balance sheet and multiple income statement

Answer: 1)Net sales = sales revenue - sales returns and allowances - sales discount = $78,000 - $9,800-$2,200 = $78,000 - $12,000 = $66,000 Therefore net sales = $66,000 2) cost of net purchSes = purchases + freight in - purchases returns and allowances - purchase discount = $60,000+ $500 - $4,500 - $1,000 = $60,500 - $5,500 = $55,000 Therefore cost of net purchases = $55,000 3) cost of goods available for sale = finished goods of beginning inventory + net purchases = $10,000+$55,000 = $65,000 Therefore cost of goods available for sale = $65,000 4) cost of goods sold = beginning inventory + purchases - ending inventory = $10,000+$55,000-$30,000 = $65,000 - $30,000 = $ 35,000 Therefore cost of goods sold = $35,000 5) gross income / (loss) = net sales - cost of goods sold = $66,000 - $35,000 = $31,000 Therefore gross income = $31,000 6) net income or loss = gross income - operating expenses = $31,000 - Answer: 1)Net sales = sales revenue - sales returns and allowances - sales discount = $78,000 - $9,800-$2,200 = $78,000 - $12,000 = $66,000 Therefore net sales = $66,000 2) cost of net purchSes = purchases + freight in - purchases returns and allowances - purchase discount = $60,000+ $500 - $4,500 - $1,000 = $60,500 - $5,500 = $55,000 Therefore cost of net purchases = $55,000 3) cost of goods available for sale = finished goods of beginning inventory + net purchases = $10,000+$55,000 = $65,000 Therefore cost of goods available for sale = $65,000 4) cost of goods sold = beginning inventory + purchases - ending inventory = $10,000+$55,000-$30,000 = $65,000 - $30,000 = $ 35,000 Therefore cost of goods sold = $35,000 5) gross income / (loss) = net sales - cost of goods sold = $66,000 - $35,000 = $31,000 Therefore gross income = $31,000 6) net income or loss = gross income - operating expenses = $31,000