What is incomplete or wrong here?Thank you! Exercise 5-1 Computing revenues, expenses, and income LO C1, C2Fill in the blanks in the following separate income statements a through e. (Amounts to be dedusign.)bSales$ 62,000S 43,500 S 46,00025,600Cost of goods soldMerchandise inventory (beginning)8,00017,0507.5008,0004,560Total cost of merchandise purchases38,0001,95043,75032,0006,600Merchandise inventory (ending)(11,950)(3,000)(9,000)(6,600)(4,160)Cost of goods sold34 05016,00042,25033,4007,000Gross profit27 95027,5003,75045,60018,60010.00010,65012,1503,6006,000

Income statement: The income statement of a company is prepared at the end of an accounting year to…

Answered: Exercise 5-1 Computing revenues,…

Corporate Financial Accounting

15th Edition

ISBN:9781337398169

Author:Carl Warren, Jeff Jones

Publisher:Carl Warren, Jeff Jones

Chapter5: Accounting For Retailing Businesses

Section: Chapter Questions

Problem 5.44EX: Appendix 2 Cost of goods sold Identify the errors in the: following schedule of the cost of goods...

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Appendix 2 Cost of goods sold Identify the errors in the: following schedule of the cost of goods sold for the year ended May 31, 20Y5: Cost of goods sold: Inventory, May 31, 20Y5 105,000 Cost of merchandise purchased: Purchases Purchases returns and allowances Purchases discounts Freight in Total cost of merchandise purchased 1,110,000 55,000 30,000 (22,000) 1,173,000 Inventory available for sale 1,278,000 Inventory, June 1, 20Y4 (91.300) Cost of goods sold before estimated returns S 1,186,700 Estimated returns of this years sales 43,300 Cost of goods sold 1,230,000
Appendix Cost of goods sold and related items The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 20Y8: Estimated returns of current year sales 11,600 Inventory, May 1,20Y7 380,000 Inventory, April 30,20Y8 415,000 Purchases 3,800,000 Purchases returns and allowances 150,000 Purchases discounts 80,000 Sales 5,850,000 Freight in 16,600 a. Prepare the Cost of goods sold section of the income statement for the year ended April 30. 20Y8, using the periodic inventory system. b. Determine the gross profit to be-reported on the income statement for the year ended April 30, 20Y8. c. Would gross profit be different if the perpetual inventory system was used instead of the periodic inventors-system?
Periodic inventory accounts, multiple-step income statement, closing entries On June 30, 20Y9, the balances of the accounts appearing in the ledger of Simkins Company are as follows: Instructions 1. Does Simkins Company use a periodic or perpetual inventory system? Explain. 2. Prepare a multiple-step income statement for Simkins Company for the year ended June 30. 20Y9. The inventory as of June 30, 20Y9. was 308,000. The estimated cost of customer returns inventory for June 30, 20Y9, is estimated to increase to 33,000. 3. Prepare the closing entries for Simkins Company as of June 30. 20Y9- 4. What would be the net income if the perpetual inventory system had been used?

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