On January1, 2011, Asman Corporation had merchandise inventory of $90,000. At December 31,2011. The following information is available: Freight in-$4000, Purchase 500,000, Purchase discount 3000, Sales 750000, Sales Return 10000, Purchase return- 3000. Salaries expense 7000, Interest expense 2000, Freight out 1000. Ending Inventory- $50000 Required Prepare an Income Statement.

On January1, 2011, Asman Corporation had merchandise inventory of $90,000. At December 31,2011. The following information is available: Freight in-$4000, Purchase 500,000, Purchase discount 3000, Sales 750000, Sales Return 10000, Purchase return- 3000. Salaries expense 7000, Interest expense 2000, Freight out 1000. Ending Inventory- $50000 Required Prepare an Income Statement.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 3RE: Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of...

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