ACC 225 Week 6 Assignment

# 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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