Question: May someone please help and show how you got the answers on Jan. I was $175,200. Purchases were $438,100. Merchandise inventory on Dec.3 Belgo's year-end
on Jan. I was $175,200. Purchases were $438,100. Merchandise inventory on Dec.3 Belgo's year-end sales were $1,138,500. Returns were $70,300. Merchandise inventory was $95,600. Use the sample income statement in the lesson and the figures below to complete the income statement. Calculate each amount as a percent of net sales BELGO'S HOME FURNISHINGS INCOME STATEMENT For the Year Ended December 1992 Revenue: Percent of Net Sales 1. 2. 3. 4. 5. 6. * Sales Less: Returns Net sales Cost of goods sold: Merchandise Inventory, Jan. 1 Purchases COG available for sale, Jan. 1 Less: Mdse Inv., Dec. 31 Cost of goods sold Gross profit .... Operating expenses: Salaries expense Supplies expense. Office expense Utilities expense Miscellaneous expense........... Total operating expense Net income.... *** $403,200 25,300 19,200 34,700 18.500 7 8. 9. 10. 11. 12. 13. Noi o
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