1. Purchases, $96â; Grossâ Sales, $176â; Sales Returns andâAllowances, $15â; Salesâ Discounts, $24â; Operatingâ Expenses,$55â; Netâ Sales, $137â; âFreight-In, $9â; Beginningâ Inventory,$18â; EndingâInventory, $8â; Netâ Purchases, $62â; Cost of GoodsâSold, $ 81
a. The gross profit is __
â(Use parentheses or a minus sign to show a netâ loss.)
b. The net income or net loss is __
2.
âJack's Online Service on April 30 has the following accountâbalances:
Sales
$27,000
Sales Returns and Allowances
$10,000
Purchases
$16,000
FreightminusâIn
$1,700
Purchase Returns and Allow.
$2,200
Purchases Discounts
$1,400
Net purchases for the periodâ are:
3. The entry to record a payment on a $660 account within the3â% discount period would includeâ a: (Round your calculation tothe nearest wholeâ dollar.)
A. debit to Cash for $660.
B. debit to Accounts Payable for $640.
C. debit to Accounts Payable for $660.
D. credit to Purchases for $640.
1. Purchases, $96â; Grossâ Sales, $176â; Sales Returns andâAllowances, $15â; Salesâ Discounts, $24â; Operatingâ Expenses,$55â; Netâ Sales, $137â; âFreight-In, $9â; Beginningâ Inventory,$18â; EndingâInventory, $8â; Netâ Purchases, $62â; Cost of GoodsâSold, $ 81
a. The gross profit is __
â(Use parentheses or a minus sign to show a netâ loss.)
b. The net income or net loss is __
2.
âJack's Online Service on April 30 has the following accountâbalances:
Sales | $27,000 | |
Sales Returns and Allowances | $10,000 | |
Purchases | $16,000 | |
FreightminusâIn | $1,700 | |
Purchase Returns and Allow. | $2,200 | |
Purchases Discounts | $1,400 |
Net purchases for the periodâ are:
3. The entry to record a payment on a $660 account within the3â% discount period would includeâ a: (Round your calculation tothe nearest wholeâ dollar.)
A. debit to Cash for $660.
B. debit to Accounts Payable for $640.
C. debit to Accounts Payable for $660.
D. credit to Purchases for $640.
