Sales$640,363Merchandise Inventory$582,620Sales discounts$58,040Interest expense$3,677Sales returns and allowances$90,232Interest Revenue$10,268Cost of goods sold$224,598Rent expense$15,080Depreciation expense: office equipment$3,200Insurance expense$2,450Advertising expense$12,906Accounts receivable$100,440Office supplies expense$1,600Rent revenue$23,622Sales salaries expense$60,410Accounts payable$135,404Common stock$59,419Marketing expense$31,000The above select account data is taken from the records of a company for 2019.a. use the data provided to compute net sales for 2019b. prepare a simple income statement for the year ended December 31, 2019.c. compute the gross margin for 2019d. prepare a multi-step income statement for the year ended December 31, 2019

Name: Sales$640,363Merchandise Inventory$582,620Sales discounts$58,040Intere
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Description: Sales$640,363Merchandise Inventory$582,620Sales discounts$58,040Interest expense$3,677Sales returns and allowances$90,232Interest Revenue$10,268Cost of goods sold$224,598Rent expense$15,080Depreciation expense: office equipment$3,200Insurance expens

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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 2RE: On January 1, Pope Enterprises inventory was 625,000. Pope made 950,000 of net purchases during the...

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Sales	$640,363
Merchandise Inventory	$582,620
Sales discounts	$58,040
Interest expense	$3,677
Sales returns and allowances	$90,232
Interest Revenue	$10,268
Cost of goods sold	$224,598
Rent expense	$15,080
Depreciation expense: office equipment	$3,200
Insurance expense	$2,450
Advertising expense	$12,906
Accounts receivable	$100,440
Office supplies expense	$1,600
Rent revenue	$23,622
Sales salaries expense	$60,410
Accounts payable	$135,404
Common stock	$59,419
Marketing expense	$31,000

The above select account data is taken from the records of a company for 2019.

a. use the data provided to compute net sales for 2019

b. prepare a simple income statement for the year ended December 31, 2019.

c. compute the gross margin for 2019

d. prepare a multi-step income statement for the year ended December 31, 2019

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