Jackson Enterprises Income Statement ForYear Ended December 31, 20- Revenuefromsales: Sales $184,200 Less sales retims and alowances 2,100 Netsales $182,100 Cost of goods sold Merchandse laventory,. Jarwary 1, 20- Estimated Retums laventory, lanuary1, 20-- $30,000 1300 $ 31,300 Purchases $92,000 Less Pirchases retımsand alowances $1 300 Purhases dkcounts 1,856 3,656 Nat pirchases $89,144 A0i frelght-n 933 Costor goodi parchased 90,077 Goods avallableforsale $121,377 Less: Merchandise nventbry, Der. 31,20- Estimated returas nventory, Der. 31,20- Cost of goodi sold Gross proft $27,000 1,177 28,177 9,200 $ 88,900 Operating expenses Wages expense Adverting expense Supples expense Phoneexpense LHIRES experse $ 3,000 1,180 380 2,210 11,000 Insurance epense 900 Depreciation epense-tuldng Depreciation epense-equipment MscHlaneous experse Total operating expenses Income fron operatious Otherrewerues 4,000 3,800 530 62,000 $ 26,900 Inerestrevenue $ 1800 other epenses: Inerest experse 900 900 Het income $ 27,00 Jackson Enterprises Statementof Owners Equity For Year Ended December 31, 20- J.R. Gray, captal, lanuary1,20- Nat lncome for the year $ BR,000 Lesswithdrawak forthe year 11,600 Icrease in capital 16,200 J.R. Gray, aptal, December 31, 20- $104.200 國 Jackson Enterprises Balance Sheet December 31, 20- Assets Curent assets: $20,800 18,900 Accounts recelvatle Merchandbelmentory, Der. 31, 20- $7,000 Estimated reburns inwentory, Dec. 31, 20- 1,177 28,177 1323 Supples Prepaid insuance Totalcument assets Property, plant, and equipment 900 5 70,100 Buldng $90,000 Les accomulated depreciation-tuldng Equpment Les accamulated depreciation-equpment Total property, plant, and equipment Total assets $62,00 28,000 $3,000 7,500 2,500 87,500 $157,600 Labikes Curent labikies: Accounts payatle Ostomer refunds payatle Wages payatle Sales taxpayable Mortgage payatle kurent portion) $1,100 1,500 500 1,200 B00 Totalcument latilties $15,100 Long-tem labiibes: Mortgage payatle Les cument portan Total latiltes $39,100 800 38,300 5 53,400 OWner's Equity J. B.Gay,capital Total labildes and owner'sequky 104,200 $157,600

Jackson Enterprises Income Statement ForYear Ended December 31, 20- Revenuefromsales: Sales $184,200 Less sales retims and alowances 2,100 Netsales $182,100 Cost of goods sold Merchandse laventory,. Jarwary 1, 20- Estimated Retums laventory, lanuary1, 20-- $30,000 1300 $ 31,300 Purchases $92,000 Less Pirchases retımsand alowances $1 300 Purhases dkcounts 1,856 3,656 Nat pirchases $89,144 A0i frelght-n 933 Costor goodi parchased 90,077 Goods avallableforsale $121,377 Less: Merchandise nventbry, Der. 31,20- Estimated returas nventory, Der. 31,20- Cost of goodi sold Gross proft $27,000 1,177 28,177 9,200 $ 88,900 Operating expenses Wages expense Adverting expense Supples expense Phoneexpense LHIRES experse $ 3,000 1,180 380 2,210 11,000 Insurance epense 900 Depreciation epense-tuldng Depreciation epense-equipment MscHlaneous experse Total operating expenses Income fron operatious Otherrewerues 4,000 3,800 530 62,000 $ 26,900 Inerestrevenue $ 1800 other epenses: Inerest experse 900 900 Het income $ 27,00 Jackson Enterprises Statementof Owners Equity For Year Ended December 31, 20- J.R. Gray, captal, lanuary1,20- Nat lncome for the year $ BR,000 Lesswithdrawak forthe year 11,600 Icrease in capital 16,200 J.R. Gray, aptal, December 31, 20- $104.200 國 Jackson Enterprises Balance Sheet December 31, 20- Assets Curent assets: $20,800 18,900 Accounts recelvatle Merchandbelmentory, Der. 31, 20- $7,000 Estimated reburns inwentory, Dec. 31, 20- 1,177 28,177 1323 Supples Prepaid insuance Totalcument assets Property, plant, and equipment 900 5 70,100 Buldng $90,000 Les accomulated depreciation-tuldng Equpment Les accamulated depreciation-equpment Total property, plant, and equipment Total assets $62,00 28,000 $3,000 7,500 2,500 87,500 $157,600 Labikes Curent labikies: Accounts payatle Ostomer refunds payatle Wages payatle Sales taxpayable Mortgage payatle kurent portion) $1,100 1,500 500 1,200 B00 Totalcument latilties $15,100 Long-tem labiibes: Mortgage payatle Les cument portan Total latiltes $39,100 800 38,300 5 53,400 OWner's Equity J. B.Gay,capital Total labildes and owner'sequky 104,200 $157,600

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter5: Accounting For Retail Businesses

Section: Chapter Questions

Problem 41E: Cost of goods sold and related items The following data were extracted from the accounting records...

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