B-05.06 Problem

B-05.06 Problem - Purchases returns and allowances 2,500...

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B-05.06 Partial information follows about net sales, net purchases, cost of goods sold, gross profit, total expenses, and net income for Slabaugh Company. Compute the missing values. NET SALES Sales 800,000 $ Sales discounts 20,000 Sales returns and allowances ? Net sales 735,000 NET PURCHASES Purchases 400,000 $ Freight-in 20,000 Purchases discounts ?
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Unformatted text preview: Purchases returns and allowances 2,500 Net purchases 413,500 COST OF GOODS SOLD Beginning inventory 85,400 $ Ending inventory 74,500 Cost of goods sold ? GROSS PROFIT Gross profit ? TOTAL EXPENSES Rent 36,000 $ Salaries 145,700 Utilities 12,300 Freight-out ? Other 24,100 Total expenses 242,200 NET INCOME Net income ?...
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This note was uploaded on 02/29/2012 for the course ACCOUNTING 101 taught by Professor Hudack during the Spring '11 term at FIU.

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