On the basis of the accounts listed below, calculate 1 Net sales 2 Cost of goods sold (after adjustment) 3 Gross profit 4 Net income Accounts Payable $6,000 Operating Expenses 2,000 J Jensen, Capital 19,400 Cost of Goods Sold 4,137 Ending Inventory , December 31, 2019 1,250 Sales 10,210 Accounts Re...

a Net sales is 9541 Sales 10200 Sales R A 275 Sal ...

On the basis of the accounts listed below, calculate 1. Net sales 2. Cost of goods sold

Question:

On the basis of the accounts listed below, calculate

1. Net sales

2. Cost of goods sold (after adjustment)

3. Gross profit

4. Net income

Accounts Payable	$6,000
Operating Expenses	2,000
J.Jensen, Capital	19,400
Cost of Goods Sold	4,137
Ending Inventory, December 31, 2019	1,250
Sales	10,210
Accounts Receivable	1,489
Cash	756
Sales Returns and Allowances	275
Physical Count of Inventory December 31, 2019	1,200
Sales Discount	394

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 =...

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