Use the following information (in random order) from a merchandising company and from a service company. Hint:
Question:
a. For the merchandiser only, compute:
1. Goods available for sale.
2.Cost of goods sold.
3.Gross profit.
b. Compute net income for each company.
Transcribed Image Text:
Kleiner Merchandising Company Krug Service Company Accumulated depreciation. Beginning inventory.. Ending inventory.. Expenses... Net purchases.. Net sales.. $ 700 5,000 1,700 1,450 3,900 9,500 Expenses Revenues $12,500 14,000 Cash Prepaid rent. Accounts payable. Equipment 700 800 200 1,300
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a i Computation of goods available for sale Beginning inventory 5000 Plus Net purchases ...View the full answer
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Related Book For
Financial Accounting Fundamentals
ISBN: 978-1259726910
6th edition
Authors: John Wild, Ken Shaw, Barbara Chiappetta
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