Alvarado Company provides this information for the month ended October 31, 2014: sales on credit $300,000; cash sales $150,000; sales discounts $5,000; and sales returns and allowances $19,000. Prepare the sales section of the income statement based on this information.
Answer to relevant QuestionsSands Company sold goods with a total selling price of $800,000 during the year. It purchased goods for $380,000 and had beginning inventory of $67,000. A count of its ending inventory determined that goods on hand was ...Prepare the journal entries to record these transactions on Kimbrel Company’s books using a periodic inventory system.(a) On March 2, Kimbrel Company purchased $800,000 of merchandise from Pineda Company, terms 2/10, ...The adjusted trial balance of Hodges Company shows these data pertaining to sales at the end of its fiscal year, October 31, 2014: Sales Revenue $900,000; Freight-Out $14,000; Sales Returns and Allowances $22,000; and Sales ...Waters Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, Waters’ ledger showed Cash of $8,000 and Common Stock of $8,000.May 1 Purchased merchandise on account ...At the beginning of the current season, the ledger of Connors’ Tennis Shop showed Cash $3,500; Inventory $1,700; and Common Stock $5,200. The following transactions were completed during April 2014.Apr. 4 Purchased ...
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