se the missing data in the three income statements below for Lopata Gross Sales s Returns and Allowances 28 Net Sales E50 634 Purchases Returns and Allowances 46 16 26 Purchases Discounts Freight In et Purchases y Goods Available for Sale *t Merchandise Inventory, Dec. 31* 378 424 364 78 t366 358 E280 284 u1s1 156 78 260 256 G98 1 84 mJTC 252 nico 66 54 st of Goods Soldht Gross Margin from Sales Expenses F 132 General and Administrative Expenses Total Operating Expenses Net Income 9. Heritage Company, which uses the periodic inventory system, engaged in the following transactions in October 1 Purchased merchandise on credit from Dascenzo Company, terms 2/10, n/30, FOB shipping point, $3,900 2 Paid Kendall Company for shipping charges on merchandise received, $218 7 Sold merchandise on credit to Larry Hill, terms 2/10, n/60, $3,000. 9 Purchased merchandise on credit from Tower Company, terms 1/10, ?/30, FOB shipping point, S6000. 10 Purchased merchandise on credit from Center Company, terms 2/10, n/30, FOB shipping point, $9,600, including $600 freight costs paid by Center 10 Paid Kendall Company for shipping charges on merchandise recelved, $254. 11 Paid Dascenzo Company for purchase of October 1. 13 Purchased office supplies on credit from Phclan Company, terms n/10, $2,400. 14 Sold merchandise on credit to Mary Walton, terms 2/10, n/30, $2.400 14 Returned damaged merchandise received from Tower Company on October 9 for credit, $600. 17 Received check from Larry Hill for his purchase of October 7 18 Returned a portion of the office supplies recelved on October 13 for credit because the wrong items were sent, $400. 19 Sold merchandise for cash, $1,800. 20 Paid Center Company for purchase of October 10. 21 Paid Tower Company the balance from transactions of October 9 and October 14. 24 Received payment in full from Mary Walton for sale of merchandise on October 14. 26 Paid Phelan Company for purchase of October 13 less the return for credit on October 18. 31 Sold merchandise for cash, $1.500 I journal entries to record the transactions, assuming purchases are recorded initially at their gross purchase 1. Prepare general price 10. At the end of the fiscal year, March 31, 19x4, selected accounts from the adjusted trial balance for Helen\'s New 330,000 Sales Sales Returns and Allowances Purchases Purchases Returns and Allowances Purchases Discounts Freight In Store Salaries Expense SE Office Salaries Expense Advertising Expense st Rent Expense Insurance Expense Utilitv Expense Store Supplies Expense SE Office Supplies Expense Depreciation Expense. Store Eauioment E Depreciation Expense, Office Equipment 4.000 140,400 2.800 2.400 4,600 25.750* 48.600 4.800 2.400 3.120 760 2.350 2.100 o The merchandise inventory for Helen\'s New Styles Shop was $76,400 at the beginning of the year and $58,800 at the end of the year
Answer 10:
Helen\'s New Style Shop
Income Statement
Gross Sales
330000
Less: Sales Returns and Allowances
-4000
Net Sales
326000
Cost of Goods Sold
Inventory at the beginning of year
76400
Add: Purchases
140400
Less: Purchase Returns and Allowances
-2800
Less: Purchase Discount
-2400
Add: Freight In
4600
Less: Inventory at the end of year
-58800
157400
Gross Profit
168600
Operating Expenses
Selling Expenses
Store Salaries Expenses
65250
Advertising Expenses
48600
Store Supplies Expenses
5760
Depreciation Expense - Store Equipment
2100
General and Administration Expense
Office Salaries
25750
Rent
4800
Insurance
2400
Utility
3120
Office Supplies
2350
Depreciation - Office Equipment
1600
161730
Income from Operations
6870
Other Revenue (Expenses)
0
Net Income
6870
Pls. don\'t post several independent question in one question ...
| Helen\'s New Style Shop |
| Income Statement |
| Gross Sales | 330000 | |
| Less: Sales Returns and Allowances | -4000 | |
| Net Sales | | 326000 |
| Cost of Goods Sold | | |
| Inventory at the beginning of year | 76400 | |
| Add: Purchases | 140400 | |
| Less: Purchase Returns and Allowances | -2800 | |
| Less: Purchase Discount | -2400 | |
| Add: Freight In | 4600 | |
| Less: Inventory at the end of year | -58800 | 157400 |
| Gross Profit | | 168600 |
| Operating Expenses | | |
| Selling Expenses | | |
| Store Salaries Expenses | 65250 | |
| Advertising Expenses | 48600 | |
| Store Supplies Expenses | 5760 | |
| Depreciation Expense - Store Equipment | 2100 | |
| General and Administration Expense | | |
| Office Salaries | 25750 | |
| Rent | 4800 | |
| Insurance | 2400 | |
| Utility | 3120 | |
| Office Supplies | 2350 | |
| Depreciation - Office Equipment | 1600 | 161730 |
| Income from Operations | | 6870 |
| Other Revenue (Expenses) | | 0 |
| Net Income | | 6870 |
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