supplies Expense $800 $29,900 Total Expenses $89,400 Net Income $22,750 4) BIZKID COMPANY Income Statement For the Year Ended August 31, 2005 Net Sales $194,750 Expenses: Cost of Goods Sold $82,600 Selling Expenses $59,500 General & Administrative Expenses $29,900 $172,000 Net Income $22,750
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PARKER COMPANY 1) Units Unit Price Total Beginning Inventory 600 $44 $26,400 Feb. 10 200 $40 $8,000 Mar. 13 100 $20 $2,000 Aug. 21 160 $60 $9,600 Sept. 5
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