ACC 225 Week 6 Assignment - Albin Company 1 Calculate net...

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Unformatted text preview: Albin Company 1. Calculate net sale's for the year Date 31-Mar-05 Sales $318,000.00 Less: sales discounts $(4,875.00) Less: sales returns and allowances $(21,000.00) Net Sales: $292,125.00 2. Cost of merchandise purchased Date 31-Mar-05 Invoice cost of merchandise purchased $136,500.00 Purchase discounts received $(2,850.00) Purchase returns and allowances $(6,600.00) Costs of transporation in $5,850.00 Total cost of merchandise purchases: $132,900.00 ALBIN COMPANY INCOME STATEMENT Journal Entries FOR THE YEAR ENDED MARCH 31, 2005 Month Date Account Titles and Explanation Debit Credit Mar 31 Sales $318,000.00 Less: Sales discounts $4,875.00 Sales returns and allowances $21,000.00 $25,875.00 Net sales: $292,125.00 Costs of goods sold $123,900.00 Gross profit $168,225.00 Expenses: Selling expenses Sales salaries expense $43,500.00 Rent expense -Selling space $15,000.00 Store supplies expense $3,750.00 Avertising expense $27,000.00 Total selling expense $89,250.00 General and administrative expense Office salaries expense $39,750.00 Rent expense - Office space $3,900.00 Office supplies expense $1,200.00 Total general and administrative expenses $44,850.00 Total expenses: $134,100.00 Net income $34,125.00 ALBIN COMPANY INCOME STATEMENT Journal Entries FOR THE YEAR ENDED MARCH 31, 2005 Month Date Account Titles and Explanation Debit Credit Mar 31 Net sales $292,125.00 Expenses: Costs of goods sold...
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This note was uploaded on 02/21/2012 for the course ACC 225 acc 225 taught by Professor Unknown during the Spring '10 term at University of Phoenix.

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ACC 225 Week 6 Assignment - Albin Company 1 Calculate net...

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