The trial balance of Jangles Corporation at the end of its fiscal year, August 31, 2014, includes

Question:

The trial balance of Jangles at the end of its fiscal year, August 31, 2014, includes the following accounts: Purchases $ 151,600; Sales Revenue $250,000; Freight in $4,000; Sales Returns and Allowances $4,000; Freight-out $1,000; and Purchase Returns and Allowances $21,000. Inventory on September I, 2013, was $22,800 and on August 31, 2014, is $21,500.
Instructions
Prepare the cost of goods sold section of the statement of comprehensive income for the year ending August 31.
Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...