The Baba Traders, owned by Zhang Ying, had the following on hand at 1 June 2023...

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The Baba Traders, owned by Zhang Ying, had the following on hand at 1 June 2023 Cash $100,000 Inventory $20,000 Baba Traders, uses the periodic inventory method of recording for retailing June 2023 2 15 Baba Traders purchased inventory on account from Western Digital Ltd for $80,000 Baba Traders returned goods that had cost $5,000 to Western Digital Ltd Baba Traders paid the amount owing to Western Digital less 10% settlement discount. Put any payment after any discount 22 Sold goods on account to Westpac for $40,000 (cost price $16,000) 24 Goods were returned to Baba Traders by Westpac sold for $2,000 (cost price $800) Baba Traders received full settlement from Westpac less 5% Put any receipt after any discount 30 A physical stocktake revealed inventory on hand of $78,000 int. Required Prepare the Income Statement to Gross Profit extract for the month of June 2023 Ensure you use the Income Statement template order as in the Lecture 3 Revenue Baba Traders Income Statement to Gross Profit Extract for the month ended 30 June 2023 $ Less Cost of Goods Sold Gross Profit ◄► ◄► 44 Periodic - Income Statement extract Income Statement for Kogan Pty Ltd For the week ended 7th January 2020 Income Sales Less Sales Returns Less Cost of Goods Sold Inventory (beg) Add Purchases Less Purchases Returns Net Purchases Goods Available for sale Less Inventory (end) Gross Profit MONASH College 8,000 (600) EA $ 3,600 $ 13,260 (480) 12,780 7,400 11,000 (1,760) (9,240) 3,540 MONASH University The Baba Traders, owned by Zhang Ying, had the following on hand at 1 June 2023 Cash $100,000 Inventory $20,000 Baba Traders, uses the periodic inventory method of recording for retailing June 2023 2 15 Baba Traders purchased inventory on account from Western Digital Ltd for $80,000 Baba Traders returned goods that had cost $5,000 to Western Digital Ltd Baba Traders paid the amount owing to Western Digital less 10% settlement discount. Put any payment after any discount 22 Sold goods on account to Westpac for $40,000 (cost price $16,000) 24 Goods were returned to Baba Traders by Westpac sold for $2,000 (cost price $800) Baba Traders received full settlement from Westpac less 5% Put any receipt after any discount 30 A physical stocktake revealed inventory on hand of $78,000 int. Required Prepare the Income Statement to Gross Profit extract for the month of June 2023 Ensure you use the Income Statement template order as in the Lecture 3 Revenue Baba Traders Income Statement to Gross Profit Extract for the month ended 30 June 2023 $ Less Cost of Goods Sold Gross Profit ◄► ◄► 44 Periodic - Income Statement extract Income Statement for Kogan Pty Ltd For the week ended 7th January 2020 Income Sales Less Sales Returns Less Cost of Goods Sold Inventory (beg) Add Purchases Less Purchases Returns Net Purchases Goods Available for sale Less Inventory (end) Gross Profit MONASH College 8,000 (600) EA $ 3,600 $ 13,260 (480) 12,780 7,400 11,000 (1,760) (9,240) 3,540 MONASH University

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