The following information was taken from the accounting records of Bay Village Paving Co. for the...
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The following information was taken from the accounting records of Bay Village Paving Co. for the month of January, 20--: Sales $857,000 Sales Returns and Allowances 1,876 Sales Discounts 627 Purchases 378,000 Purchases Returns and Allowances 9,560 Purchases Discounts 2,760 Freight-In 3,700 Merchandise Inventory, January 1 111,000 Merchandise Inventory, January 31 106,000 Complete a partial income statement for the month of January, showing gross profit. Bay Village Paving Co. Income Statement (partial) For the month ended January 31, 20- Sales Sales returns and allowances Sales discounts Net sales Cost of goods sold: Merchandise inventory, January1 Purchases Sales returns and allowances Sales discounts Net sales Cost of goods sold: Merchandise inventory, January 1 Purchases Purchases returns and allowances Purchases discounts Net purchases Freight-In Cost of goods purchased Goods available for sale Merchandise inventory, January 31 Cost of goods sold Gross profit The following information was taken from the accounting records of Bay Village Paving Co. for the month of January, 20--: Sales $857,000 Sales Returns and Allowances 1,876 Sales Discounts 627 Purchases 378,000 Purchases Returns and Allowances 9,560 Purchases Discounts 2,760 Freight-In 3,700 Merchandise Inventory, January 1 111,000 Merchandise Inventory, January 31 106,000 Complete a partial income statement for the month of January, showing gross profit. Bay Village Paving Co. Income Statement (partial) For the month ended January 31, 20- Sales Sales returns and allowances Sales discounts Net sales Cost of goods sold: Merchandise inventory, January1 Purchases Sales returns and allowances Sales discounts Net sales Cost of goods sold: Merchandise inventory, January 1 Purchases Purchases returns and allowances Purchases discounts Net purchases Freight-In Cost of goods purchased Goods available for sale Merchandise inventory, January 31 Cost of goods sold Gross profit
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Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
Posted Date:
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