The following information was taken from Jackson Company's accounting records for 2017:
sales revenue ............................. $247,000freight-in ................................ 15,000purchase returns .......................... 8,000rent expense .............................. 28,000beginning inventory ....................... 22,000bad debt expense .......................... 19,000purchases ................................. 86,000cost of goods sold ........................ ?freight-out ............................... 10,000sales discounts ........................... 12,000allowance for doubtful accounts ........... 18,000purchase discounts ........................ ?income tax expense ........................ 24,000ending inventory .......................... 17,000
Jackson Company reported a net income of $65,000 for 2017.
Calculate the amount of purchase discounts reported by Jackson Company during 2017. Do notuse decimals in your answer.
The following information was taken from Jackson Company's accounting records for 2017:
sales revenue ............................. $247,000freight-in ................................ 15,000purchase returns .......................... 8,000rent expense .............................. 28,000beginning inventory ....................... 22,000bad debt expense .......................... 19,000purchases ................................. 86,000cost of goods sold ........................ ?freight-out ............................... 10,000sales discounts ........................... 12,000allowance for doubtful accounts ........... 18,000purchase discounts ........................ ?income tax expense ........................ 24,000ending inventory .......................... 17,000
Jackson Company reported a net income of $65,000 for 2017.
Calculate the amount of purchase discounts reported by Jackson Company during 2017. Do notuse decimals in your answer.
Related questions
Question 10 (15 points)
The following is a partial Adjusted Trial Balance for Alpha Company for the month:
| Alpha Company | ||
| Adjusted Trial Balance (partial) | ||
| January 31, 2016 | ||
| Accounts | Debit | Credit |
| Inventory | $2,750 | |
| Sales | $11,500 | |
| Sales Discounts | 200 | |
| Sales Returns & Allowances | 1,200 | |
| Purchases | 4,000 | |
| Purchases Discounts | 150 | |
| Purchase Returns & Allowances | 450 | |
| Freight In | 50 | |
| Advertising Expense | 150 | |
| Depreciation Expense | 130 | |
| Freight Out | 70 | |
| Income Tax Expense | 500 | |
| Salaries Expense | 550 | |
| Utilities Expense | 100 | |
Additionally, Inventory for December 31, 2015 was $2,600. Prepare a multiple-step income statement.
What amount should Alpha Company report on a Multi-Step Income Statement for the following items:
1. Net Sales
2. Cost of Goods Available for Sales
3. Gross Profit
4. General & Administrative Expenses
5. Income before Taxes
| divide these accounts into current assets, long term assets,laibilities and long term laibilities? CASH |
| INVESTMENT SECURITIES--AVAILABLE FORSALE |
| ACCRUED INTEREST RECEIVABLE |
| ACCOUNTS RECEIVABLE |
| ALLOWANCE FOR DOUBTFUL ACCOUNTS |
| ALLOWANCE FOR SALES RETURNS ANDALLOWANCES |
| MERCHANDISE INVENTORY |
| PREPAID INSURANCE |
| STORE SUPPLIES |
| LAND |
| BUILDING |
| ACCUMULATED DEPRECIATION--BUILDING |
| OFFICE AND STORE EQUIPMENT |
| ACCUMULATED DEPRECIATION--OFFICE &STORE EQUIPMENT |
| DELIVERY TRUCKS |
| ACCUMULATED DEPRECIATION--DELIVERYTRUCKS |
| ACCOUNTS PAYABLE |
| FICA TAXES PAYABLE |
| WITHHOLDING TAXS PAYABLE |
| UNEMPLOMENT TAEXES PAYABLE |
| UNION DUES PAYABLE |
| SALARIES AND WAGES PAYABLE |
| ACCRUED UTILITIES PAYABLE |
| MORTGAGE PAYABLE |
| ACCURED INTEREST PAYABLE |
| COMMON STOCK |
| PIC IN EXCESS OF PAR |
| RETAINED EARNINGS |
| SALES |
| SALES RETURNS AND ALLOWANCES |
| SALES DISCOUNTS |
| INTEREST REVENUE |
| PURCHASES |
| PURCHASE RETURNS AND ALLOWANCES |
| PURCHASE DISCOUNTS |
| FREIGHT-IN |
| COST OF GOODS SOLD |
| SALARIES AND WAGES EXPENSE |
| PAYROLL TAX EXPENSE |
| ADVERTISING EXPENSE |
| REPAIR EXPENSE |
| SUPPLIES EXPENSE |
| UTILITIES EXPENSE |
| INSURANCE EXPENSE |
| DEPRECATION EXPENSE |
| DOUBTFUL ACCOUNT EXPENCE |
| INTEREST EXPENSE |
