Question: Can anyone help me with accounting problems ? Near 2 Year 3 Year Sales Cost of goods sold Gross margin Other expenses Profit before taxes

 Can anyone help me with "accounting" problems ? Near 2 Year

Can anyone help me with "accounting" problems ?

Near 2 Year 3 Year Sales Cost of goods sold Gross margin Other expenses Profit before taxes Tax expense Net income Cost of goods s$12.011 S11,545 $ 10.000 3.011 2992 2 08,976 6.201 2.799 8,659 2655505551) 2.363 1110 L019 1418 2 100 ( 6. Case (35') Luft Corporation's accounts had the following beginning balances: Account Dr Cr. Account payable Account receivable Accumulated depreciation Allowance for doubtful accounts $ 3,070 $2,160 2,800 70 1,440 6,200 1,730 Fixed assets (at cost) Inventories Note payable (current) Owners' equity 600 During the period, the following transactions occurred: 1. Purchased inventory on account, $1,300 P 2. Paid employees, $730., EA 3. Sold goods for cash, $1,940. keveuts 4. Sold goods on credit, $1,810. A 5. Overhead and other expenses paid in cash, $900, n e ta, a b 6. Collection of accounts receivable, S1,510 AR 7. Paid certain accounts payable, $1,720, AP 8. Received cash for revenue applicable to the next period, $650. 9. Increased the current note payable by $200. 10. Physical inventory showed ending balance of $1,750. 1 11. Depreciation expense, $300. Required a. Set up T accounts and post beginning balances and transactions. b. Determine the cost of goods sold. c. Prepare an ending balance sheet. d. Prepare an income statement for the period (ignore taxes). 2

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